A stable macro-economic environment and sudden drop in gold prices saw a 25% hike in jewelry sales during the Diwali festival in India year-on-year, Rough & Polished reports. For the last few months, jewelry demand in India had been slow due to volatile gold prices and a short period of strike by jewellers.
According to experts, though gold prices this Dhanteras [the first day of the Indian Diwali] were slightly higher than last year, they were still softer compared to the last few months.
According to an earlier report by industry body Assocham, diamond studded and platinum jewelry led the trend this Diwali. In addition, small items like earring, rings and light bangles see heavy demand. “The demand for diamond jewelry is estimated to have grown by 30%-35% this season and platinum too has seen an a growth of 25% this year”, Assocham’s survey, which covered 350 jewelry-makers across India, said.
