Weddings and Diwali Drive India's Jewelry Demand

By John Jeffay / August 24, 2020 / www.idexonline.com / Article Link

(IDEX Online) - India's domestic jewelry sales are expected to bounce, thanks to a post-lockdown wedding rush and the Hindu festival of Diwali, in November.The world's biggest miners, De Beers and Alrosa, both say they're optimistic about increased demand driving up consumption in the second half of 2020.De Beers told The Economic Times in India that it had executed 80 per cent of its orders with factories in Surat and retailers across the country."The Indian market will witness a rebound in diamond consumption in November and December as many weddings have been pushed back this year due to the outbreak of the pandemic," De Beers India managing director Sachin Jain told the paper.Jim Vimadalal, director at Alrosa's India office, cited weddings and the five-day Diwali festival, starting on 14 November, as key factors in the recovery."We are excited to see green shoots in the market as it has turned to recovery mode in recent months," he said.

Recent News

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com

Copper price forecast swinging significantly on shifting outlook

April 29, 2024 / www.canadianminingreport.com

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok