Jewellery Market in India Sees Big Changes in 2024
The jewellery market in India is seeing some exciting changes in 2024. More people are buying jewellery, especially lower-priced items, and not just in big cities but also in smaller towns and villages.
Gold Imports and Prices
Gold imports in July and August 2024 were 11% higher than the same time last year. Gold prices have also gone up by 30% compared to last year.
Future Growth
Experts think the jewellery market will grow by 18% in the second half of 2024. This is because of the upcoming festive season and many weddings. The World Gold Council says gold demand in 2024 will be 12% higher than last year.
Doubts Revealed
Jewellery Market -: The jewellery market refers to the buying and selling of items like gold, silver, and diamond ornaments.
Semi-urban -: Semi-urban areas are places that are not fully cities but are more developed than villages. They have some city-like facilities.
Rural markets -: Rural markets are places in villages where people buy and sell goods. These areas are less developed than cities.
Gold imports -: Gold imports mean bringing gold into India from other countries. This is done to meet the demand for gold in the country.
World Gold Council -: The World Gold Council is an organization that helps to promote the use of gold and provides information about gold markets around the world.
Festive season -: The festive season in India includes times like Diwali, Dussehra, and other celebrations when people often buy new things, including jewellery.
Wedding demand -: Wedding demand refers to the high need for jewellery during wedding seasons, as people in India often buy a lot of gold and other ornaments for weddings.