Panic Buying of Bridal Jewellery Surges in India Amid Policy Concerns
Bridal jewellery gets a gold rush across India as panic buying over policy curbs and higher duties intensifies
The Economic TimesImage: The Economic Times
Panic buying of bridal jewellery has surged across India as consumers rush to purchase gold before potential policy changes, following Prime Minister Narendra Modi's austerity measures. Sales have increased by 15%-20% in recent days, driven by fears of higher import duties and taxes ahead of the wedding season, which runs from June to August.
- 01Panic buying of bridal jewellery has increased significantly due to fears of policy changes.
- 02Sales of bridal jewellery have risen by 15%-20% in the last two days.
- 03The wedding season in India runs from June to mid-August, driving consumer demand.
- 04The All India Gem & Jewellery Domestic Council is seeking discussions with the Prime Minister's Office.
- 05Consumers are also purchasing jewellery for weddings planned later this year amid uncertainty.
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In response to Prime Minister Narendra Modi's call for austerity measures to address economic concerns related to the Gulf war, panic buying of bridal jewellery has surged across India. Jewellers report a 15%-20% increase in sales over the past two days, as consumers rush to buy gold before potential hikes in import duties and the Goods and Services Tax (GST). The wedding season, which begins in June and lasts until mid-August, has intensified this buying frenzy. Rajesh Rokde, chairman of the All India Gem & Jewellery Domestic Council, highlighted that daily sales for large jewellery chains can reach approximately ₹25 lakh (roughly $30,000 USD) per store, while mid-sized jewellers see around ₹15 lakh to ₹18 lakh (roughly $18,000 to $22,000 USD). The Council is seeking a meeting with the Prime Minister's Office to discuss long-term solutions to reduce reliance on gold imports by promoting the use of idle household gold. The buying trend has extended beyond immediate wedding needs, with many consumers advancing purchases for later in the year due to fears of future restrictions. In Mumbai's Zaveri Bazaar, a major jewellery hub, traders have noted a 20% increase in sales, reflecting widespread consumer anxiety about potential government actions.
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The surge in bridal jewellery sales may provide a temporary boost to local jewellers and related businesses, while also reflecting consumer anxiety regarding future gold purchasing policies.
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