At the yearend- 2023 review of Gem & Jewellery (GJ) industry & trade let’s peeping up in a limited context & in the context, Amit Pratihari, Vice President of De Beers-Forevermark said, as we approach the end of the year, De Beers Forevermark reflects on a year marked by an unwavering aspiration for natural diamonds and commitment to craftsmanship and innovation.
Despite global challenges, the demand for diamond jewelry among Indian consumers remains strong, driven by a desire for purchases imbued with emotional significance, enduring value and meaningfulness. Notably, the younger generation is contributing significantly to this demand, seeking jewelry that complements their personality and serves as a defining element of their individual style.
Additionally, there is a growing preference for minimalistic and everyday wear diamonds, reflecting a shift towards incorporating diamonds into all occasions. We anticipate that consumers will continue to invest in valuable products that convey a strong emotional connection.
The demand for diamond and gold jewellery in India has remained robust, becoming an intrinsic part of the cultural fabric of the nation. The diamond industry is poised for substantial growth in the near future, fuelled by factors such as increasing disposable income, rapid urbanization, E-commerce and Digitalization, focus on Ethical Sourcing and a consumer inclination towards investing in gems and jewellery.
The outlook for the jewellery industry in India is bright and presents significant opportunities for jewellers and stakeholders.
Soon after gazing the diamonds, Sachin Kothari, Director at Augmont Gold for All, expressed his view on gold trend, gold price has risen to a near three-week high around Rs 62500 amid expectations that the Federal Reserve would decrease interest rates soon.
US bond rates and the USD are near multi-month lows, providing extra support. The CME Group’s FedWatch Tool predicts a higher probability of a Fed rate cut by March 2024 and 150 basis points of cumulative cuts by the end of 2024. As volumes are thin, due to the holiday season, this is the best opportunity to buy Gold as prices are expected to continue the Bull Run in 2024.