San Francisco, CA- With the Diwali and wedding season approaching quickly, the Indian jewelry has seen a record rise in profit after a slow start to the year. On top of that, Dhanteras, a great day for buying gold in India, fell on November 11th this year, two days before the Diwali festival of lights.
According to Mehul Choksi, the chairman and managing director of Gitanjali Group, the Dhanteras saw a 45% rise in diamond jewelry and a 30% rise in gold jewelry (even with the rise in gold prices), both in terms of volume and value. She said that the most popular items of this festival season were earrings, rings, and pendants because of the close proximity with wedding season. The wedding season also helped the sale of light weight jewelry.
Bachhraj Bamalwa, chairman of All India Gems and Jewelry Trade Federation, said that things did not look good coming into the season. Adding that thanks to incentives introduced by retailers, the industry actually flourished, rising 35-40% in terms of value.
Rajesh Exports head of corporate communications, Siddharth Mehta, reported that his company saw a value rise of 50-55% in both gold and jewelry this year from last year during the Diwali time frame. Surprisingly, the Bangalore based company said that most of their sales came from the southern Indian state of Kamataka, proving that all parts of India contributed to the overall rise in jewelry sales.
Vice President of Mumbai Jewellers Association, Kumar Jain, said that the 30% rise in gold sales could be due to the fact that people have made peace with the rising price of gold, and while surprising, shows that people cherish gold as a precious and valuable item.
With a blueprint of incentives combined with the close proximity of Dhanteras and Diwali, retailers are expecting continuing success in the upcoming months. On top of that, retailers are excited about the fact that despite rising prices, the volume of jewelry sales is rising, and that means good news for the Indian jewelry industry of the future.
About Stauer Jewelry:
Stauer Jewelry offers a unique collection of custom made jewelry for all occasions. With customer reviews and detailed descriptions, Stauer Jewelry is a one stop shop for high quality accessories.