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Pent-up demand ups gold imports in August

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Pent-up demand ups gold imports in August

AHMEDABAD: Pent-up demand for gold and gold jewellery has pushed the imports of gold up in August. As the market began showing signs of revival, the imports of the yellow metal stood at 4.82MT in August 2021 against 1.87MT in August 2020 according to data by Ahmedabad Air Cargo Complex (AACC).

In fact, imports surged by a whopping 412% month-on-month against July 2021. Jewellers attribute the surge to increasing number of purchases being made for wedding and festive jewellery collection.

“The demand is muted as far as bullion purchases are concerned as volatility in prices is keeping investors in a wait and watch mode. However, jewellery demand has overall picked up well. The surge in imports is attributed to the pent-up demand as several wedding occasions are being organised,” said Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA). Gold price stood at Rs 48,900 per 10 gram on Friday in the Ahmedabad market.

“Jewellery demand has been good and people are booking orders for wedding occasions planned post Diwali. Thanks to this, we are getting good orders. In fact, the festive demand around Rakshabandhan was also very good when gold jewellery purchases were buoyant. This has pushed up imports overall,” said Zaveribhai Zaveri, president, Gujarat Jewellers’ Association (GJA). In fact, jewellers said that a slew of jewellery shows and exhibitions which could not be planned earlier due to the pandemic are now being planned. Zaveri said, “A jewellery show is lined up in Bengaluru this month and another in Ahmedabad the next month. Wholesalers and brands are bullish on showcasing new designs and in the run up to these events, orders for bullion are getting placed as a result of which the imports have gone up.”

Gold prices have remained more or less the same since the past five to six days and jewellers are expecting that as prices stabilize, demand will be upbeat.

Courtesy: Times of India

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