Why millennials are choosing silver over gold this Valentine's Day.
As the shift from hand-crafted to machine-made ornaments did not serve the purpose, with neither the cost of machine-made jewellery declining nor jewellers finding innovative designs, the industry goes back to 'hand-crafted' ornaments for both domestic and overseas buyers, reports Dilip Kumar Jha.
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
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