Customs Duty Cut Triggers Gold Rush At Jewellery Stores Ahead Of Wedding Season
The reduction in customs duty has made gold more affordable, driving increased footfall in jewellery stores
In a move that has delighted consumers and retailers alike, the reduction in customs duty on gold from 15 per cent to 6 per cent announced in the Union Budget by Finance minister Nirmala Sitharaman has sparked a rush at jewellery stores across the country. This significant drop in duty has led to a corresponding dip in gold prices, making it an opportune moment for consumers to invest in gold jewellery. As the wedding season approaches, many individuals are seizing this chance to buy more jewellery, anticipating both the cultural significance and potential for future value appreciation.
The reduction in customs duty has made gold more affordable, driving increased footfall in jewellery stores. Consumers are eager to take advantage of the lower prices, resulting in a bustling market scene. For those planning weddings, this is an ideal time to purchase bridal jewellery, as prices are unlikely to stay this low for long.
"We are thrilled to see the surge in customer interest following the recent customs duty cut. This reduction not only makes gold more accessible but also fosters competitive pricing between organised and unorganised players. Coming at the perfect time, just ahead of the wedding season, we anticipate this will significantly boost jewellery sales as customers can take advantage of the more favourable prices to make their wedding celebrations even more special," said Vaibhav Saraf, Director of Aisshpra Gems and Jewels, a brand that has a significant presence in tier II and tier III markets.
Consumers are flocking to jewellery stores, with many excited about the chance to purchase more affordable gold. For those buying gold jewellery, it is crucial to ensure that the jewellery is hallmarked to guarantee its purity and authenticity. Comparing prices from multiple vendors can help secure the best deals, as making charges can vary significantly. Additionally, keeping an eye on market trends is wise, as gold prices can fluctuate.
Veer Mishra, Founder of PLUS Gold, emphasised, "By purchasing now, consumers can not only benefit from the reduced duty but also secure valuable assets for the future. The reduction in customs duty has made gold more affordable, driving increased footfall in jewellery stores. Consumers are eager to take advantage of the lower prices, resulting in a bustling market scene. For those planning weddings, this is an ideal time to purchase bridal jewellery, as prices are unlikely to stay this low for long.”
Mishra added, “When buying gold jewellery, consumers should keep a few key points in mind. First, ensure that the jewellery is hallmarked to guarantee its purity and authenticity. Compare prices from multiple vendors to get the best deal, and consider the making charges, which can vary significantly. Lastly, keep an eye on the market trends, as gold prices can fluctuate.”
Anita Mehta, CEO of Surat-based Mehta Jewels commented, “This is the perfect time for families preparing for upcoming weddings. The reduction in customs duty on gold has created a buying frenzy, and we are witnessing a surge in demand for bridal jewellery. It's encouraging to see such positive consumer sentiment."
The bustling activity in jewellery stores is a testament to the impact of the customs duty reduction. With the wedding season fast approaching, this is an ideal time for consumers to invest in gold jewellery, ensuring they make the most of the favourable prices and enrich their celebrations with beautiful, valuable pieces.
