Gold demand drops as virus shrinks big Indian weddings

Gold has a long history in Indian history, attracting people from all over the world with its beauty and allure. Its golden radiance could be seen across oceans and boundaries, stirring emotions in millions of people’s hearts. India’s obsession with gold has grown stronger over time, with Indians accounting for the majority of gold consumed globally. Gold is more than an investment in Indian history; it is a culturally significant metal that has found a place in Indian hearts and homes.

From state to state in India, gold jewelry represents cultures through its patterns and cultural values. Indians have always maintained their beliefs and affection for gold, whether for the best possible investment to get a fair price for scrap gold or to preserve the old family fortune in gold. As a result, where to sell gold jewellery in delhi in India have worked hard to create stunning collections that pay homage to ancient, ageless traditions and honor historical figures in their gold jewelry designs and collections.

The reputable gold and silver dealers are seeing a drop in demand as a return of virus-related issues reduces the size of traditionally large Indian weddings. However, marriages are a significant source of gold demand in India, and prices are rising as the country continues its busy wedding season, which begins in the second half of January and lasts until April or May.

The expected reduction in consumption comes after gross sales increased in the second half of 2021, increasing imports to a six-year high after eased pandemic-related restrictions. In addition, the coronavirus had caused many weddings to be postponed. Therefore demand had been hammered for nearly two years.

According to information from the World Gold Council, gold gross sales increased 37 percent to 140 tonnes in the March quarter of 2021, compared to the same period the previous year. As pent-up purchases spill over from 2020, full-year demand is expected to increase. Still, consumption will normalize to around 750 tonnes in 2022, according to Ashish Pethe, head of the All India Gem and Jewellery Domestic Council, who did not provide projections for 2021.

Still, sales of the second hand gold buyers may not suffer as much in the latest wave because states are attempting to avoid complete lockdowns, and gold dealers can continue to operate, according to Kumar Jain, the U.T. Zaveri store owner in Mumbai’s primary bullion market. In addition, people are still planning their weddings, and some are even moving their celebrations to places with fewer restrictions.

That being said, the critical aspect to look into is the significance of gold in Indian cultures, especially at weddings. Gold is a part of every Indian household, and most Indians regard it as a family heirloom. Gold jewelry and embellishments are passed down through the generations in order to preserve the family legacy. Most families pass down jewelry from a mother to a bride at weddings, regardless of design trends or value. Gold is a nostalgic aspect of some customs and is still a prized heirloom. People save money on gold by passing it down from generation to generation, avoiding ever-rising gold prices in India.

Gold has also long been regarded as the safest investment, a notion shared by Indians. Gold’s ability to shield against bad times has prompted Indians to purchase it as an investment. Gold is considered a wise investment, as seen by the amount of gold held by Indians. With gold prices moving on a daily basis, investing in gold for a secure future makes sense.

In India, gold is the ultimate status symbol, and Indians are not afraid to display it. Gold is one element that can help people stand out in a social setting with billions of people shining in the crowd. Politicians, merchants, actors, and government officials all like flaunting their wealth to the world to new heights. Since the period of the kings and queens, gold has been a prestige symbol in India, and it has been ingrained in the blood of both British and independent India. The more gold one owns, the more power one has, indicating one’s ability to buy gold despite rising gold prices.

With the country trying to get back on its feet after the devastating effect of the pandemic, the most reputable gold dealers are seeing more buyers every day than they saw in the last two years. Blushing brides and proud families have once more started buying gold, and we are expecting to see an increase in demand for gold again like the good old times.

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