Ahmedabad: pent-up demand increases gold imports | Ahmedabad News

AHMEDABAD: Suppressed demand for gold and gold jewelry pushed gold imports up in August. As the market began to show signs of recovery, imports of the yellow metal amounted to 4.82 MT in August 2021 compared to 1.87 MT in August 2020 according to data from the Ahmedabad Air Cargo Complex (AACC).
In fact, imports jumped 412% month-on-month from July 2021. Jewelers attribute the rise to the increase in the number of purchases made for the wedding and party jewelry collection.
“Demand is moderate for bullion purchases as price volatility keeps investors on hold and watch. However, jewelry demand has generally recovered well. The sharp increase in imports is attributed to pent-up demand as many of the weddings are being arranged, “said Haresh Acharya, director of the India Bullion and Jewelers’ Association (IBJA). The price of gold stood at Rs 48,900 per 10 grams on Friday. in the Ahmedabad market.
“Demand for jewelry has been good and people are reserving orders for wedding occasions planned after Diwali. Thanks to this, we get good orders. In fact, the festive demand around Rakshabandhan was also very good when gold jewelry purchases were buoyant. It has increased. imports in general, ”said Zaveribhai Zaveri, president of the Gujarat Jewelers Association (GJA). In fact, jewelers have said that a slew of jewelry shows and exhibitions that could not have been planned earlier due to the pandemic are now planned. Zaveri said: “A jewelry exhibition is planned in Bengaluru this month and another in Ahmedabad next month. Wholesalers and brands are optimistic about the presentation of new models and as these events approach, orders for bullion have been placed as a result of which imports have increased.
Gold prices have remained more or less the same for the past five to six days and jewelers expect that as prices stabilize demand will be bullish.
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