By David Brough
MUMBAI, India – India’s wedding season is seeing steady to slow demand so far, due in large part to the high price of gold, jewellers at Zaveri Bazaar said.
A reporter visited Zaveri Bazaar, a cluster of gold, silver and costume jewellery outlets in south Mumbai after an hour-long drive across India’s business capital on January 3, 2024, to gauge the mood of jewellers and to find out how the wedding season was doing.
Jewellers spoke of a steady but slow order flow so far in the wedding season, which runs from around November to February, with the buoyant gold price forcing many customers to turn to more lightweight 22-carat pieces.
India is the world’s number 2 gold consumer, with a deep cultural affinity for 22-carat gold jewellery, which can be seen as a store of value and, in some respects, as an alternative currency to the rupee.
Demand for costume jewellery was picking up, jewellers said, possibly impacted by high gold and silver prices.