India’s gold market is witnessing a significant boost in demand following a major reduction in import duties

Finance Minister Nirmala Sitharaman’s Budget has been hailed by the gems and jewellery industry, with stakeholders calling the duty cuts a long-awaited step in the right direction

The World Gold Council (WGC), an international trade association, has urged India's finance ministry and the Reserve Bank of India (RBI) to establish clear guidelines and regulatory frameworks for the burgeoning digital gold business in the country

Motilal Oswal Financial Services Ltd (MOFSL) suggest that the size of the Indian jewellery retail sector was close to USD80b (INR6,400b) in FY24

This year’s Dhanteras jewellery sales have been significantly better than the previous year’s, with the buying fervour extending beyond just gold to diamonds, silver and coins as well, discovers Suneeta Kaul

India's gold consumption declined to 774 tonnes last year as demand dropped 20%.

Government increases import duty on gold to 12.5% from 7.5%

However, gold consumption increased to 797.3 tonnes in 2021, the highest in the past five years, according to the WGC

Physical gold prices in India moved to a discount over official domestic rates

Inflation, job losses, recession and the overall financial crisis – have these affected how people look at gold in India? A market that is primarily driven by weddings, has the current economic scenario played a spoil sport when it comes to buying gold? Jewellery retailers across India present their views

Unlike gold, silver prices show greater fluctuation and so does its demand and supply

The drop in consumption by the world's second-biggest gold buyer could limit a rally in global prices

Placing greater onus on transparency and accountability, the initiative will greatly reduce instances of consumer victimisation and cheating at the hands of fraudulent players who indulge in malpractices

Manufacturers will be able to obtain gold locally from Surat thanks to loan facilities which offers various discounts on existing interest rates