In the second half of 2015, the Indian wedding "Huang Dao Ji Ri" sharply reduced the jeweler's frustration
Later in 2015, India’s “auspicious dates†for weddings suddenly decreased, forcing Ramesh Phalke, an employee of a car company in Maharashtra, West Malaysia, to hold his daughter’s wedding later in May. The bride is very lucky, because in contrast, the wedding of many other brides in India may be postponed, and this will undoubtedly make Indian jewelers frustrated.
In India, gold is an indispensable part of a bride's dowry, and it is also a gift that is popular among families and guests at weddings. In fact, the gold used in each wedding in Kerala, southwestern India, is as high as 0.4 kilograms, that is, 80 tons of gold is used for weddings every year. In India, the total consumption of gold in 2014 was about 10%.
According to Prithviraj Kothari, vice president of the India Bullion and Jewellers' Association (IBJA), India's jewellery demand is likely to drop by 30% in the second half of 2015, and this blames the wedding in the second half of the year. The date is reduced.
Prithviraj Kothari is worried that India's demand for jewellery in the second half of 2015 will probably be lower than the first half. Data from the World Gold Council (WGC) show that this happened in 2013.
In the case of India's import to meet most of the gold demand, the Federal Reserve's (FED) future rate hike date is looming, and the world's second largest gold consumer China's demand slows down, local gold purchases are at a typical seasonal peak. Shrinking water is likely to cause global gold prices to worsen.
Earlier in 2015, WGC had enthusiastically predicted that Indian gold demand could expand by as much as 900-1000 tons in 2015, and said strong economic growth would support such optimistic expectations. However, in the case of the expected decline in jewellery sales and the prospect of a lower-than-normal level of the monsoon rains, which may weaken the purchasing power of rural gold buyers, the above-mentioned optimistic expectations of the WGC may have become shaky. Indian jewelry sales are likely to decline all the way from mid-June.
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