Gold Jewelery Demands Up to Twenty Per cent Among Educators For Growing GST

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Mumbai, Ta. 13 December 2019, Friday

With gold prices currently trading at a two-month low, demand for jewelery has increased by about 20% in the last few days. The GST Council meeting to be held next week is likely to see an increase in rates on jewelery.

Gold prices have been corrected by one and a half percent in September after it reached more than Rs 5 per ten grams. This correction has come in the wake of global prices. The global price of gold has also fallen by five to five percent.

Demand for jewelery is improving as domestic gold prices fall. Market circles say the demand for jewelery has increased by 5 to 6 percent in the last one week.

India's jewelery demand has been weak since earlier this year as a result of higher gold prices. Gold prices have risen sharply since July, prompting those who want to buy jewelery to adopt a pause and wait policy. However, the wedding season is currently being blamed for the increase in demand.

According to data compiled by the World Gold Council, the demand for jewelery fell 5% annually from July to September of the current year, compared to 8.5 tonnes in the September quarter of last year. Jewelery demand fell 8.2 percent to 8.5 tonnes in January-January of the previous year, compared to 6.4 tonnes in the same period last year.

The rise in demand for jewelery cannot be ruled out with the further drop in gold prices, council sources said.

Jewelery is currently being charged in the market as it is also considering to increase the GST by three percent to five percent. Currently, import duty of 7.5% is imposed on the import of gold.

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