Page 5 - Bullion World Volume 02 Issue 11 November 2022_Neat

Bullion World | Volume 2 | Issue 11 | November 2022
EDITORIAL

Dear Readers,

Deepawali 2022 was truly glittering for the Indian retail jewellery industry.
The value of gold jewellery sales during this Dhanteeras is estimated to
be close to INR 25,000 crore (USD 3 billion). The retailers had targeted
customers through a slew of promotional offers and marketing campaigns
which have yielded results. Of the overall sales, it is estimated that 20%
was bullion in the form of coins and the rest 80% jewellery. Within the
jewellery segment, 15% to 20% is contributed by diamond jewellery and
the rest by pure gold jewellery.

On the consumer preference on platforms which are gradually gaining
momentum, consumer preference interests are limited to lightweight
jewellery and gold coins. At the same time, occasional and festival buying,
where 'Touch and Feel' experience matters, a lot to consumers prefer
brick-and-mortar retail formats.

Apart from displaying traditional bridal jewellery, retail jewellers have stocked a sizable inventory of lightweight
jewellery to meet the growing appetite of new-age customers. There has been a significant rebound in customer
sentiments from Tier 2 and Tier 3 cities. A significant fall in gold prices has also created a rush for jewellery
amongst jewellery buyers. Retailers have witnessed a comeback of customers who have deferred jewellery
purchases since covid.

The USD 60 billion Aditya Birla group is set to launch a separate business venture for branded jewellery involving
large-format exclusive jewellery retail stores, in-house jewellery brands across daily-wear and premium price
points and tie-up with mid-sized jewellers. Perhaps the group aims to take advantage of the growing organised
retail jewellery business and increase customer preference for quality and trust.

This edition of Bullion World features the article Facilitating Gems and Jewellery Exports from Indian SEZ’s from
Indian Council for Research on International Economic Relations (ICRIER). The article titled, Towards an LBMA
Good Delivery List for Artisanal and Small-Scale Responsibly Mined Gold by LBMA details how LBMA has long
supported the formalisation and legitimation of the global artisanal mining sector. On tech-enabled products,
Mr Gaurav Mathur, Founder and Managing Director, SafeGold, details how the organisation is working to increase
the use case of digital gold. Abstract of World Gold Council report on Gold Demand Trends for Q3, 2022 indicates
regaining consumer confidence in gold. Leading domestic bullion refiner Augmont through its article titled
Opportunity for organised “Sell Old Gold” branches in India, talks about the potential and challenges in the Old
Gold business.

Do you have any exciting stories to share? Please write to us at editor@bullionworld.in. It can be in the Indian or
global precious metals and jewellery industry.

Best wishes,
G Srivatsava
Editor

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