-SATISH HANDA

The price of gold witnessed nearly over 25% rise in past one year proved boon for investors purchased gold in past years due to heavy slump in share market and fast decline in rate of interest on bank deposits. There are several reasons including corona epidemic outbreak, economic crisis in trade and industry, political uncertainty and drop in investment demand resulted constant rise in the prices of gold in past sometime likely to increase further as such purchase of gold attracting investors.

Past scenario reveals, craze for diamond jewellery is fast increasing since past few years witnessing nearly 10% increase in demand every year. Ambala is known as hub for gold jewellery in Haryana state having nearly 300 shops in Sarafa markets in the twin city where most of the buyers from all over in the state as well as adjoining states arrive for purchase of gold and diamond jewellery as well as cloth from wholesale cloth market Ambala City biggest in the North having more than 1000 shops during festival as well as marriage season. According to traders in Sarafa Bazar and wholesale cloth market, they had drastic slump in the markets with effect from month April till September this year during lock down period and handful of customers visited during unlock period.

Shish Pal Bhola of Punjab Jewellers in jewellery business at Ambala since past many decades told hat situation improved during recent Navratras when Sarafa market started attracting customers especially those purchased gold and diamond ornaments for marriages in the family. Bhola said, flow of customers for purchase of jewellery much increased on present ‘Dhanteras’ since most of the marriages were postponed in past months due to corona epidemic outbreak. He said, sale worth over Rs 40 crore is expected during present ‘Dhanteras’.

Information reveals, jewellery of value worth Rs 35000 crore is sold in the country every year which include nearly 15% share of diamond jewellery. Information also reveals that sale of diamond jewellery is increasing 8-10% every year in the country due to rising craze among women. India ranks as third biggest market for the sale of diamond jewellery in the world after USA and China ranking at first and second biggest diamond jewellery markets in the world respectively. Bhola told that demand of diamond jewellery in our country is constantly rising every year as compared to gold jewellery in-spite of lack of awareness among majority of women. Moreover, buyers of diamond jewellery in our country are now benefited due to transparency and billing culture in jewellery trade, but still there is need for further awareness as regard wearing diamond jewellery becoming first choice among young generation today.