Gold: Some reflections on the Indian gold market after speaking to the gold trade in and around the IIGC at Cochin. 1/n
Although the shops seemed busy to me, they were described as quiet by managers and WGC colleagues. That fits with what I’ve always understood, in that this time of thyear year rarely sees strong demand. Should start to pick up at 15 Aug, I’m told. 2/n
Gold: Modern, organised jewellery retailers, part of regional or (inter)national chains, still sell mostly traditional jewellery, but do have more modern lines too. 3/n
Gold: The modern, organised jewellery shops look great, well laid out and are gaining market share from smaller more traditional shops. 4/n
Gold: Everyone reported that demand was shocked be demobilisation, compulsory receipts, etc, but less by GST. This was probably due to Kerala’s higher VAT rate of 5%, removed when GST came in. 5/n
Gold: The modern jewellers noted that demand was recovering and that they were optimistic about the rest of the year. Not the case for the traditional jewellery retails. 6/n
Gold: Younger generations of Indians are decidedly more independent than their parents’ generation. But crucially, they still buy #gold jewellery, but to their own tastes. And when they proceed with their careers, they upgrade what they bought when younger. 7/n
Gold: Finally, everyone was incredibly friendly and hospitable, partly inherent, part my due to the high regard they all have got @SomPR_WGC and the @GOLDCOUNCIL team here in India. Thank you to them and all who have their time. 9/9
Apologies for the typos, in the back of a bumpy Mumbai cab 😀
