As the eagerly anticipated festive season approaches, a familiar pattern is ready to reemerge: Indians will once again throng jewelry stores, leading to an anticipated surge in gold demand from September to November.

Gold prices have rebounded from a five-month low, and several factors contribute to this recovery. These include the strength of the US dollar, elevated US treasury yields, a weakened global exchange trade fund, and an uptick in demand for India’s gold ETFs. These factors are currently influencing the market sentiment.

Metals Focus expert Chirag Sheth observed that the first half of the year experienced subdued gold demand, marked by quarterly declines ranging from 10 to 20 percent. However, he holds the belief that the upcoming festive and wedding seasons carry the potential to invigorate the gold market.

Navrattan Kothari, Chairman of the KGK Group, highlighted a captivating trend within the Indian market: an increasing affinity for colored gemstones. Traditional jewelry designs are seamlessly blending with contemporary preferences, incorporating these vibrant and diverse gemstones. This evolving trend introduces a fresh facet to the jewelry market, appealing to a broader spectrum of consumer tastes.

In light of these evolving market trends, Kothari has expressed optimistic expectations for a remarkable 20 percent growth in gemstone demand this year. The dynamic interplay between traditional and modern influences, along with the allure of unique gemstones, seems poised to shape the upcoming festive season’s jewelry choices and market performance.