Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
July 28, 2010
In the US the Christmas season is the time when jewelry sales reach their peak. As India is playing a bigger role in the diamond and jewelry market (and is also becoming a more important market as time goes by) I'm curious to know about its holiday season and its jewelry consuming trends. I don't know much about Diwali, but I got the impression that gold and jewelry have a very important role in this holiday's rituals. In the US, many jewelry pieces are purchased before Christmas and serve as holiday gifts, but it seems that in Diwali jewelry is purchased in even bigger quantities and that a big percent of gold purchased in India has something to do with Diwali. Can someone elaborate on these thoughts?
August 2, 2010
Dhanteras and Diwali are two big celebrations in India, in which both diamond and gold sales increase significantly annually. This year (2009) sales were much higher than last year, in a time when the global economic crisis erupted. I read different surveys, but overall I can sum it up and conclude that diamond sales have rose in about 20% during this Diwali season compared to last year's holiday season. Gold sales are also on the rise every Diwali, but sales this year were repressed to some extent due to the amazingly high gold prices, which are only getting higher as the year goes on.
July 30, 2010
As the US Dollar has weakened during 2008-9, gold prices have rose significantly. This increase led to a decrease in gold sales in India compared to recent years. On the other hand, diamond prices are more stable, making diamonds a more appealing alternative to gold. While gold sales are in a constant downturn, diamond sales in India are rising impressively, to the extent that diamond jewelry is more sought for than gold in many of India's regions.
July 29, 2010
Diwali is the festival of light, in which much of the decoration is comprised of precious metals such as gold. Diwali takes place every year around October, and has a huge impact on the sales of gold in India. Every year gold sales in India rise during the several months prior to the Diwali celebrations, and as the festival is over they decrease steeply. With India becoming a prominent gold consuming countries worldwide, Diwali has turned out to be an important occasion for the gold industry in the international level as well.
Gold isn't only a decorative item during Diwali, but also given as gifts. During the holiday numerous Indian couples get married and all sorts of jewelry, with preference to gold and diamonds, make popular dowry gifts.
Gold coins are also an important item during the Diwali festival. Gold or silver coins with images of Goddess Laxmi (or alternatively lord Ganpati) and serve as auspicious items during the prayers, celebrations and the worshipping events in Diwali.
