Bumper wedding season may help push Indian gold imports to 6-year high

Indian couples are now rushing to tie the knot following a lifting of some virus curbs. About 2.5 million ceremonies are estimated to have taken place since mid-November. It’s a stark turnaround for India’s jewellers, who have seen demand hammered for almost two years.

The bumper festival season may help push India’s gold imports to as much as 900 tons this year, the highest in six years, Metals Focus said. 

That’s up from about 350 tons last year, according to World Gold Council figures. “Lower prices and pent up demand has helped boost sales, but we are also seeing a lot of weddings this year with some estimates suggesting that we could have a record number,” said Chirag Sheth, a consultant with Metals Focus. 

A recovery in consumer confidence and a retreat in gold prices from last year’s peak are likely to further bolster demand.