About 28 percent of urban Indians plan to spend on gold in the next three months. This indicates a renewed demand for gold in case the impact of the second wave of Covid-19 subsides. This information has been given in a survey.
In the year 2020, the gems and jewelry industry had indicated a recovery in January-March this year due to the COVID-19 restrictions. However, the second wave of the pandemic stopped it.
According to the Diwali Spending Index by market research firm YouGov’s, spending during the festive season is increasing among urban Indians, and three out of ten urban Indians (28%) plan to spend on gold in the next three months.
State governments are gradually easing restrictions on movement after the second wave subsides, and organized retailers are expecting consumer demand to remain better during the festive season this year.
The data for the Diwali Spending Index was collected online by U-Gov Omnibus between August 17-20 from 2,021 respondents across the country representing the adult online population in India.
As per the survey, three out of five respondents (58 percent) reported buying gold in physical form or through a gold scheme brought by organized retailers for personal or family use.
It said that by the remaining 38 percent, the investment purpose is likely to be spent on gold either through gold funds or as physical gold.
Further, the survey shows that 69 percent of these potential gold buyers believed that Diwali and the festive season are the best times to buy gold, highlighting their propensity to spend during the festive season.
Along with the special things of this survey, it is also essential for you to know that what are the most important things to pay attention to while buying gold.
–hallmark
–The hallmark of the Bureau of Indian Standards (BIS) ensures the purity of gold.
–This is the reason that hallmarked jewelry is considered the safest to buy.
–Gold comes in different variants of purity like 18 karats and below, 22 karats, and 24 karats.
–It is better to buy hallmarked jewelry so that you can be sure of its purity.
