Mr. Saurabh Gadgil, Chairman & Managing Director of PNG Jewellers and Director, Indian Bullion Jewellers Association (IBJA) has expressed his opinion on market sentiment and projection and for the upcoming festive season:

He said, “We welcome the decision to extend the provisions of PMLA from the present limit of Rs. 50,000 to Rs. 2,00,000 in the case of jewellery purchases. The industry has been suffering since the industry came under the ambit of PMLA. KYC for Rs. 50,000 or over worth jewellery purchase was too low to attract PMLA. This is a positive step by the government and will be a big boost not only for the jewellers but also for the customers. Considering the current scenario, this year’s Diwali outlook seems bullish. Surge in gold pricing has come down and stabilized. Hence, we feel this year demand for gold and gold jewellery will be up by 10 to 15% compared to last year.”

“The market sentiment seems positive for both investors and buyers. With the advent of the wedding season post festivals, it seems like the perfect time to shop for bridal jewellery across all communities. Also, the market is currently flocking with great discounts and promotions on fine jewellery; it is indeed a great time to be a customer. All these factors are in favor of a wonderful Diwali, which the industry needs, considering the slowdown in the past quarter,” Mr. Gadgil added.