{"id":1031,"date":"2026-06-20T10:28:56","date_gmt":"2026-06-20T10:28:56","guid":{"rendered":"https:\/\/jewellersdigest.com\/?p=1031"},"modified":"2026-06-20T10:28:56","modified_gmt":"2026-06-20T10:28:56","slug":"lucara-recovers-sixth-diamond-larger-than-1000-carats-at-karowe-mine-in-botswana-2","status":"publish","type":"post","link":"https:\/\/jewellersdigest.com\/?p=1031","title":{"rendered":"Jewellery fabrication is expected to grow by 9%, according to the latest Metals Focus report\u00a0from\u00a0IGC."},"content":{"rendered":"\t\t
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In its latest weekly outlook, Metals Focus<\/strong> shared crucial insights from the India Gold Conference (IGC)<\/strong>, held in Bangalore. As the largest gold event in India, the conference brought together over 650 industry leaders, fostering discussions on recent changes in import duties and their far-reaching effects on the gold and silver supply chains. Key among these topics was the impact of the new India-UAE Comprehensive Economic Partnership Agreement (CEPA)<\/strong>, which is set to reshape gold trade relations.<\/p>\n

Import Duty Cuts: A Game-Changer for the Gold Market<\/strong><\/h3>\n

On July 23rd, 2024, the Indian government made a surprising move by significantly cutting import duties on precious metals. Gold and silver import duties were slashed from 15% to 6%, while platinum duties were reduced from 15.4% to 6.4%. This dramatic policy shift had an immediate effect, driving up demand for both gold and silver as market prices stabilized. The renewed consumer confidence resulted in retailers aggressively restocking inventories, preparing for the festive season that kicked off in August.<\/p>\n

Platinum, however, exhibited less sensitivity to the duty cuts. Its demand remained relatively inelastic, especially in the jewelry sector, largely due to its higher price point.<\/p>\n

A Rebound in Consumer Confidence<\/strong><\/h3>\n

Prior to this policy change, the gold and silver markets were experiencing a tough year. During the first half of 2024 (H1.24), domestic demand for these precious metals had been significantly dampened by record-high prices. Gold jewelry fabrication saw a modest decline of 2% year-on-year, but consumer demand dropped by a larger 8%. High prices, coupled with fewer weddings and national elections, put a strain on the entire supply chain, leading to sluggish activity.<\/p>\n

However, the reduction in import duties has breathed new life into the market. With the festive season approaching, there\u2019s renewed optimism that the demand slump seen earlier in the year will be offset by a surge in consumer interest.<\/p>\n

The Role of India-UAE CEPA in the Gold Trade<\/strong><\/h3>\n

One of the key takeaways from the IGC discussions was the potential impact of the India-UAE Comprehensive Economic Partnership Agreement (CEPA)<\/strong> on gold trade. This agreement could significantly enhance bilateral trade, allowing for easier and more cost-effective movement of gold between India and the UAE. Industry experts at the conference emphasized the importance of leveraging CEPA to drive growth and stabilize the gold supply chain.<\/p>\n

Looking Forward: Will the Momentum Sustain?<\/strong><\/h3>\n

The gold industry is cautiously optimistic as it enters the second half of 2024. While the duty cuts have provided a much-needed boost, sustaining this momentum will depend on multiple factors, including global market trends, domestic economic conditions, and consumer spending during the upcoming wedding and festive seasons.<\/p>\n

The Indian gold and silver markets are at a pivotal moment. As the industry adjusts to these changes, it will be interesting to see how the demand for precious metals evolves and how trade agreements like CEPA shape the future of gold in India.<\/p>\n

Conclusion<\/strong><\/p>\n

The India Gold Conference has reaffirmed the importance of policy changes and international agreements in shaping the future of the gold industry. With reduced import duties and the potential benefits of CEPA, the Indian gold market is poised for a resurgence. The coming months will be crucial as the industry looks to recover from a challenging first half of 2024 and capitalize on the newfound optimism.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t

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Jewellery’s Digest is a premier jewellery magazine that covers the latest trends, insights, and everything happening in the jewellery industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Jewellery fabrication is expected to grow by 9%, according to the latest Metals Focus report\u00a0from\u00a0IGC.<\/p>\n","protected":false},"author":1,"featured_media":1038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[20],"class_list":["post-1031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-jewellery-magazine"],"yoast_head":"\nStrengthening India's Market for Natural Diamonds<\/title>\n<meta name=\"description\" content=\"De Beers and GJEPC collaborate to enhance India\u2019s natural diamond market, focusing on growth strategies and industry development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellersdigest.com\/?p=1031\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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