Already more than 50 members of the association, including such family jewelry houses as Zaveri & Co., AB Jewelers, Anjali Jewelers, Suvarnakala Jewelers and others, have confirmed their intention to participate in the festive festival. One of the main reasons for organizing such an event was the need to cover the costs incurred by jewelers over the past six months due to the slowing of trading activity, as well as the announcement of new programs to stimulate demand.
President of the Association of Jewelers of Ahmedabad Shantibhai Patel (Shantibhai Patel) said: "Our association is concerned about the current development of market conditions, but we are still looking forward to the future and we want to study consumer demand. To do this, we organized SUVARNA UTSAV. Having an idea of the current trends in the development of the international market, we want to give our customers discounts and special gifts when buying for a certain amount. More than 50 jewelry companies have already confirmed their participation in the festival. "
The global market is dominated by the uncertainty of the price of gold, and buyers are waiting for a decline in gold prices in India. According to some sources on the market, gold in the near future will not fall in price. Due to an increase in import duty by 10% compared to previous years, gold in India has become more expensive than in the international market, which has led to a decrease in interest in gold from investors.
The festival Suvarna Utsav is organized including for small jewelry companies and is designed to stimulate consumers' interest in gold jewelry in order to avoid a decline in the market. Another important task of the festival is to create jobs for jewelry industry workers and to present unique jewelry collections to Indian consumers who can take advantage of special promotions and purchase goods at discounts.
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