Rise in gold prices unlikely to harm long-term jewellery demand

Indian retailer launches special Onam collection in Dubai

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Drummers at the launch of Tanishq's Onam collection. — Supplied photo

Published: Thu 22 Aug 2024, 9:53 PM

Last updated: Fri 23 Aug 2024, 1:52 PM

The recent spike in gold prices is unlikely to hurt jewellery demand in the long-term, a senior official said.

“Prices will go up or down as per the market demand. However, the beauty of gold lies in jewellery — and will remain constant irrespective of the direction that the gold prices take. It might be a temporary dip, but the confidence in the metal remains. People will continue to buy,” said Aditya Singh - Head, Jewelry International Business, Titan.

Tanishq on Wednesday unveiled its Onam collection in Dubai, which features jewellery pieces inspired by the harvest festival in the southern state of Kerala, set to take place next month.

“There are these occasions, and people have different reasons to celebrate. You. You might belong to a certain community, you might belong to a certain age band. You will have your own reasons of what you want to celebrate. And then, therefore those occasions become the reasons of purchase,” Singh said.

Kuruvilla Markose, CEO, Interbational Business, Titan

Tanishq recently opened its 11th store in the UAE in Sharjah. It’s first store was in Meena Bazaar in Dubai in November 2020. “The Middle East is very vibrant, and it will continue to be that way. It’s no longer an oil economy driven set of countries. There are many new things that the governments in these parts are doing,” said Kuruvilla Markose, CEO of International Business at Titan.

With the Comprehensive Economic Partnership Agreement between the UAE and India, jewellery that is manufactured in India comes into the UAE duty free. “Jewellery bought in India is still more expensive than in the UAE. Thus, we have many customers who transit in Dubai from the US and Europe and stop over to buy jewellery. I don’t think this pattern is going to change,” Markose said.

The collection features jewellery pieces inspired by the harvest festival in the southern state of Kerala

To celebrate Onam, Tanishq is offering customers up to 25 percent discount on gold-making charges and diamond jewellery. The collection is available across all Tanishq stores and online platforms.