Chandigarh, July 19, 2020:_H C Goyal, Founder of Chandigarh grown jewellery label Jia Diamonds located in Sec 37, is upbeat about demand for gold going up, even during the COVID 19 pandemic.
Goyal is a member of Government of India's Gems & Jewellery Export Promotion Council (GJEPC) and Chandigarh Sarafa Association.
H C Goyal's optimism is based on the huge savings made by families on marriages finding its way into buying of gold.
According to H C Goyal that an average middle class family would spend something like Rs 5-25 lakhs on a marriage ceremony pre COVID , expenditure by an upper middle class family would be between Rs 25 lakhs to 1 Crore and for the rich and high net worth families, anything over Rs 1 Crore. Most of the money during normal times would go to foot bills like hotels, marriage palaces, food catering companies, and other luxurious additions like destination weddings, décor, stage lighting, video & photography etc. But now with marriages being restricted to just 50 people there will be major savings on the superfluous expenditure by families during weddings. The amount saved will certainly find its way into buying of gold as this is one thing that parents like to gift their daughters. A similar trend would be witnessed from the side of girls' in laws, who would gift gold to their daughter-in-laws'. All this is slated to push up demand for gold.
Goyal says that he sees an upsurge in gold demand coming from September 2020 onwards.
H C Goyal added that gold has always been a good investment. Over the last 50 years this commodity has grown 50 times. Looking at the short term, gold has grown 5 times in the last 10 years. It is a liquid asset and can be exchanged for cash whenever needed.
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