Bafleh Jewellery, one of the Middle East’s largest importers of Indian jewellery, is shifting to lightweight designs and lower-karat gold as soaring bullion prices squeeze demand across key markets.
The company’s Managing Director Ramesh Vora said the Dubai-based company has imported 600-700 kilograms of jewellery from India in the first eight months of the current financial year, compared to 1.2 tonnes for all of last year.
While import values have increased, volumes have dropped 20-30 per cent as gold prices surged from USD 2,200-2,500 per ounce to USD 3,600 within three months.
“People cannot afford it anymore. We’re thinking gold might even reach USD 4,000,” Vora told PTI at a recent Saudi Arabia Jewellery Exhibition (SAJEX).
The company plans to introduce 14-karat jewellery next month, working with suppliers in Kolkata and Delhi to maintain colour quality while reducing gold content.
The strategy shift reflects broader challenges facing jewellery importers as volatile gold pr​Bafleh Jewellery, one of the Middle East’s largest importers of Indian jewellery, is shifting to lightweight designs and lower-karat gold as soaring bullion prices squeeze demand across key markets.
The company’s Managing Director Ramesh Vora said the Dubai-based company has imported 600-700 kilograms of jewellery from India in the first eight months of the current financial year, compared to 1.2 tonnes for all of last year.
While import values have increased, volumes have dropped 20-30 per cent as gold prices surged from USD 2,200-2,500 per ounce to USD 3,600 within three months.
“People cannot afford it anymore. We’re thinking gold might even reach USD 4,000,” Vora told PTI at a recent Saudi Arabia Jewellery Exhibition (SAJEX).
The company plans to introduce 14-karat jewellery next month, working with suppliers in Kolkata and Delhi to maintain colour quality while reducing gold content.
The strategy shift reflects broader challenges facing jewellery importers as volatile gold pr ​Latest News [ SOBAN NEWS: International and National ]
