second edition of the Kamakhya Gold Outlook event took place on May 17 at the Jio Convention Centre in Mumbai, coinciding with new all-time highs in gold and silver prices in India. This prestigious event, an initiative by Mr Manoj Jha,CMD of Kamakhya Jewels, aims to unite industry leaders for an in-depth discussion on the gold market and price forecasts for the upcoming year; the main intent was to guide the industry, particularly Small and Medium Enterprises (SMEs), on navigating the gold price market and preparing for future trends.
The event featured a lavish dinner where conversations flowed freely among attendees. Market leaders shared their insights, predicting a volatile year ahead for gold prices, with expectations ranging from USD 2,100 to USD 3,200 per ounce. If international tensions were settled, Mr Manoj Jhaanticipates a correction, with prices potentially falling below USD 2,200 after initial market adjustments. If the situation worsens, he foresees the rates reaching about USD 2,500. Notably,
Mr Prithviraj Kothari, the Managing Director of Ridhi Sidhi Bullion Ltd. (RSBL) & President of the Indian Bullion & Jewellers Association (IBJA) and Mr Surendra Mehta,National Secretary, IBJA forecasted prices to reach USD 3,000, while Mr Kishor Narne, Executive Directorat Motilal Oswal projected the highest at USD 3,200.
Discussions also covered sector-specific concerns and opportunities. Mr Sachin Jain, Regional CEO of the World Gold Council, India projected gold imports to reach 700-800 tons this year, even amidst record-high prices. Mr Suvankar Sen, MD of Senco Gold and Diamonds, emphasised the need for better hedging strategies in light of anticipated price volatility. Mr B.A. Ramesh, Joint Managing Director, Thangamayil Jewellery Ltd. highlighted the importance of creating more customer buying opportunities. Meanwhile, Mr Chirag Sheth of Metals Focus urged viewing gold as a wealth creator rather than merely an investment or asset class. The event witnessed the presence of experts from varied sectors such as Bankers, Analysts, Brokers, Financial Institutions, Exchanges, Bullion Dealers, Small-Medium-Large Retailers, Manufacturers from across India and Media; it provided a platform for sharing knowledge on issues such as taxation and other regulatory measures. The knowledge session was moderated by Ms Manisha Gupta, Commodity Editor, CNBC Awaaz & Mr Mrityunjay Jha, Commodity Editor, Zee Business.
Bharat Sheth, Director, Batukbhai Sons and Jewellers, further highlighted, “Participating in the Kamakhya Gold Outlook event was a transformative experience. The networking opportunities and the wealth of knowledge shared on future market trends were immensely valuable. The expert predictions and strategic advice on handling price volatility have provided us with the tools to navigate the uncertain futures of the gold market. This event has reinforced the importance of industry collaboration in facing upcoming challenges and seizing new opportunities.”
Participants expressed their gratitude for the invaluable insight; they extended special thanks to
Mr. Manoj Jha, for introducing this vital gathering.