Global economic uncertainty in the wake of dwindling post-Covid financial recovery has faded lustre in the gold jewellery industry with sales remaining weaker worldwide. In India too, the scenario is no different. After a robust April-June quarter with a sharp recovery in India's economic activity, retail jewellery sales plunged in July due to the onset of the monsoon rainfalls which drew activities in the field for kharif crop sowing. The rural economy especially moves to sowing, planting and replanting of agriculture crops for harvesting in the September-November period. As a consequence, activities around the jewellery business cools down.
Organised sector gains market share
Consumer sentiment turned around with a positive tone after the first half of April and continued until June-end. All major companies including Kalyan Jewellers, Tanishq and Waman Hari Pethe, among others, posted a sharp increase in their retail jewellery sales. "The recently concluded quarter has been a positive one for Kalyan Jewellers, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East. We are continuing to see strong operating momentum in our business in India, driven by the resilience of our category,' said V Swaminathan, Chief Financial Officer, Kalyan Jewellers.
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Bu hikaye Mines to Market Magazine dergisinin July 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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