Categories: Business

Ind Ra predicts 25% fall in jewelery sale

Photo: FILE

gold sales dips

new Delhi. India Ratings and Research said on Monday that jewelery sales could fall by 25 per cent in FY 2020-21. The agency said that the demand for jewelery is high during the wedding season and on some festive occasions during the first quarter. However, this demand has been completely eliminated due to the lockdown implemented in the country for 45 days to prevent the corona virus epidemic. The agency said retail demand for jewelery is expected to remain sluggish during the first six months of FY 2020-21 during the June and September quarter. However, due to festivals and marriage season, their demand may return sharply in the third quarter.

India Ratings has already lowered the economic growth rate estimate for the current financial year since January 2020 to 1.9 per cent. The agency said that this estimate could be reduced further.

On the other hand, All India Gems and Jewelery Household Council (GJF) chairman Anant Padmanabhan told PTI that jewelery traders have opened their shops in some states after getting permission from local authorities during the last one week. He said that the sales of these retailers are only 20 to 25 percent. People are coming to them for wedding and wedding shopping, because the price of gold is going up. Apart from this, some people had booked online gold order on Akshaya Tritiya. Now they come to the shops and take delivery. He told that gold is currently running at 45,000 rupees per ten grams in the country. Higher prices have also affected sales.

This post was published on May 11, 2020 8:35 pm

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