Jewellery Demands in india after pandemic
As we are going to a bad phase with pandemic corona virus, jewelry industry has also down with other sectors.jewelry
demand is fell down by 41% in india.it brecks the 11 years old market down records which was 2009 resession.situation will
not too good in day to come 1-2 years.
The wedding season lifted demand early in the quarter. However, a sharp increase in local gold prices from mid-February
led to a slowdown in demand as consumers held back on purchases. In March, jewelry demand slumped by 60% to 80% as a
result of a countrywide lockdown, the WGC said. By March the price of gold in India reached historic highs.
"While Q1 demand was hard hit, we expect the impact of COVID-19 to be more severe in the second quarter, as the lockdown
extends into May," the WGC says in its report. "This will impact gold demand during the key buying festival of Akshaya
Tritiya, as well as wedding-related purchases. Although some branded retailers have reported increased interest in their
online platforms, logistical issues imposed by lockdown measures have made it difficult to fulfill the orders they
generate.
https://www.forbes.com/sites/anthonydemarco/2020/05/01/coronavirus-causes-1st-quarter-gold-jewelry-demand-to-plunged-39/#2eaf27d019f4
Concerns about the virus have seen the local gems and jewellery sector come to a halt with virtually no footfall in stores
and many jewelers shutting shops located in malls and shopping complexes. Titan Co., the nation's biggest jeweler by
market value, has shut stores and manufacturing units until March 29, and will review the situation at the end of the
period, it said.
Mumbai's Zaveri Bazaar, the largest bullion market in the country, will also be closed until further notice and that ..
Read more at:
https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/indias-jewellers-brace-for-
worst-sales-in-25-years-amid-coronavirus-scare/articleshow/74786508.cms?from=mdr
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