In electronics, smartphone sales bounced back after five quarters of decline, driven by high sales of premium models such as Apple iPhones and Samsung Galaxy S23 series, and demand for large screens during the cricket world cup helped TV sales volume grow by 8-9% on year - up from 2% growth during January to September - last quarter, industry executives said.
Surging gold prices in India are leading some individuals to exchange their gold jewelry for new pieces, particularly during the wedding season. Higher prices are driving more Indians to reuse their gold, and while consumers are purchasing for weddings, overall demand is relatively subdued. Gold prices in India have reached around Rs 60,000 for 10 grams.
India's gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.
This year, jewellery retailers are also observing an increasing trend of online bookings for gold purchases on Dhanteras, driven by the desire to leverage rising gold prices and the flexibility of securing purchases ahead of time.
Releasing the quarterly gold demand report, the World Gold Council (WGC) said India's gold demand increased to 210.2 tonnes during the third quarter of 2023 calendar year, from 191.7 tonnes in the year-ago period. Trade feedback is that consumers have accepted the Rs 60,000 per ten-gram price point, so a downward correction could trigger a significant jump in demand. Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables.
Vummidi Bangaru Jewellers, a century-old jewellery retailer, has entered the US market with the opening of a store in Dallas. The company plans to open three more stores in the US and eight in Tamil Nadu over the next three years. With the US expansion, the jeweller aims to generate $100 million in revenue annually, with at least 30% contributing to overall business in the next three years.
Gold prices, which stood at ₹57,415 per 10 gm before the attacks by Hamas, have shot up to ₹60,612 in the past fortnight. "The upward trend has been visible since the month of Shraadh," said Saurabh Gadgil, managing director of PNG Jewellers.
Hallmarking has become mandatory for gold jewellery from June 16, 2021. The government introduced new symbols for hallmarked gold jewellery. However, as per the Bureau of Indian Standards (BIS), certain types of gold jewellery are exempted from mandatory hallmarking orders. Read on to know which types of gold jewellery are exempted from hallmarking order.
Commenting on the need for rapid fundraising, Kushwaha said, “Our business nature is such that we need to invest in inventory, for which, we need capital. The funds are mainly for balance sheet requirements…not for burning.”
Talking to ETRetail, Joy Alukkas, Chairman and MD, Joyalukkas India said that the jewellery chain is eyeing a 20 per cent YoY growth in its revenue. He added that the company aims to increase its revenue to Rs 17,500 crore from Rs 14,513 crore in FY23. The retailer is eyeing a profit after tax of Rs 1,100 crore this fiscal.
As much as 70% of Tanishq's 436 stores are outside large cities - 38% in places with 200,000-plus population and 32% in smaller towns - with the remaining 30% in metros and mini-metros, chief executive Ajoy Chawla said. Some of these are located in places such as Kudal in Maharashtra's Sindhudurg district, Bhawanipatna and Angul in Odisha, and Mirzapur and Balia in Uttar Pradesh.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
