NEW DELHI: THE Indian jewellery industry has turned bullish about the upcoming festive season, with a majority of industry representatives hoping that the period will kickstart a revival in the market which has dived during the course of the pandemic.
According to Anantha Padmanabhan, chairman of the All India Gem And Jewellery Domestic Council, the jewellery industry has suffered particularly badly due to the disruptions caused by the Covid pandemic and soaring gold prices. Padmanabhan pointed out that so far, the industry has done only 20-25 per cent of the business it did last year. However, he is hopeful that during the period from October to December, the sector will be manage to hit 60 per cent of last year sales.
“We are strongly banking on the festive season. The volatility in gold has settled a bit and prices are stable now. People have started buying yellow metal and even marriages are being held, which will boost our sales further,” he said.
Jewellers have already begun to roll out offers to bring customers in. Eyeing the festive season, Tanishq launched its Ekatvam collection recently. During the launch, Ajoy Chawla, CEO of Titan Company Ltd’s jewellery division, said that since people are still cautious about spending, Tanishq has created a range of light-weight jewellery to fit consumers’ budgets.
Vinod Hayagriv, director and managing director, C Krishniah Chetty Group Of Jewellers said that they are expecting a 20-25 per cent revival during the upcoming festive season. “We have reached 60-65 per cent of pre-Covid sales so far and are hopeful that festive buying and wedding-related purchases will help us to reach at least 85 per cent of last year’s sales level during the period,” he said.