Gold jewelry sales rebound as prices cool
What's the story
The demand for gold jewelry has witnessed a resurgence in June, owing to a decline in prices. The surge is especially visible at Dariba Kalan, one of Delhi's oldest jewelry markets, where sales have increased by nearly 20%. The rise comes after a slump due to high gold prices and customs duty on the precious metal.
Retail impact
Demand for jewelry coming back
Gaurav Gupta, owner of Radhey Kishan Gopal Kishan jewelers and treasurer of the market association, said footfall in the market and conversions remain strong. He added that with gold prices falling, demand for jewelry is coming back as people "come back to shop for the upcoming festival and wedding seasons." Notably, demand for both jewelry and coins as an investment had declined during Q2 due to a sharp rise in prices.
Business performance
Titan, Kalyan Jewellers report strong growth
Kalyan Jewellers, a Kerala-based company, reported over 38% revenue growth in its India operations for the June quarter. The growth was driven by strong operating momentum and healthy same-store-sales-growth across all key markets in the country. Titan, India's market leader in jewelry, also witnessed growth across its brand portfolio due to healthy festive and Akshaya Tritiya demand during this period.