SME Times is powered by   
Search News
Just in:   • Need to leverage demographic dividend: Naidu  • Samsung hopes S21 series to boost smartphone sales in 2021  • IRFC IPO to open on Monday in Rs 25-26 per share price band  • Rising trade deficit to dampen rupee's prospects  • Bank lending to manufacturing muted in Oct: RBI 
Last updated: 05 Nov, 2020  

Jewellery.9.Thmb.jpg Jeweller sector's confidence revives on festive demand

jewellery..9.jpg
   Top Stories
» Need to leverage demographic dividend: Naidu
» Rising trade deficit to dampen rupee's prospects
» Bank lending to manufacturing muted in Oct: RBI
» 'Lot to be done to reposition India in global textile value chain'
» Disruption, diversification two big USPs of Indian start-ups: Modi
SME Times News Bureau | 05 Nov, 2020
As bullion imports improved during the July-September period on a quarter-on-quarter (QoQ) basis, a Motilal Oswal report has said that the improved demand shows revival in confidence among jewellers about the strong festive and wedding demand anticipated in the fourth quarter of 2020.

Citing the recent World Gold Council data, the report said that net bullion imports, which contribute 85-90 per cent of India's gold supplies, saw a sharp recovery in third quarter of 2020 (3QCY20) after a deep plunge in the quarter before that.

While gross imports and exports both plunged sharply in 2QCY20, the revival in exports was much lower than that in imports in 3QCY20.

Accordingly, while net bullion imports had fallen 96.4 per cent YoY to just 9 tonne in 2QCY20 amid stringent lockdowns, the volumes saw a sharp rebound to 90.5 tonne in 3QCY20, up 8.2 per cent. Although the growth is on a soft base of 3QCY19, it comes after four consecutive quarters of decline, it said.

"We believe this rebound is indicative of jeweller confidence in the strong festive and wedding demand anticipated in 4QCY20. Titan indicated in its post results call last week that the first 10 days of the festive season has been in positive territory," the Motilal Oswal report said.

As per the World Gold Council's latest data jewellery demand was severely affected during July-September with volumes down 48 per cent YoY to 52.8 tonne in 3QCY20. The demand was impacted by recurring lockdowns, unprecedented gold prices, and inauspicious periods based on religious beliefs, the report said.

"Nevertheless, there was a modest sequential recovery of 20 per cent QoQ in the gold jewellery demand," it said.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Jan, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» 'Ageing of India's workforce not favourable for strong recovery'(1)
» MSME Budget expectations(1)
» FM to present Budget on Feb 1(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter