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Jeweller sector's confidence revives on festive demand
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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.
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