Jewellery retailer Kalyan Jewellers has said 92% of its showrooms in India were operational as of June 30, and that the recovery in demand was better than the comparable period of the previous fiscal.
“We have witnessed encouraging recovery trends in customer footfalls and revenue in our showrooms that have reopened, with most showrooms broadly operating at daily levels seen in the prior quarter (Jan-Mar 2021) where we experienced a very strong revenue performance,” the company said in a press release.
The jewellery retailer said the overall revenue for the recently concluded first quarter was approximately 55% of revenue achieved in Q1FY20.
“We expect mandatory hallmarking will standardise the purity of gold jewellery and bring further structure and transparency to the industry, which will accelerate the consumer demand shift from unorganised businesses to organised players,” sources at Kalyan said.