Big gold jewellery retailers say demand almost normal now after COVID-19 gloom

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Published: July 30, 2020 12:15 AM

India is the second-largest consumer of gold in the world after China, and the demand for gold in India sharply declined in June due to various reasons, including Covid.

Two of the largest retail chains -- Kalyan Jewllers and Malabar Gold & Diamond – said the impact of the pandemic was short-lived and business is as good as normal.Two of the largest retail chains — Kalyan Jewllers and Malabar Gold & Diamond – said the impact of the pandemic was short-lived and business is as good as normal.

Covid-19 and higher gold prices have not dented the positive outlook of gold jewellery retailers, who claim that demand is back to normal.

India is the second-largest consumer of gold in the world after China, and the demand for gold in India sharply declined in June due to various reasons, including Covid-19.

Two of the largest retail chains — Kalyan Jewellers and Malabar Gold & Diamond – said the impact of the pandemic was short-lived and business is as good as normal.

Ramesh Kalyanaraman, executive director, Kalyan Jewellers, told FE that 80% of showrooms are currently operational. “We are witnessing normalcy as far as footfalls of customers are concerned. Since the lockdown, sales have picked up and we are almost close to the same store performance of this time last year,” he said.

Ahammed MP, chairman, Malabar Gold & Diamonds, said the demand for gold jewellery is gradually recovering across the country, with showrooms in the southern and NCR regions witnessing healthy footfalls.

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