Jewellers witness pent-up demand from consumers post-pandemic.
Surat: The branded and non-branded jewellery stores across India, especially in the Tier-II cities like Surat, Vadodara, Rajkot, and the metro cities like Ahmedabad, Chennai, Mumbai, Delhi, etc. are all smiling with the release of pent-up demand from the consumers post-Covid-19 pandemic.
Some of the branded jewellery stores including Titan Company’s jewellery sales leaped about 78% year-on-year for three months ending September 30. After the coronavirus pandemic struck India in March-2020, the second quarter of 2021 has brought smiles back on the faces of the jewellers across the country.
Market sources said the consumers in India are more inclined towards the purchase of plain gold jewellery. Though studded jewellery performed well with double-digit percentage growth, the revenues from watches and wearables climbed 73%.
Jewellers across the country are pinning their hopes on the upcoming festival of Diwali and New Year and the marriage season, which would further drive the consumer demand in the jewellery segment.
According to the jewellery store owners, consumers have been purchasing jewellery through the digital and omnichannel sales network. The diamond-studded jewellery demand has increased in the North, West, and South Indian markets.
Salim Daginawala, president of Surat Jewellers Association told TBT, “Jewellery sales took a major hit during the initial Covid-19 outbreak in 2020. IT continued till the second wave in April-May-2021. With the festivals of Navratri and Diwali, consumers have started moving out for purchases. Jewellery stores are witnessed a good turnout of consumers, which is driving the jewellery sales in the city”