• HOME
  • ABOUT US
  • NEWS
    • NEWS
    • GUEST ARTICLES
  • PUBLICATIONS
    • ENGLISH
      • LATEST ISSUE
      • ADVERTISE WITH US
      • SUBSCRIBE NOW
    • BOOKS
      • DEMYSTIFYING RETAIL
  • BUSINESS DELEGATIONS
  • DESIGN GALLERY
  • UPCOMING EXHIBITIONS
    • DOMESTIC
    • OVERSEAS
  • DIRECTORY
    • MANUFACTURER LIST
    • RETAILERS LIST
  • CONTACT US
 

Despite inflationary pressure, diamond jewellery retailers expect healthy demand this festive season

12-08-2022   14:55 PM

Despite continued inflationary pressure on diamonds, retailers expect a steady improvement in consumer sentiment and growth for diamond jewellery during the upcoming festive season.

“We expect a healthy growth in the upcoming festive season, as there is pent-up demand in the market,” said Ahammed MP, chairman, Malabar Gold & Diamonds. He added that the consumer sentiment is steadily reviving and the same will reflect in the sales during this festive season.

Suvankar Sen, MD & CEO, Senco Gold & Diamonds said that while there is upward pressure on diamonds, but due to lowering of demand, the industry might see stable prices. He added that the retailer is hoping for improvement during the festival season.

The entire diamond industry is presently facing challenges in the form of limited supply of rough diamonds and higher prices. Commenting on the same, Ahammed MP said that if the supply of rough diamonds continues to linger and rough diamond prices remain elevated, it will impact the retail prices of diamond jewellery.

Sharing his thoughts on the challenges of the diamond industry, Sen said, “Due to the ongoing inflation pressure along with lower disposable and discretionary income, we are seeing pressure on diamond jewellery this year.” He further added that limited weddings this season are also impacting sales of diamond jewellery.

When asked about the impact on consumer demand due to increasing diamond prices, Malabar’s Ahammed MP highlighted that there is inflationary pressure on consumer wallets and at the same time jewellers are not in a position to absorb part of the production cost. Consequently, an increase in diamond jewellery price is expected to impact volume-based purchase.

Amit Pratihari, general manager, De Beers Forevermark, last month told ETRetail that as a result of sanctions on Russia and overall shortage of diamonds in the market, the prices of diamond jewellery will definitely go higher, however won’t have a significant impact on consumer demand.

As per a recent report by Crisil Ratings, revenue of the Indian diamond industry is set to witness a fall of 15-20 per cent to USD 19 to 20 billion this fiscal year. The report highlighted lockdowns in China, inflation, and opening up of other avenues of discretionary spending as the key factors hampering the demand for diamond jewellery. Additionally, sanctions on Russia’s Alrosa have cut supplies of rough diamonds by almost 30 per cent and contributed to a significant rise in prices, said the report.

Courtesy: ET Retail

Share : 

The GJC NJA'23 Grand Jury round was held successfully

22-09-2023   12:0 PM

All India Gem & Jewellery Domestic Council (GJC), the national apex body of the gems and jewellery industry, organised the NJA’23 Grand Jury Round this week, at Taj, Santacruz, Mumbai, for the 12th edition of...

Read More

The Era Of New Age Weddings Modern Jewellery for Women and Men by Harit Zaveri Jewellers

22-09-2023   11:55 AM

Ahmedabad-based Harit Zaveri Jewellers celebrate this “Era Of New Age Weddings”, that reflects evolving tastes and preferences of modern couples. With this collection, Harit Zaveri Jewellers have not only pres...

Read More

PNG Jewellers unveils revamped Nanded store

22-09-2023   11:50 AM

PNG Jewellers, is thrilled to announce the splendid reopening of its Nanded store. The Inauguration of the store was done by Shri Girish Mahajan - Minister of Rural Development, Tourism & Panchayat Raj of Maha...

Read More

World Gold Council members commit to enhanced supply-chain transparency

22-09-2023   11:45 AM

The World Gold Council today announced that its members, who represent the majority of the global large-scale gold mining industry, have committed to providing enhanced transparency in the gold supply chain. A...

Read More

PNG Jewellers unveils Its ‘Bigger and Better’ Chandrapur Store

22-09-2023   11:40 AM

After a much-anticipated renovation, PNG Jewellers has reopened its Chandrapur store for its "bigger and better" campaign. This renovation was motivated by the tremendous love and support from the brand's belo...

Read More

Celebrate the Colours of Joy this Ganesh Chaturthi with Reliance Jewels Navratna Collection

22-09-2023   11:35 AM

Ganesh Chaturthi is a celebration that many Indians across the nation embrace. Ganapati Bappa enriches our homes at this time of year with his wisdom and benevolent presence. While everyone is enjoying the cel...

Read More

Live Spot Gold

GOLD PRICE

Design Gallery

Videos

View More Videos
GJS - Virtual T. .
AOJ Exclusive I. .
Auspicious Aksh. .
Video Snippets. .

UPCOMING EXHIBITIONS - DOMESTIC

Jaipur Jewellery Show

December 19-22-2020 | Jaipur

View More Domestic Events

UPCOMING EXHIBITIONS - OVERSEAS

Baselworld

January 28-2-2021 | Basel, Switzerland

View More Overseas Events

FOLLOW US ON
August 2023  English Edition
Subscribe Now Print Edition
Subscribe Now Digital Edition

© 2016 AOJ Media Pvt Ltd - All Rights Reserved. | Developed by Creed Global Tech.    T & C   Privacy Policy 

Top
Close