The COVID-19 pandemic has been affecting commodities for a while now and the jewellery segment has taken a beating. The segment lost its sheen following the outbreak, recording a 74 percent dip in demand year on year.
According to the World Gold Council (WGC), this is the lowest quarterly tally which was a result of strict lockdowns, declining exports and a shortage of workers. The situation remains similarly bleak globally where demand has fallen 46 percent as compared to last year. India and China who account for half of the global gold jewellery consumption, were the biggest contributors to the first half decline.
However, the outlook for the sector isn't all bleak with deferred Q3 and Q4 weddings, festival demand and corporate gifting all supporting prices.
To discuss this and the road ahead for the jewellery sector CNBC-TV18’s Manisha Gupta is in conversation with Rupesh Jain, founder and CEO of Candere and Tehmasp Printer, the managing director of Indian Gemological Institute, Vidmay Naini, India Country Manager of eBay, Gaurav Kushwaha of Bluestone.com and Sunil Nayak, the CEO of Reliance Jewels.