India jewellery industry up 60% from pre-Covid level in second quarter of FY23: ICRA
The Indian jewellery business saw a 60% increase in the second quarter of this fiscal year compared to the same period in FY20, the year the coronavirus hit the nation.
Demand decreased 2% on a YoY basis, according to rating agency ICRA. Due to a high base, the decline was attributed to a 70% increase in jewellery demand in India in the second quarter of FY22. After the restrictions brought on by the pandemic were lifted, demand skyrocketed.
The demand for jewellery increased by more than 35% in FY23 compared to FY20.
The industry may experience a 10% decline in the third quarter of FY23. Due to stable demand and the approaching wedding season, this is less than its initial projection of a 15% decrease.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.