Gem & jewellery -affiliated CA sees demand normalising by FY21 end

Mumbai: Demand for gold jewellery would normalise only by the end of the current fiscal year (FY 21) estimates Bhargav Vaidya , well -known chartered accountant closely linked to the gem and jewellery trade .

“Even if recovery begins earlier , people will not spend on luxury items,” said Vaidya who counts many jewellery and diamond firms as his clients.

India’s financial year runs from April through March.


“Expansion plans will be put on hold, and Jewellers and dealers will focus on destocking existing inventory,” he added .

India consumed 544.6 tonnes of jewellery in 2019 , down 9% from the previous year , World Gold Council (WGC) data shows . Bar and coin demand was 145.8 tonnes , down 10% from 2018.