 "Jewellers are putting their best foot forward to lure consumers with unique designs and offers")
The Rs 475,000-crore Indian jewellery sector has entered a consolidation phase with jewellers renegotiating for a 25-30 per cent of cut in rent, reducing store sizes and inventories, and pruning other fixed costs including labour and technology for survival.
This situation has been fuelled by the rally in the price of gold, with bullion hitting new highs everyday on global cues. Jewellery buyers have deferred new purchase amid expectations of a correction in gold prices. Apart from the prohibitive price of the metal, the general apathy of consumers who are avoiding store visits and are only buying gold coins or
