INDIAN JEWELLER (IJ) Dec - Jan 2020

The Year that Was
One HeLL
of a Year
This has been by far the toughest year for the industry in over
a decade. Exports are on the decrease, job losses are rampant
and the industry has been punished with a high import duty not
to mention the banks’ unwillingness to support them. A looming
economic crisis and a weak rupee has further led to soaring gold
prices, which further hit an all time high after the tension between
U.S. and Iraq took a sudden turn. While consumers are forced to
walk into the store because of weddings and special occasions,
the demand for jewellery has otherwise remained subdued.
Vijetha Rangabashyam speaks to jewellers to find out how they
are surviving and what the need of the hour is
There are very few people in this industry who have
good things to say about 2019. While the economy
and geopolitical climate have been affecting all sectors,
the gems and jewellery industry has been affected the
most. Right from an unfavourable budget announcement
to a steady increase in gold prices and an average demand
from the consumers during festivities, jewellers have
been caught in a vicious cycle. However, with the kind
of policies the government has been implementing across
sectors and hallmarking being made compulsory, one thing
is very evident – the jewellery industry is not a space for
unorganized players anymore. We could deliberate on all
the things that have gone wrong over the year, but fact
remains that organized players have weathered the storm
and are in a better position to tackle the issues as opposed
to those who are not willing to change.
INDIAN JEWELLER | december 19-january 2020 | 67