“Stores are opening in a phased manner to ensure zero-defect compliance,” said Ajoy Chawla, chief executive officer, jewellery division at Titan Company, which sells the Tanishq brand of ornaments.
Kolkata-based Senco Gold & Diamonds, the largest jewellery retail chain from eastern India, has announced the re-opening of its stores across green and orange zones in four states — West Bengal, Odisha, Assam and Karnataka.
The Government of Maharashtra has allowed commencement of operations at designated gems and jewellery export units in the Mumbai Metropolitan Region (MMR) amid the lockdown, only with 10 per cent workforce and to fulfil export commitments.
According to experts, old gold or scrap jewellery sales are likely to rise 50 per cent this year because of a surge in job losses recently.
“Gold holding remains the last hope for survival. We, therefore, see at least a 50 per cent increase in sales of scrap jewellery, especially in Bihar, Utter Pradesh, and West Bengal. Since jewellery stores have started to open in green zones, we see at least a third of annual gold sales to happen in the next three months,” said Surendra Mehta, national secretary, India Bullion and Jewellers Association (IBJA).
Mehta expects 60-70 tonne of gold to be recovered from scrap jewellery sales in the next three months.
“We are expecting nearly 40 per cent of our sales to be sourced through own sources, which means in-house conversion of scrap jewellery,” said Ramesh Kalyanaraman, executive director, Kalyan Jewellers.