Dipu Mehta, managing director, ORRA, a retail gold and diamond jewellery chain, said: “During the Covid-induced lockdown, we took a step back and reviewed our strategy and relooked at merchandising to suit the new demand reality.”
Many bigger chains were already working on reducing inventory in single stores, but they also used to arrange design not available in one store from another store. However, smaller and standalone stores, which have no such option, had kept higher inventory to retain customers by providing them several design choices. Such stores, too, have now started melting part of their inventory which they can’t afford.
Refineries, especially eight-nine big refineries, are active only because of scrap supply of old jewellery as well as new jewellery at a time when dore or unrefined gold is not available in enough quantity.