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New Delhi [India], May 22 (ANI): Benefiting from strong sales, organised gold jewellery retailers are set to clock 17-19 per cent <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword> in the current financial year 2024-25, according to <keyword id="19898320" type="General" weightage="20" keywordseo="Crisil" source="keywords" meta.keywordsubtype="org" meta.entityname="Crisil" meta.hostid="261" meta.entityid="Crisil">Crisil</keyword>. The rating agency asserted that the projected revenue would be driven by higher realisations stemming from elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword>, while volume remains steady. Gold, considered a safe haven asset for investment, has been in demand for considerable period of time, with its prices rallying to hit record highs every now and then. Geopolitical conflict in the West Asia that stretched for long now, buying by several central banks including RBI, physical demand, have altogether pushed gold prices towards northwards. Retailers are likely to step up marketing and promotional campaigns this fiscal to combat the moderation in demand amid rising gold prices, Crisil said on Wednesday. Hence, operating profitability may marginally moderate 20-40 basis points (100 basis points is equal to 1 percentage point) year-on-year to 7.7-7.9 per cent. "Working capital requirements may rise, too, resulting from increased inventory due to a substantial rise in gold prices and new stores additions. That said, credit profiles should remain stable," the rating agency noted. The organised gold sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest. Domestic gold price increased 15 per cent during fiscal 2024 and reached Rs 67,000 per 10 gm as on end of March 2024. Now, they are trading at over Rs 74,000. Gold kept its shine as one of the safer investment options seen by various central banks across the world as well as end consumers amid geopolitical uncertainties. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger sharp price rise. Moreover, Crisil believes <keyword id="21263075" type="General" weightage="20" keywordseo="organised-retailers" source="keywords">organised retailers</keyword> will continue to gain market share at the expense of the unorganised ones, supported by changing consumer preferences and store expansion into Tier 1 and 2 cities and beyond. Himank Sharma, Director, CRISIL Ratings, "Stronger cash generation, due to healthy revenue growth and adequate profitability, will keep credit profiles of organised gold jewellery retailers stable, despite an expected rise in working capital borrowings." At the global level too, gold prices too are at their peaks. Historically, gold, as an asset, is considered to be a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. (ANI)

Benefiting from strong sales, gold jewellers set for 17-19% revenue growth in 2024-25: Crisil

<ul><li><keyword id="413856" type="General" weightage="20" keywordseo="kalyan-jewellers" source="Orion">Kalyan Jewellers</keyword> India has recorded a profit after tax (PAT) of ₹108 crore in Q1FY23.</li><li>The company has witnessed momentum in footfalls and revenue across India and Middle East markets.</li><li>Kalyan aims to increase its retail footprint in India by another 8%, before Diwali this year.</li></ul>Hefty import duties and gold price volatility did not take the shine off Kalyan Jewellers, as it reported a net profit of ₹108 crore in the April-June quarter. In the same period last year, it reported a loss of ₹51 crore. Its consolidated revenues stood at ₹3,333 crore almost doubling from ₹1,637 crore reported in the same quarter last year. “The recently concluded quarter has been a positive one for Kalyan Jewellers, having witnessed robust momentum in both footfalls and revenue across India and Middle East markets. Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword>,” said Ramesh Kalyanaraman, ED, Kalyan Jewellers India. In the Middle East, which contributes around 17% to its overall business, the jewellers’ total revenue from operations went up by 69% to ₹574 crore in Q1 as against ₹340 crore last year. The jewellers’ stock surged by 5.87% in today’s trade, as per NSE. Increasing its footprint Kalyan Jewellers, which launched its first franchised showroom in Q1, aims to increase its retail footprint in India by another 8%, before Diwali this year. This new line up is planned in the non-South markets. It will also focus on scaling up operations within micro markets of tier-1 cities like Delhi and Mumbai, while aggressively expanding its presence in tier-2 and tier-3 markets. “We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year. We believe the successful launch of the first set of franchised showrooms will give us the confidence to further enhance the pace of expansion through this significantly more capital efficient and return accretive path,” said Kalyanaraman. As of June 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 158.

Kalyan Jewellers posts ₹108 cr net profit; looks forward to festive sales

If you have money to invest, buy gold and wait, says Ramesh Kalyanaraman of Kalyan Jewellers

<ul><li><keyword id="19741479" type="General" weightage="20" keywordseo="wedding-gold-sales" source="Orion">Wedding gold sales</keyword> are seeing recycling on account of high prices, but it’s a zero sum-game.</li><li>If allocation of gold is higher than 15% in a portfolio, profits can be booked but that is not strongly advised.</li><li>Experts believe that there will be another spike in <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> in 2024, once the US Fed changes its stance on interest rates which will shift focus to gold. </li></ul>Jayasri Vadapalli, 54-year-old homemaker from Hyderabad has been trying to exchange her old-fashioned gold jewellery pieces for a while now. After gold prices hit a new-high in December, she was thrilled to hear that the necklace she purchased eight years back is now worth twice what she paid for. “I thought of exchanging it for another set,” she said. But her plans were thwarted as she learnt that she missed the festive-period discount season. As per reports, there has been a surge in people recycling old gold like her, during the ongoing wedding season. Prices are of no consequence as exchanging old gold for new jewellery is a zero-sum game, say experts. “There is no gain to be made when people recycle gold. In fact, it’s a bad idea to exchange when prices are high as no jeweller will give any offers when there is a rush,” Jateen Trivedi, VP and research analyst at LKP Securities tells Business Insider India. Book profits or hold? India is sitting on physical gold holdings which are estimated anywhere between 25,000 to 27000 tonnes. It’s all worth a lot more after the recent spike, but little can be realized from it, as most of it is in the form of jewellery — which is not sold unless there is a specific need or an emergency. “Traditionally, Indians have been advised to safeguard their future by saving or investing in gold. While considering physical gold, it is usually not purchased for investment purposes so they could hold it for their respective purpose,” says Rahul Kalantri, VP Commodities , Mehta Equities. Agrees Trivedi,“There is no woman in India who would sell her jewellery no matter what the prices are or how much profits there are in it unless there is a financial crunch or need for family. The amount of physical gold in the form of bars which is held for trading purposes can be sold to book profits, but that percentage is very low.” It’s very unlikely that even traders would liquidate their holdings, since analysts expect gold to see another spike once the US Fed goes in for rate cuts to support growth. “We advise as much as 10-15% of the portfolio to be in gold holdings. Any incremental holdings can be sold to book profits as we look at gold holding strategically and not tactically. If prices run up a lot, they can be sold to book profits but prospects for 2024 look good, so they shouldn’t miss out on that,” says Ghazal Jain, fund manager of alternative investments at Quantum AMC. Should you buy more? Most experts expect some short-term correction from the all-time high to the tune of 5-7% in the next few months – offering a brief but decisive entry point. “After the first quarter of 2024, we might see another positive cycle after interest rate cuts,” says Trivedi. Jain also says that the outlook is positive even if there could be some volatility in the next few months. “We suggest individuals could consider shifting to Sovereign Gold Bonds, offering the dual advantage of gold investment and earning interest over time,” says Kalantri. There is another factor at play that can offer long-term support to prices is the aggressive central bank purchases of gold. Apart from the yellow metal’s safe haven status, de-dollarization is also adding to its lustre. “One of the main drivers of gold demand is China, India, Russia, and Turkey, which buy record amounts of gold to protect their economy from dollar fluctuations and increase their financial independence,” says a report by Kedia Advisory. China, which is the biggest global buyer of oil, has been in talks with Saudi Arabia to sell them oil in yuan since 2022. “It is possible that the Saudis may have asked for the yuan to be backed by gold, to bolster its lack of free convertibility. This could explain why the Chinese central bank has been buying more and more gold each year,” explains Jamal Mecklai, CEO of Mecklai Financial in his note. China has already announced its goal of raising gold holdings to 5%, and its share at the end of Q2 2023 is at 3.84%. “The possibility that China may see fit to push the share of its gold holdings even higher than 5%, we may well be seeing just the start of a real bull market in gold,” adds Mecklai. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a> <a href="https://www.businessinsider.in/stock-market/news/private-equity-vc-players-make-a-killing-as-ipo-rush-yields-them-10000-crore/articleshow/105649353.cms">Private equity &amp; VC players make a killing as IPO rush yields them ₹10,000 crore</a>

Gold rush: Don’t recycle or book profits yet, another bull-run on the way say analysts

In a move that brought tears of joy to the face of employees, a Chennai-based jeweller gifted his employees with <keyword id="103029" type="General" weightage="80" keywordseo="maruti-swift" source="Orion">Maruti Swift</keyword> cars, <keyword id="20630" type="General" weightage="100" keywordseo="honda" source="Orion">Honda</keyword> <keyword id="18809" type="General" weightage="80" keywordseo="shine" source="Orion">Shine</keyword> and Honda Activa two-wheelers ahead of Diwali. According to the information available, the businessman had spent an amount of Rs 1.2 crore on expensive Diwali gifts. The owner of Challani Jewellery in <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>, Jayanthi <keyword id="15283037" type="General" weightage="50" keywordseo="lal-chayanthi" source="Orion">Lal Chayanthi</keyword>, showered the employees with presents, saying that every employer should treat his employees properly. In a statement released to the media, the Chennai-based jeweller said that without the services, hard work, and trust of the employees, no business would grow. He said that his act of gifting his employees with expensive presents was a return for the hard work and trust shown by his employees. Thirty employees benefitted from the largesse of the businessman with 10 being given Maruti Suzuki cars and 20 being handed over two-wheelers - Honda Activa and Honda Shine. In the statement, he said that his business reached new heights of success due to his team supporting him in all the lows and highs the company has witnessed. He said that the employees were like a second family to him and that his success was due to these employees that he earned a good reputation and profit all these years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/diwali-dussehra-festival-celebration-attracts-over-10000-in-houston/articleshow/94921328.cms">Diwali-Dussehra festival celebration attracts over 10,000 in Houston </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/govt-seeks-data-on-vacancies-from-psus-roadmap-to-fill-them/articleshow/94916445.cms">Govt seeks data on vacancies from PSUs; roadmap to fill them</a>

Chennai jeweller gifts Maruti Swift cars, Honda 2-wheelers to his employees for Diwali

New Delhi, Feb 13 () PC Jeweller Ltd on Thursday reported a 73 per cent decline in consolidated net profit at Rs 35.61 crore for the quarter ended December. The company's net profit stood at Rs 133.03 crore in the year-ago period, PC Jeweller said in a regulatory filing. Total income in October-December quarter fell to Rs 1,703.86 crore as compared with Rs 2,234.56 crore in the corresponding period of the previous fiscal. MJH RVK

PC Jeweller Q3 net profit falls 73 pc to Rs 35.61 cr

<ul class="summary-list"><li>US jeweler <keyword id="117146" type="COMPANY" weightage="60" keywordseo="Tiffany">Tiffany</keyword> &amp; Co posted a 1% fall in net sales, to $1.01 billion, in the third quarter. Wall Street analysts had expected a bigger drop.</li><li>Demand in China soared as consumers who couldn't travel to Europe made their luxury purchases at home instead.</li><li>Tiffany said it remained optimistic for the holiday season, which is when <keyword id="31199" type="COMPANY" weightage="60" keywordseo="Jewelry">jewelry</keyword> sales traditionally spike.</li><li>But new lockdowns in Europe and parts of the US could cause sales to drop.</li></ul><keyword id="734820" type="COMPANY" weightage="60" keywordseo="Tiffany-Co-">Tiffany &amp; Co,</keyword> which is being bought by French luxury giant <keyword id="110312" type="COMPANY" weightage="60" keywordseo="LVMH">LVMH</keyword>, beat Wall Street expectations for quarterly profit on <a href="https://investor.tiffany.com/news-releases/news-release-details/tiffany-reports-third-quarter-results-6">Tuesday</a>.The US jeweler benefited from a more than 70% rise in sales in Mainland China and a partial recovery in demand at home.The results bode well for the upcoming holiday season for the jeweler, as well as for other luxury retailers, which have been hit hard by the pandemic.They also <a href="https://www.businessinsider.com/tiffany-and-co-history-iconic-luxury-brand-2019-11">underscore the growing importance of sales within mainland China</a>, where buyers are staying home rather than flying abroad to buy luxury goods. The strong third quarter results "speak volumes about the enduring strength of the Tiffany brand and gives us confidence as we enter the important holiday season," CEO Alessandro Bogliolo said, nodding to "the successful completion of the merger transaction with LVMH in early 2021."Tiffany and LVMH ended a bitter legal battle last month and agreed to a new deal that would <a href="https://www.businessinsider.com/lvmh-buys-tiffany-jeweler-discount-dispute-luxury-retail-merger-2020-10">see the French firm buy out the jeweler for $15.8 billion</a> – $425 million less than initially agreed.Tiffany said sales in the Asia-Pacific region rose 30%, while sales in the Americas region declined 16% – much smaller than the 46% drop seen in the preceding quarter.Read more: <a href="https://www.businessinsider.com/tiffany-and-co-history-iconic-luxury-brand-2019-11">Chinese consumers are buying more luxury goods during the pandemic — but they're shopping closer to home, and European brands could feel the pinch</a>The pandemic also forced the New York-based retailer to invest in its online business and to introduce curbside pick-up at certain stores. This helped e-commerce sales surge 92% in the quarter.Best known for its diamond engagement rings, Tiffany could face more challenges ahead as COVID-19 cases are surging across the world, spurring Europe countries and some American states to go into another lockdown.As of October 31, most of Tiffany's 320 <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> stores worldwide were fully or partially opened, in accordance with local government guidelines, it said. But as Europe entered second lockdowns, the proportion of stores that remained open fell. By November 20, around 60% of Tiffany's retail stores in Europe were temporarily closed.Analysts remain optimistic."Q3 results also reiterate our confidence that the Tiffany brand will continue to shine through the holidays," said CFRA analyst Camilla Yanushevsky.Shares of the company were up marginally on low volumes in premarket trading.Excluding certain items, Tiffany earned $1.11 per share, surging past the average expectation of 66 cents.Tiffany's net sales fell about 1% to $1.01 billion in the third quarter ended October 31, but beat expectations of $980.71 million, according to IBES data from Refinitiv.Its net earnings soared 52% to $119 million. Excluding some costs related to the LVMH merger, this would have been $136 million, or a 73% increase, Tiffany said.

Tiffany beats profit estimates as sales in China soar more than 70%. But lockdowns in the US and Europe could hurt the luxury jeweler's holiday sales.

<ul class="summary-list"><li>Oberig is a luxury jeweler based in Kyiv founded by Tetiana Kondratyuk.</li><li>After <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion, the company began donating body armor as well as <keyword id="14177393" type="UNKNOWN" weightage="60" keywordseo="wedding-rings" source="Orion">wedding rings</keyword> to soldiers.</li></ul><a href="https://oberig.jewelry/en"></a>The Kyiv-based jeweler <a href="https://oberig.jewelry/en">Oberig</a> is just one of the thousands of businesses whose operations have been completely upended by Vladimir Putin's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The war has created a humanitarian crisis with <a href="https://data.unhcr.org/en/situations/ukraine">4.7 million refugees</a>, according to the UN, while businesses moved their operations to a wartime footing. <h2>Wedding rings and body armor</h2>Oberig, founded by Tetiana Kondtratyuk, has had to cope with its employees being split between joining Ukraine's armed forces, others fleeing the conflict and some continuing to work.The company's production facility in Kharkiv was forced to shut down amid heavy Russian shelling, while its head office in Kyiv moved to the west of Ukraine.<div type="image" title="Tetiana Kondratyuk" height="2923" width="3898" msid="92161807" hostid="261"></div>Kondtratyuk was forced to pare back Oberig's luxury operations and start building body armor with any profits from jewelry sales. She said Oberig had now sent 6,000 pieces of body armor to the front line.But Kondtratyuk also wanted to contribute her jewelry to the war effort in some way. As a result the company started producing silver wedding rings it could donate to couples fighting in the Ukraine armed forces."From the very beginning of the war, I saw a lot of stories about soldiers who got married at the front," Kondratyuk told Insider. "I came up with the thought to provide them with Oberig rings and I suggested it to the team. The idea of helping the soldiers, who apparently don't have time and opportunity to buy wedding rings, inspired us, and we realized that we definitely have to implement it."Kondtratyuk said 148 wedding rings have been donated to soldiers so far. She gets requests from soldiers, their partners, and sometimes from platoon commanders keen to place an order for several people in their division.She said she also received several requests from soldiers who were <a href="https://www.businessinsider.com/ukraine-troops-leave-mariupol-azovstal-plant-apparent-surrender-2022-5">surrounded in the Azovstal plant in Mariupol</a>.<h2>'I don't really believe in God, but I pray for his safety every night' </h2>On the morning of February 23, Anastasiia Herasymova and her husband Denys told Insider they felt some anxiety about the build-up of Russian troops, before their world was rocked by the invasion the next day. "We didn't want to eat and drink, we didn't want to do anything. We hardly slept. I was not going to leave Ukraine, and he immediately said that he would volunteer to defend the country," Anastasiia said. Denys, who has been working as a medic with the Ukrainian army since mid-May, used an Oberig wedding ring when he and Anastasia tied the knot on May 20."I don't really believe in God, but I pray for his safety every night," Anastasiia said. "I direct all my thoughts to his defense. And the days are very typical, gray, as if all the bright colors have been taken away from my life."Other couples, Kondratyuk said, have married online with the rings, while others have reunited for a day to exchange vows. Kondratyuk said Oberig had recently returned to some work in their flagship Kyiv store, but she recognises the nature of her business has shifted for the foreseeable future."We dream of returning to our work full-scale and developing business in a peaceful Ukraine. But in order to make this possible, it is extremely important to bring victory closer by any means," she said.

You Searched For "jewellers profit" and got 8 results

Benefiting from strong sales, gold jewellers set for 17-19% revenue growth in 2024-25: Crisil

ANI

Kalyan Jewellers posts ₹108 cr net profit; looks forward to festive sales

Karuna Sharma

If you have money to invest, buy gold and wait, says Ramesh Kalyanaraman of Kalyan Jewellers

Bhakti Makwana

Gold rush: Don’t recycle or book profits yet, another bull-run on the way say analysts

Katya Naidu

Chennai jeweller gifts Maruti Swift cars, Honda 2-wheelers to his employees for Diwali

IANS

PC Jeweller Q3 net profit falls 73 pc to Rs 35.61 cr

PTI

Tiffany beats profit estimates as sales in China soar more than 70%. But lockdowns in the US and Europe could hurt the luxury jeweler's holiday sales.

Grace Dean,Reuters

This Kyiv jeweler began making body armor when Russia invaded. Now it's also sending wedding rings to soldiers on the frontline.

Ryan Hogg

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