August 17, 2017
Despite a slight slowdown in purchase of gold ornaments after implementation of the Goods and Services Tax in July, the jewellery industry should register a minimum 10 per cent growth this fiscal, said an official of a leading jewellery brand.
Majority of the buyers might have made their purchases much in advance for festivals, marriages and other functions, said Prince Gold and Diamonds India director Joseph Prince.
The new tax regime was very good and transparent, Joseph said, adding that the industry would overcome the initial hiccup, especially during Diwali.
About surge in gold smuggling, he said that it was owing to fears of cut in import duty.
Prince Jewellery plans to expand its network in Tamil Nadu, Karnataka and Kerala in the near future, Joseph said.
The company, which did a turnover of Rs 750 crore last year expected to grow by 10 per cent, the expected industry average, even as exports were flat at Rs 10 crore, he added.