Chandigarh, Sep 9: Jewellery retail chain Tanishq today said high fluctuation in gold rates has led to flat sales of jewellery in August.
“There has been no growth in sales of gold jewellery in terms of volume in the month of August this year,” Tanishq Vice-President (Retail) Sandeep Kulhalli told reporters here.
The company had seen a growth of 36 per cent in sales from April till July over the same period in last fiscal. However, the sales growth skidded to 28 per cent in April till August period because of flat sales in last month. The company recorded 20 per cent growth in gold sales in July alone.
“The main reason behind no growth in August sales was the huge fluctuation in prices of gold which even touched USD 85-100 (per ounce) which actually discouraged customers from investing in jewelry,” he said.
He further said lack of festivities in the month of August also forced buyers to hold back their investments in gold, adding that the festival ahead would lead to picking up the demand for the gold jewellery. PTI
