India map

PC JEWELLER’S PROFITS DOWN 27% DUE TO DEMONETISATION IN INDIA

Indian jeweler PC Jeweller has announced its net profit has dropped 27.39% in Q3 of fiscal 2016-2016 drop to $16 million – compared to $22 million in the same period last year, Gem Konnect reports.

 

According to the company, domestic sales in October-November period fell after the government’s demonetisation program in early November. Revenues fell to $315 million, compared to $326 million the year before.

 

Sales, however, picked up once again in December and returned to normal levels by January. According to the report, PC Jeweller is confident of “making up the lost sales of the third quarter in the fourth”. It also reported a rise in orders from the UAE over the final months of 2016 after the UAE announced an import duty on jewelry for local consumption effective from January 2017, which led retailers to stock up before the deadline.

Other articles on the category

The branch news