Projection: Jewelry Hallmarking to Boost India’s Top Jewelers in 2022
ICRA, an Indian investment information and credit rating agency, claims that, as an increasing number of consumers are shifting towards hallmarked jewelry, India’s top gold and jewelry companies are expected to grow “by more than 20% next year,” Rough & Polished reports.
These companies include Tanishq, Malabar Gold & Diamonds, and Senco Gold & Diamonds, ICRA says. Gold and jewelry hallmarking became mandatory in India starting June 16, 2021.
Kaushik Das, vice-president of ICRA, said in an interview quoted by Rough & Polished: “The industry is likely to post y-o-y growth of 15%. Organized players are expected to witness a higher-than industry growth of more than 20%, fuelled by renewed store expansion undertaken across markets, coupled with an increasing shift towards hallmarked products.”