Strong consumer demand is expected in FY14 in spite of all the regulatory overhangs and other uncertainties. Consumer demand for jewellery remains strong, especially in wedding jewellery there has not been any impact
PC Jeweller's CFO, Sanjeev Bhatia, said that RBI's new gold import policy to curb the falling rupee is a pragmatic move. He also said that the RBI has tried to take both into consideration - the genuine demand for the Indian public as well as its impact on the current account deficit.
Sanjeev Bhatia, CFO of PC Jeweller told CNBC-TV18 that hike gold import duty will encourage smuggling of the yellow metal.
Sanjeev Bhatia, CFO, PC Jeweller, says that currently the retail jewellery companies is adhering to the norm of taking a PAN card copy from customers who are buying gold above Rs 5 lakhs.
The stock price of PC Jeweller has been up on back of that news that the PC Jeweller will replace Orient Power in the S&P BSE 500 Index with effect from March 7, 2013.
Balram Garg, MD, PC Jeweller, says that jewellery companies will not be impacted by this move, because irrespective of hike in import duty people will demand gold as per their needs but this move will definitely affect investment demand. Companies selling more coins and bars will be affected.