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The government is likely to lower the import duty on gold to 6 percent from 10 percent, reports CNBC-TV18 quoting agencies. Sanjeev Bhatia, CFO of PC Jewellers feels this is a pleasant this will help plug the price gap between domestic and international prices.
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The introduction of the demonetisation scheme resulted in discomfort for many sectors. However, the cash clean-up is creating a level playing field for the organised players, believes Sanjeev Bhatia, CFO, PC Jeweller.
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In an interview to CNBC-TV18's Manisha Gupta, Sanjeev Bhatia, President- Finance, PC Jewellers and Avnish Anand, Caratlane shared their outlook on record sales of gold.
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The plant will cater demand for Zopo phones in South Asian market which include Bangladesh, Sri Lanka, Pakistan (via Dubai), Nepal etc," Bhatia said.
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Sanjeev Bhatia, CFO, PC Jeweller is confident of achieving 15% topline growth in FY17.
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Mark To, Head of Research, Wing Fung Financial Group expects gold prices to go to the levels of USD 1300-1400 per ounce by the end of second quarter and USD 1500 per ounce by fourth quarter.
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Sanjeev Bhatia, CFO, PC Jeweller, believes rupee depreciation will help the company in its export business.
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Sanjeev Bhatia, CFO of PC Jeweller says stable gold prices have helped rise in demand and he does not see any scope of decline in the market.
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Going ahead, Sanjeev Bhatia, CFO, PC Jeweller, expects to see improvement in sentiment during the upcoming festive season.
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PC Jeweller‘s third quarter net profit surged 36.6 percent year-on-year to Rs 109.3 crore on strong revenue and operating growth.
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Discussing the earnings, Sanjeev Bhatia, President - Finance, PC Jeweller, said that variation in exports is normal for the company.
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The company witnessed higher profit in the second quarter due to the rupee depreciation, CFO Sanjeev Bhatia said, adding that the industry witnessed “turbulent times†in the third quarter.
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Speaking to CNBC-TV18, Sanjeev Bhatia, president- finance, PC Jeweller says that talks of a slump in demand are partially incorrect. The fall in demand, he explains, is in gold coins and bullion and not so much in the jewellery segment. Hence, the company is unaffected by this demand fall.
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According to Sanjeev Bhatia, the hike in import duty on gold jewellery was an overdue move to rationalise the duty structure after the duty on raw material went up to 10 percent.
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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
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Sanjeev Bhatia of PC Jeweller feels tightening of gold import norms may hurt smaller traders as the increased procurement cost will be passed on to them.
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PC Jeweller said "the board of directors has decided to shut down its manufacturing unit located at Selaqui, Dehradun due to operational reasons".
