India Jewellery Sector Update – Hallmarking – Under-Appreciated Facets: ICICI Securities

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Consensus understands and appreciates jewellery hallmarking as a tailwind for industry formalisation.

In our view, the impact is far higher. We believe that jewellery hallmarking may likely lead to:

(1) further industry consolidation (apart from formalisation),

(2) likely traceability of raw material (gold) leading to potentially higher imports through formal route,

(3) material business disruption for informal players in converting their inventory to hallmarked standards (necessity to melt and recreate ornaments),

(4) opportunity for design-oriented brands to realise higher brand premium (versus commodity++ / unbundled pricing mostly, as of now).

Click on the attachment to read the full report:

ICICI Securities Consumer Jewellery India Report.pdf


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