Jewellery industry can register 10 per cent growth this fiscal

Coimbatore: Despite a slight slowdown in purchase of gold ornaments after GST rollout, the jewellery industry will register a 10 per cent growth in the current fiscal, an official of a leading jewellery brand said today.

GST was a very good thing to happen to the industry, which was now more transparent, Joseph Prince, director of Prince Gold and Diamonds India Pvt Ltd, which operates Prince Jewellery outlets, told reporters here.

He further said the industry would bounce back after the initial hiccups due to the new tax reform, particularly during the festival season.

About Prince Jewellery, he said there were plans to expand its network in Tamil Nadu, Karnataka and Kerala in the near future.

The company, which recorded a turnover of Rs 750 crore last year, expected to grow by 10 per cent, Joseph Prince said.