Chinese consumers turn down their gold purchases, slump in Indian Market
Cut back on the gold purchases by the Chinese consumers for the second year in a row shows sag in the Indiann”Gold” jewelry market. Top Business and market Digital News Report, Reuters reported the drop of the gold demand and the slump in the Indian market for the second year in a row, due to the slowing economy of China.
For the second year in a row, the low demand for the Gold jewelry in India touches the market economic system. Chinese customers have cut down their purchase of the gold jewelry as per the Reuters story cited by Rough & Polished is due to the Beijing’s anti-corruption campaign as well as the decelerating economy. An economic slowdown and the low GDP forces the Chinese consumers to cut down their demand for luxury products. The demand for gold decreases due the economic hit and the Beijing’s anti-corruption coerce. The jewlry stores were running in a district of Shenzhen, Shuibei are caught in a business slump due to the economic crices and low GDP. Many jewelry manufacturing plants had closed last year that are operating their business from Shuibei. Large jewelry retail chains inclusive of Chow Tai Fook, are also shutting down branches and keeping off the store openings in the mainland and Hong Kong. Chow Tai Fook reported a fall of 42% in their net proft last month, according to the reports they face this challenge in the period (April-September). Further, stated they would only 60 stores rather than 150 in China in their current fiscal yr ending March. Granting to the sources “Chinese dama” known for their love for capturing the best jewelry deal put their step back in purchasing.