Titan Says Middle East Conflict Hits Damas Jewellery Footfall and Ticket Sizes
Titan reports June jewellery demand recovery, but Middle East conflict reduces Damas footfall and ticket sizes. Gold exchange normalizes after Modi appeal.
Titan Company has reported a mixed demand picture for its jewellery business, with a recovery in June offset by fresh softness in late July and continued pressure in the Middle East.
According to a company executive, jewellery demand picked up in June after a sluggish May. However, towards the end of July, the company saw some softness in plain gold jewellery demand.
The executive also said that the ongoing Middle East conflict has reduced footfall and ticket sizes at Damas Jewellery, the company's international retail arm. This indicates that geopolitical tensions are weighing on consumer sentiment in that region.
On the domestic front, gold exchange activity has normalized after a three-week spike that followed Prime Minister Narendra Modi's appeal to curb gold purchases. The normalization suggests that the initial surge in exchange-related transactions has subsided.
Titan's comments come amid a volatile gold market, with prices and consumer behaviour shifting in response to policy appeals and geopolitical events.