KGK Group expects double digit revenue growth this fiscal
Jewellery business KGK Group has predicted that its turnover will increase by between 10% and 12% during the 2023 financial year due to increasing consumer demand.
The 2021 financial year saw KGK Group report over 10% year-on-year revenue growth due to factors including infrastructure developments and technological advancements, ET Bureau reported. This fiscal and beyond, the business expects this growth trajectory to continue due to continually rising customer demand for jewellery and an expanding market size.
“In the last two years, the demand of consumers for gems and jewellery has grown immensely,” KGK Group’s vice chairman Sanjay Kothari told ET Retail. “As we foresee the trends, the market size will only grow in coming years.”
The business is also expanding by acquiring international jewellery brands. Recent acquisitions include US-based diamond jewellery brands Martin Flyer and Gregg Ruth.
Despite its predictions of continued growth , KGK Group noted that India’s recent hike of import duty on gold from 5% to 12% has not only come as a surprise but will necessitate a price hike for consumers which could put some shoppers off purchasing discretionary items. However, the free trade agreement between India and the UAE will boost business prospects, according to Kothari.
KGK Group is headquartered in Hong Kong and runs a diamond manufacturing facility in Saurimo in Angola. The business operates in 15 countries, including India.
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