While revival of demand was first witnessed in tier II cities of the country, Forevermark Managing Director Sachin Jain said: "We expect 70-80 per cent of the pre-COVID business level by October-November."
“After two months of washout due to lockdown, pent up demand lasted for a few weeks. Then top cities lagged but business in tier II cities was 50-70 of the pre-COVID level by July,” he said. "In the last fortnight, we and demand from top cities like Delhi, Mumbai and Bangalore is coming back strongly from 30-50 per cent in the previous months."
The company has unveiled a new digital B2B platform for their business partners for continuation of trade and support. Jain said that there was a slowdown in sales but it has no impact on price at the retail level. "Prices remain stable as supply also remains constrained in mining, manufacturing sites due to government regulations of social distancing," Jain said, adding that revival of demand was also seen in China.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
