Not a big fan of inventory gains as the price rise is beneficial for gold lenders. The SSG seems to be at par/little above management guidance for Q3’25. Q4 would be crucial to check for the continuous momentum for Jewellery players. Extensive growth in base metals can hurt as the light jewellery segment is still picking up for all the players and still not the volume driver for most.
2 Likes
A small correction in management interview here. Total revenues are up by 51% in Q3 and volumes have degrown by 8%, which makes the value growth 64%. Same is validated by management commentary that gold prices are up 64% YOY for Q3.
4 Likes