Jewelers in India brace for lowest sales in 25 years on virus

Gold coins and bars sit on a tray inside a Titan Co. Tanishq jewelry store during the festival of Dhanteras in Mumbai, India, on Friday, Oct. 25, 2019. Photographer: Dhiraj Singh/Bloomberg

INDIA'S jewelry sales are set to plunge to the lowest in a quarter of a century as a lockdown to combat the rapidly spreading coronavirus brings the industry to a standstill.

Demand in the world’s second-biggest gold consumer has already tumbled, slammed by record high domestic prices and as the economy heads for the slowest pace of growth in 11 years. That pain is set to deepen as the virus spooks buyers and jewelry stores shutter their stores after Prime Minister Narendra Modi and state leaders imposed an almost-complete lockdown across much of the country.