Jewellery stocks, like the auto stocks are on a downward spiral. Titan fell today by 4% to Rs.784; it had hit a new low at Rs.720 yesterday.

The company, effective 22nd March has shut down all its units – offices, manufacturing plants and all shops. This is naturally expected to dent its earnings in a big way and with marriages and other functions either getting postponed or cancelled, buying as such had gone down. And now with people scared and preferring to keep cash at hand, buying gold has become a low priority.

All India Gem and Jewellery Domestic Council said that it expects purchases to plummet 30% in 2020 from 690 tons of last year. That would make it the smallest annual purchase since the 477 tons bought in 1995, according to data compiled by Bloomberg based on World Gold Council reports.