Jewellery segment sales grew 3.2% YoY due to a depressed demand environment, shorter wedding season this year, clampdown on black money (which was earlier invested in jewellery) and absence of activation (unlike 1QFY16 when the company had advanced its sales season). With the sales season kicking in, management expects better demand. Segment margins increased 150bp YoY (adjusted for VRS) to 10.2%. Watches segment posted sales growth of 1.5% YoY to INR4.9b, mainly due to export sales decline as domestic sales rose 11% YoY. However, activation in this...