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Jewellery consumption growth estimated at 10-12% in FY24, organised retailers to post revenue increase of 15-18%

Jewellery consumption growth estimated at 10-12% in FY24, organised retailers to post revenue increase of 15-18%
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Jewellery consumption to grow by 10-12% value-wise in FY24 amid rise in gold prices: Report

The domestic jewellery retail industry, in value terms, is expected to grow at 10-12 per cent during the current financial year on the back of elevated gold prices, credit rating firm ICRA said in a report. In the last financial year, the industry had grown by more than 15 per cent.ICRA said that demand volumes remained stable in the current festive season despite higher prices.

Jewellery demand India: Domestic jewellery consumption likely to grow 10-12% in FY24: ICRA

The Indian retail jewellery industry is expected to witness a 10-12% growth in domestic jewellery consumption for FY2024, revised up from an earlier estimate of 8-10%, driven by the rise in gold prices. However, ICRA projects a moderate growth rate of 6-8% in H2 FY2024 due to tepid rural demand amid persistent inflation.

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