Gold jewellery consumption in India is projected to grow by 14-18% in value terms in FY25, driven by favorable gold prices, improved consumer sentiment, and strong festive demand, according to an ICRA report. In FY24, consumption grew by 18%, mainly due to rising gold prices, although volume growth remained subdued. A reduction in import duty, coupled with increased auspicious days and better rural output, is expected to support demand in the second half of FY25. Organised retail is anticipated to expand by 18-20%, with jewellers focusing on tier II and III cities and adopting franchise models for growth.
"The reduction in customs duty is expected to discourage unofficial imports, thereby boosting growth in the organised jewellery trade," said Sujoy Saha, Vice President and Sector Head - Corporate Ratings at ICRA.
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