The Indian retail jewelry business is expected to witness a 10-12% development in home jewellery consumption for FY2024, revised up from an earlier estimate of 8-10%, driven by the rise in gold prices. However, ICRA tasks a reasonable progress rate of 6-8% in H2 FY2024 because of tepid rural demand amid persistent inflation. Gem and jewellery exports in FY24’s April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to world economic challenges and geopolitical factors. Notably, rough diamonds imports fell by 23.51%, whereas cut and polished diamond exports declined by 28.27%.
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