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The Indian retail jewellery trade is anticipated to witness a 10-12% growth in home jewelry consumption for FY2024, revised up from an earlier estimate of 8-10%, driven by the rise in gold costs. However, ICRA initiatives a moderate growth fee of 6-8% in H2 FY2024 due to tepid rural demand amid persistent inflation. Goyal stated massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with modern machinery and equipment.

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The domestic jewelry retail industry, in value phrases, is predicted to grow at per cent through the current financial year on the again of elevated gold prices, credit standing agency ICRA said in a report. In the last financial 12 months, the business had grown by more than 15 per cent.ICRA stated that demand volumes remained steady in the present festive season regardless of greater costs. As per industry estimates, gross sales of classes like ethnic wear and wedding put on, gold jewelry and electronic household appliances have declined by 10-20% in FY24 till February as in comparability with the identical period in FY23.