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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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