The report said that after a strong retail performance last year, the demand for jewelery in the country will remain strong this year.
Icra Ratings said in the report that organized retailers within the jewelery retailing industry are expected to see a sharp growth of 14 per cent in revenues due to their aggressive store expansion plans and gradual shift from the unorganized sector to the organized sector.
Senior Vice President and Group Head of Icra? Jayanta Roy said, “Demand is expected to strengthen during the current Akshaya Tritiya season, leading to a growth of around 45 per cent in the first quarter of FY 2022-23.
He said that the demand for gold jewelery in the current financial year is expected to be around 40 per cent higher than that of the financial year 2019-20.
The ICRA report further said that the growth of retail jewelery sector is estimated to be around 26 per cent in the last financial year after the recovery of demand after the second wave of Kovid-19 in the first quarter of 2021-22.
The report said that this has been seen despite the sharp rise in gold prices. Due to high gold prices at the end of the last financial year, people had also postponed their purchases for weddings.