Higher gold prices and tightened credit availability are expected to weaken growth in jewellery demand by 2-4 per cent during 2018, a credit rating agency said on Monday.
"The agency expects the jewellery demand growth to weaken by 2-4 per cent for CY2018 (Calendar year 2018), owing to higher gold prices and subdued financing environment. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply," ICRA said.
However, over the medium to long term, it expects the gold jewellery retail industry to record a 6-7 per cent volume growth, supported by stable rural and wedding demand, cultural affinity for gold, rising disposable income and favourable demographic profile.
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