ICRA forecasts a slowdown in India's jewellery consumption growth to 6-8% in FY2025, down from 18% in FY2024, citing elevated gold prices dampening consumer sentiment. Volume is expected to contract after marginal growth in previous years. Despite stable gold prices post-April 2023, a 14% rise in FY2024 boosted revenues amid muted volumes. Operating margins are projected at 7-8% amidst rising competition, with retailers expanding cautiously amid subdued consumer demand.
