REPORT: INDIA’S GOLD JEWELLERY INDUSTRY TO GROW 7%
ICRA Limited, an Indian investment information and credit rating agency, has issued a report stating that over the medium to long term, gold jewellery demand growth is projected at 6%-7%, Art of Jewellery reports.
“There will be stable outlook on gold jewellery retail industry. Gold jewellery demand in India varies across rural and urban markets, right from the type of jewellery bought, timing of purchases”, says the report, adding: “over the medium to long term, gold jewellery demand growth is projected at 6%-7% supported by the cultural underpinnings, evolving lifestyle, growing disposable income, favourable demographic dividend and the growing penetration of organised sector”.
Earlier this week, India’s Commerce and Industry Minister Suresh Prabhu promised in an interview quoted by Diamond World that his government is “working on an integrated gold policy, which is expected to be released soon”. The goal of the policy: to promote growth of gold industry and exports of jewellery. In November 2018, Pramod Agrawal, Chairman of India’s Gem and Jewellery Export Promotion Council (GJEPC), said that India can double its gold jewellery exports to $18 billion by 2025.