Organised jewellery may witness 12-15% growth in revenue in FY24: Report

The organised jewellery retailers are expected to clock 12-15 per cent revenue growth in 2023-24, mainly aided by expansions planned by a majority of large players, a report said on Tuesday.

Organised jewellers are expected to record revenue growth of 12-15 per cent in FY24 despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10 per cent YoY, Icra said in a report.

Icra expects industry growth to moderate to 8-10 per cent YoY (in value terms) in FY24 with volume growth likely to remain constrained by expected volatility in gold prices amidst global macro-economic uncertainties and evolving domestic inflation.

Nonetheless, the strong cultural affinity of Indians to gold is likely to support festive and wedding demand for gold jewellery, it added.

Most jewellery retailers are estimated to have recorded revenue growth in excess of 15 per cent YoY on Akshaya Tritiya 2023. The aggressive retail expansion by most players during FY23 along