The Indian retail jewellery trade is predicted to witness a 10-12% progress in home jewelry consumption for FY2024, revised up from an earlier estimate of 8-10%, pushed by the rise in gold costs. However, ICRA tasks a reasonable development rate of 6-8% in H2 FY2024 because of tepid rural demand amid persistent inflation. This marriage ceremony season, brides are favoring vintage and jadau jewellery, driving up gold prices and pushing average budgets to Rs 10 lakhs from the previous Rs 5-7 lakhs.
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