Jewellery demand in the country is expected to rise to 670-685 tonnes, despite volatility in gold prices, India Ratings and Research (Ind-Ra) has said.
Maintaining stable outlook on jewellers, Ind-Ra said it “expects retailers to fare well underpinned by a sustainable domestic demand, shifting preference towards branded jewellery and fading regulatory headwinds.”
However, the excise duty hike announced in the Union Budget may have a marginal impact on the demand in the near-term, it added.