India’s Jewelers’ Revenue Growth to Get a Boost in FY2024
In a new report, Rating agency ICRA expects organized jewelry retailers in India to “continue to outpace the industry in FY2024.” According to Rough & Polished, ICRA’s sampled 12 major organized jewelers are forecasted to record a revenue growth of ~12-15% in FY2024.
However, ICRA expects industry growth to moderate to 8-10% year-on-year in value terms in FY2024, “with volume growth likely to remain constrained by expected volatility in gold prices amidst global macro-economic uncertainties and evolving domestic inflation.”
According to ICRA’s Vice President and Co-Group Head, “[…] The aggressive retail expansion by most players during FY2023 along with a steep increase in gold prices (~10-12% higher YoY in April 2023) are likely to have aided revenue growth while volume growth remained muted in the light of the high base, evolving domestic inflation and volatility in gold prices.”
He added that the organized jewelers have “accelerated their retail expansion in FY2023 with the store count of ICRA’s sample set estimated to have risen by more than 20% during the year. The momentum is likely to continue in FY2024 with an estimated increase in store count by 18-20% YoY […]”.