The organised gold jewellery retail sector is set for a 13–15% sales volume drop to a 10-year low this fiscal, following last year’s 8% decline, after the government raised gold import duty to 15% from 9%, warns credit ratings agency Crisil.
An analysis of 70 gold jewellery retailers, which together account for nearly one-third of the organised sector’s revenues, points to mounting pressure on the industry.
