According to rating agency ICRA, India’s gold jewellery demand next year is expected to touch $32 billion, rising 10 percent. This prediction is being linked to the progressive consumer sentiments, reports say.

The agency notes that demand could rise in volume terms following the Indian government’s decisions to lift the 80:20 gold import rule, a more positive outlook by consumer and the industry. But simultaneously caution prevails as the industry and jewellers fear re-imposition of restrictive measures by the government and a more flat demand from consumers, which may be the case if prices rise high, reports say.