The ICRA report notes that India’s gold jewellery industry could record a growth of of about 8-10% in the medium to long-term, driven by growing penetration of the organised sector and improving consumer sentiments, the report stated, reports say.

Also, the long term, gold jewellery demand in India is being driven by the growing lifestyle of disposable income, especially in Tier 2, Tier 3 and rural markets, which would influence the demand in a significant way, reports add.

Import over medium term would reach levels as were prior to the restrictions imposed, largely replacing sourcing of gold through the unofficial channels / recycled gold. The report said large retailers could clock 10%+ growth over the short-to-medium term and retailers overall would record a notable growth.