Crisil: organised jewellers face decade-low 13-15% volume drop in FY26 as gold tops Rs 1.6 lakh
Customs duty hike to 15% and a 55% gold price surge will push organised jewellery volumes to a decade low in FY26, Crisil projects. Revenues still grow 20-25% on higher realisations, with inventory days at 160-180 and interest coverage at 5-6x keeping credit profiles stable despite USD 72bn import outflow on 720 tonnes.
Crisil projects organised gold jewellery retailers' volumes to fall 13-15% this fiscal—a decade low—after customs duty hike to 15% and record gold prices, though revenues grow 20-25% on higher realisations, supporting stable credit profiles.