Organised jewellery volumes to hit decade low in FY26 as gold prices, duties bite
Crisil sees organised gold jewellery sales volumes falling 13-15% to 620-640 tonnes in FY26, the lowest in ten years, as record ₹1.6 lakh/10g prices and a 15% customs duty deter buyers. Revenue still grows 20-25% on 35-40% higher realisations, with EBITDA up 20% despite stretched 160-180 day inventories.
Crisil forecasts organised gold jewellery sales volume falling 13-15% to a decade-low 620-640 tonnes in FY26 due to record prices and customs duty hike to 15%, though revenue grows 20-25% on higher realisations.