Gold Jewelry Demand Expected To Decline 35% In FY2020-21: ICRA

• According to a report represented by ICRA, the demand for gold and jewelry is expected to decline by 35% in the Financial Year 2020-21.

• Gold & Jewelry demand massively declined by 41% during the 4th quarter of Financial Year 2019-20 due to COVID-hit sales in the last2 weeks of March.

• "Changed consumer social distancing habits and limitations on social events will slacken the pace of recovery. We maintain a negative outlook on the gold jewelry retail industry, considering the over 35% volume contraction likely in FY21," ICRA Vice President K Srikumar said.