Jewellery consumption is expected to grow by 10-12% this year due to the increase in gold prices, according to a report by Icra. The rating agency has revised its forecast for YoY domestic jewellery consumption growth in FY24 to 10-12% from the earlier estimates of 8-10%. Jewellery consumption rose over 15% YoY in the first half of FY24, supported by stable demand during the festival of Akshaya Tritiya and higher gold prices. However, Icra projects a moderation of the growth rate to 6-8% in the second half of the year due to tepid rural demand and inflation.