We have a Stable Outlook for gems & jewellery (G&J) exporters and Stable to Negative Outlook for domestic G&J retailers for 2013. While exporters are likely to report better revenue growth (median) in 2013, their margins may be comparable to 2012. Domestic retailers are likely to report lower revenue growth (with a possible volume decline) along with marginally lower margins than in 2012. Retailers resorting to aggressive store additions may be worst affected.
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