New Delhi, May 23 -- The Indian organised gold jewellery retail sector is set for a decadal-low in sales volume this fiscal as high gold prices and a sharp hike in customs duty curb demand, though credit profiles of retailers are expected to remain stable on higher realisations, according to a research report by Crisil Ratings.

Sales volume for the sector, comprising jewellery, coins and bars, is expected to decline 13-15% on-year this fiscal, after an 8% contraction last fiscal. The drop will push volumes to 620-640 tonne, the lowest level in a decade, excluding the Covid-impacted fiscal 2021, Crisil said.

The decline comes after the central government more than doubled customs duty on gold to 15% from 6%, aiming to reduce demand and c...