New Delhi, Nov. 5 -- India's organised gold jewellery retailers are expected to see a slower decline in sales volumes this fiscal, with revenue projected to grow 21-23 per cent despite elevated gold prices, while their credit profiles are likely to remain resilient on the back of healthy cash flows and controlled expansion, according to Crisil Ratings.

An analysis of 76 organised gold jewellery retailers, accounting for around 33 per cent of industry revenues, indicates that jewellery volumes could contract by 4-6 per cent in the current fiscal, compared with an 8 per cent decline last fiscal following a 56 per cent surge in gold prices.

Revenue growth is expected to remain strong as gold prices are projected to average 25-27 per cent h...