Management remained confident about the Jewelry segment growth prospect sand reiterated its recently revised growth guidance (expects 2.5x growth -20% CAGR - in the segment over FY18-23, as against the previous guidance of 2.5xgrowth over FY17-22). The company confirmed the 25% Jewelry segment growth target for FY19, exhibiting confidence about growing rapidly despite the previous year's strong performance (+25% in FY18). Jewelry growth is likely to be muted this quarter because of an extremely high base (50%+growth in1QFY18), but the rest of the year is likely to be good enough to compensate for that. Management also cited that the competitive advantage versus peers is getting bigger over the past few quarters.