Despite subdued demand for gold jewellery during the current fiscal, the outlook for the retail industry of jewellery made of the yellow metal remained positive, and over the medium, to long-term, the gold jewellery demand growth is projected at 6-7 per cent, said a report released on Friday.

"There will be stable outlook on gold jewellery retail industry. Gold jewellery demand in India varies across rural and urban markets, right from the type of jewellery bought, timing of purchases," said a report by rating agency ICRA.