A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India gems and jewelry market is estimated to grow at a CAGR of 8.40% during the forecast period of 2022-2028. The India gems and jewelry market is flourishing at a high rate owing to the high significance of gems and precious metal jewelry with religion and culture in India, as well as the practice of wearing gold and silver jewelry on various occasions. Furthermore, the market’s increased exposure to global media as well as the advent of new production methods for various designs is providing attractive growth potential. However, high volatility in gems and jewelry prices may act as a huge restraining factor for the India gems and jewelry market.
Increasing Per Capita Income and Purchasing Power Of Consumers Is Driving The India Gems And Jewelry Market
The increased disposable income of Indian customers is one of the primary reasons driving the gems and jewelry market’s rise. When people’s disposable income rises, so do their purchasing power, which leads to an increase in demand for stones and jewelry. With increased disposable income, Indian consumers are focused on making investments, and jewelry composed of precious metals like gold and silver is emerging as one of the most trustworthy forms of investment, driving market demand.
Demand For Different Types And Designs Of Gems And Jewelry Is Pushing The Market Growth
Rings, necklaces, bracelets, earrings, hair decorations, leg and foot ornaments, and other forms of gems and jewelry are available on the market. Due to the trend of basic and traditional dress-up, earrings have the biggest market share among all forms of jewelry. Furthermore, throughout the forecast period, the growing trend of earlobe piercing among men and women is expected to propel the market ahead globally. Additionally, producers are stressing product quality and craftsmanship. As a result, demand for all gems and jewelry product groups is likely to increase in the near future.
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India Gems and Jewelry Market – By Product Type
Based on product type, the India gems and jewelry market is segmented into gold, diamond, silver, gemstones, and others (pearl, platinum, etc.). The gold market is expected to have the largest part of the overall market. Furthermore, during the forecast period, the diamond jewelry market is expected to increase at the fastest rate. Jewelry, particularly gold jewelry, is utilized as a form of investment in developing countries like India. It also serves as a sacred artifact and is used to represent many civilizations.
India Gems and Jewelry Market – Regional Insights
Geographically, the India gems and jewelry market is segmented into North India, South India, East India, and West India. South India dominates the India gems and jewelry market owing to the strong demand for precious jewelry from states like Kerala, Tamil Nadu, Andhra Pradesh, and others. According to an NSSO report, Kerala has the highest monthly per capita spending (MPCE) on gold jewelry in all Indian states. In the rural sector, the state’s gold MPCE is Rs. 208.55, more than six times the second-placed Goa’s Rs. 34.07.
Impact of COVID-19 on India Gems and Jewelry Market
The COVID-19-induced pandemic brought the Indian gems and jewelry industry to a stop. Due to the early pandemic lockdown, retail jewelry sales fell dramatically throughout the country. During the lockdown, all imports and exports of non-essential commodities were prohibited, which had a significant impact on the gems and jewelry sector. Mining, manufacturing, and the production of gems and jewelry have all been halted. Furthermore, many people lost their employment as a result of the lockdown, reducing their spending power dramatically. As a result, a significant percentage of the target consumer base prioritized the purchase of basic goods above luxury items, causing the India gems and jewelry industry to suffer.
Competitive Landscape
The leading market players in the India gems and jewelry market are Rajesh Exports Limited, Malabar Gold Private Limited, Titan Company Limited, Bhima Jewelry and Diamonds Private Limited, Kalyan Jewelers India Limited, PCJeweller Limited, Tribhovandas Bhimji Zaveri Limited, Joyalukkas India Limited, Hari Krishna Exports Private Limited, Vaibhav Global Limited, and other prominent players.
The India gems and jewelry market is highly competitive with the presence of multiple brands as well as local craftspeople who offer exclusive designs and superlative product quality. The companies significantly focus on their distribution channels and are increasingly investing in both online and offline stores. They are also adopting market strategies such as partnerships, mergers, acquisitions, collaboration, etc., to stay ahead of the competition.
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