NEW
YORK, July 23, 2024 /PRNewswire/
-- The jewelry market size in India is estimated to grow by USD 21.54 billion from 2023-2027, according to
Technavio. The market is estimated to grow at a CAGR of 5.54%
during the forecast period. Cultural significance of jewelry is
driving market growth, with a trend towards rise in online sales.
However, high gold prices poses a challenge. Key market players
include ALANKEET CREATIONS LLP, Bhima And Bullion Pvt. Ltd.,
Derewala Industries Ltd., Dwarka
Jewel, DWS Jewellery Pvt. Ltd., Essentials Jewelry,
Gurukrupa Gems, Hari Krishna Exports Pvt. Ltd., Joyalukkas India
Ltd., Kalyan Jewellers India Ltd., Kanhai
Jewels, Malabar Gold and Diamonds, Nsb Jewellery, PC
Jeweller Ltd., Rajesh Exports Ltd., Titan Co. Ltd., Tribhovandas
Bhimji Zaveri Ltd., Vaibhav Global Ltd., Vivah Creation, and
Padmavati Jewellery.
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Jewelry Market Scope
In India
|
Report
Coverage
|
Details
|
Base year
|
2022
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2023-2027
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.54%
|
Market growth
2023-2027
|
USD 21.54
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.5
|
Regional
analysis
|
India
|
Performing market
contribution
|
APAC at 100%
|
Key
countries
|
India
|
Key companies
profiled
|
ALANKEET CREATIONS LLP,
Bhima And Bullion Pvt. Ltd., Derewala Industries Ltd., Dwarka
Jewel, DWS Jewellery Pvt. Ltd., Essentials Jewelry, Gurukrupa Gems,
Hari Krishna Exports Pvt. Ltd., Joyalukkas India Ltd., Kalyan
Jewellers India Ltd., Kanhai Jewels, Malabar Gold and Diamonds, Nsb
Jewellery, PC Jeweller Ltd., Rajesh Exports Ltd., Titan Co. Ltd.,
Tribhovandas Bhimji Zaveri Ltd., Vaibhav Global Ltd., Vivah
Creation, and Padmavati Jewellery
|
Market Driver
In India, the jewelry market is
witnessing a significant shift towards online sales. The
convenience and wide selection of merchandise offered by e-commerce
platforms have made online jewelry purchasing increasingly popular
among consumers. The COVID-19 pandemic has further accelerated this
trend, as more people opt for contactless shopping. Tanishq, a
leading jewelry brand, reported a 106% increase in online sales in
2020, accounting for 13% of its total sales. Competitive pricing of
gold jewelry online enables customers to compare prices and make
informed decisions. Experts predict a substantial shift towards
online sales in the Indian jewelry market, contributing to its
overall growth during the forecast period.
The Indian Jewelry Market continues to shine, contributing
significantly to the country's Gross Domestic Product. In 2020,
merchandise exports reached an impressive USD18.7 billion, with the Gem & Jewellery
sector accounting for a substantial portion. Export promotion
initiatives, such as Virtual Buyer-Seller Meets, have boosted
exports. Key trends include Lab-grown Diamonds, plain gold, and
gold-studded/diamond-studded jewellery. Silver jewellery, loose
diamonds, and gemstones are also popular. The World Gold Council
reports a surge in demand for gold coins and bars. Custom duty and
import duty on gold and silver, along with the gold monetisation
scheme, impact the market. Hallmarking is mandatory for fine
jewellery, ensuring quality. The fine jewellery segment caters to
B2C enterprises, offering accessories, watches, luggage, bags, and
more. Consumer spending on jewelry remains high, with retail sales
showing an exponential trend. Current exchange rates, statistical
offices, trade associations, and Statista market models provide
valuable insights. The market includes exhibitors, international
visitors, buyers, delegations, jewelry units, and more. Upcoming
events like the Internal Jewellery Show highlight the sector's
vibrancy. Baisakhi, a traditional festival, also boosts
demand.
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Market Challenges
- The Indian jewelry market faces a persistent challenge due to
the high cost of gold, which is a primary component of jewelry in
India. Gold price fluctuations
make it difficult for jewelers to offer competitive prices, leading
to declining sales during periods of high gold prices. In 2020,
gold prices reached an all-time high of Rs
56,191 (USD684) per 10 grams
due to the COVID-19 pandemic, causing a decrease in demand for
traditional heavy gold jewelry. Consumers have shifted towards more
affordable, lightweight options. The anticipated inflation and
economic uncertainty during the forecast period may result in
further gold price increases, posing a significant challenge for
the Indian jewelry market's growth.
- The Indian jewelry market, encompassing accessories like
watches and bags, witnesses significant growth. B2C enterprises
experience robust retail sales, driven by consumer spending on
jewelry, especially during festivals like Baisakhi, Karva Chauth,
Durga Puja, Indian weddings, and occasions like Akshaya Tritiya and
Gudi Pavda. Gold remains the dominant metal, but diamond, platinum,
ruby, and other precious stones also thrive. India is the largest exporter of gems and
jewelry, employing thousands. Family jewellers and branded jewelry
coexist, catering to various segments - elite class, women, and
those preferring imitation or luxury fashion jewellery. Current
exchange rates impact imports, while statistical offices and trade
associations provide market insights using tools like exponential
trend smoothing and Statista market models.
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Segment Overview
This jewelry market in India
report extensively covers market segmentation by
- Type
- 1.1 Gold
- 1.2 Diamond
- 1.3 Others
- Distribution Channel
- 2.1 Specialist retailers
- 2.2 Online
- Geography
1.1 Gold- The Indian jewelry market holds a prominent
position for gold due to its cultural significance and rising
income levels. Yearly demand for gold jewelry has increased, yet
market dynamics are influenced by gold prices, which can be
affected by inflation, financial regulations, and international
trade. Younger generations explore alternative materials and
designs, yet gold remains preferred for special occasions and
investment. Despite challenges, gold jewelry's demand is
anticipated to expand, driving market growth during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data
(2017-2021) - Download a Sample Report
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reports
The global gems and jewelry market is flourishing, driven by
rising disposable incomes and growing fashion trends.Meanwhile, the
3D printed jewelry market is gaining momentum. This growth is
fueled by advances in technology and increasing consumer demand for
customized, innovative designs.
Research Analysis
The Jewelry Market in India has
witnessed an exponential trend in merchandise exports, driven by
the promotion of exports and the growth of B2C enterprises. The
sector includes a wide range of products such as Gem &
Jewellery, Lab-grown Diamonds, Watches, Accessories, Luggage, and
Bags. Virtual Buyer-Seller Meets have become a popular platform for
businesses to connect and transact. Consumer spending on Jewelry,
particularly during festivals like Baisakhi, Karva Chauth, Durga
Puja, Gudi Pavda, and Akshaya Tritiya, contributes significantly to
retail sales. India is the largest
exporter of Gold Jewelry in the world, making it a key player in
the global market. The market is expected to continue its growth
trajectory, driven by increasing consumer demand and government
initiatives.
Market Research Overview
The Jewelry Market in India is
a significant contributor to the country's Gross Domestic Product
(GDP), with merchandise exports reaching an all-time high in the
Gem & Jewellery sector. The Indian government has been actively
promoting export growth through various initiatives, including
Virtual Buyer-Seller Meets and Internal Jewellery Shows. Exhibitors
showcase a wide range of products, from plain gold and gold-studded
jewellery to diamond-studded jewellery, silver jewellery, loose
diamonds, and gemstones. International visitors and buyers, along
with delegations from the World Gold Council, attend these events
to explore business opportunities. India is a major producer of gold, silver, and
diamonds, with a large number of jewellery units and gold
refineries. The fine jewellery segment, including custom duty-free
gold monetisation schemes, continues to be popular among consumers.
The demand for jewellery is particularly high during festivals such
as Baisakhi, Karva Chauth, Durga Puja, and Indian weddings. The
market includes B2C enterprises, accessories, watches, luggage,
bags, and retail sales. Consumer spending on jewellery,
particularly in the elite class, has shown an exponential trend.
Current exchange rates and statistical offices provide valuable
insights into the market. Trade associations and Statista market
models also play a crucial role in shaping the industry. The market
includes a diverse range of products, from trustworthy family
jewellers to branded jewellery, imitation jewellery, and luxury
fashion jewellery. Key trends include the increasing popularity of
lab-grown diamonds, silver coins, and gold coins. Major consumer
segments include women, the elite class, and various religious and
cultural occasions, such as Gudi Pavda and Akshaya Tritiya.
India is the largest exporter of
jewellery and employs a significant number of people in the
sector.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Specialist Retailers
- Online
- Geography
-
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Contacts
Technavio Research
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Email: media@technavio.com
Website: www.technavio.com/
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