India Gems and Jewelry Market Report 2022: Market Stood at $78.50 Billion in 2021 and is Expected to Grow with a CAGR of 8.34% to Reach $119.80 Billion by 2027
DUBLIN, March 30, 2022 /PRNewswire/ -- The "India Gems and Jewelry Market, By Type (Gold, Diamond, Silver, Gemstones, Others (Pearl, Platinum, etc.)), By Distribution Channel (Offline and Online), By Region, Competition, Forecast & Opportunities, FY2017-FY2027" report has been added to ResearchAndMarkets.com's offering.
The Indian Gems and Jewelry Market stood at USD78.50 billion in FY2021 and is expected to grow with a CAGR of 8.34% in the forecast years, FY2023-FY2027, to achieve a market value of USD119.80 billion by FY2027.
The Indian Gems and Jewelry Market is growing on the backbone of growing disposable income among the Indian population. Moreover, gems and jewelry in the country are often associated with luxury gift items.
Thus, increasing instances of festival gift exchanges and changing consumer preferences toward celebration presents for their families and friends are also driving the growth of the Indian Gems and Jewelry Market in the upcoming five years. Surging demand for branded jewelry products and assurance of the authentic and pure form of the luxury metal and gems in the jewelry is also supporting the growth of the Indian Gems and Jewelry Market in the next five years.
Growing urbanization, innovative product launches, designer products, and technological advancements in product development are further substantiating the growth of the Indian Gems and Jewelry Market in the future five years. Increasing innovation and adoption in men's jewelry and acquiring gemstones in clothing for men is another major factor that is driving the market growth.
Luxurious materials like gold and silver are significantly categorized as a symbol of wealth and prestige among Indian families. Utilizing modern materials like white gold, platinum, rose gold, etc. are also some of the modern designs and modern materials that are utilized in jewelry making and are rapidly being accepted in the Indian market, mostly among the working female population looking for lighter and comfortable jewelry for their regular assembles. Gemstones such as ruby and others are making a big contribution to the shifting fashion trends, particularly among the elite and upper-middle classes.
Gold is anticipated to hold the largest share of the market and dominate the market segment in the upcoming five years on account of the traditional categorization of the material as a symbol of prestige and wealth. Increasing demands for wedding jewelry and traditional jewelry manufacturing using the material are also anticipated to further support the market's growth in the next five years.
Major Market Players that Lead the Market Growth
- Rajesh Exports Limited
- Malabar Gold Private Limited
- Titan Company Limited
- Bhima Jewellery and Diamonds Private Limited
- Kalyan Jewellers India Limited
- PC Jeweller Limited
- Tribhovandas Bhimji Zaveri Limited
- Joyalukkas India Limited
- Hari Krishna Exports Private Limited
- Vaibhav Global Limited
Report Scope:
Years considered for this report:
- Historical Years: FY2017- FY2020
- Base Year: FY2021
- Estimated Year: FY2022
- Forecast Period: FY2023 - FY2027
India Gems and Jewelry Market, By Type:
- Gold
- Diamond
- Silver
- Gemstones
- Others
India Gems and Jewelry Market, By Distribution Channel:
- Offline
- Online
India Gems and Jewelry Market, By Region:
- South
- North
- East
- West
For more information about this report visit https://www.researchandmarkets.com/r/hm1rez
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SOURCE Research and Markets
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