Jewelry Market Size In India is set to grow by USD 21.54 billion from 2023-2027, Cultural significance of jewelry boost the market, Technavio

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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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

1. Type 
• 1.1 Gold
• 1.2 Diamond
• 1.3 Others
2. Distribution Channel
• 2.1 Specialist retailers
• 2.2 Online
3. Geography 
• 3.1 APAC

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.

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Learn and explore more about Technavio's in-depth research 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.

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
• Gold
• Diamond
• Others
• Distribution Channel
• Specialist Retailers
• Online
• Geography
• APAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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