NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global jewelry market in india size is
estimated to grow by USD 21.54 bn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of 5.54% during the forecast
period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download
Free sample report in a minutes
Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Type (Gold, Diamond,
and Others), Distribution
Channel (Specialist retailers and Online), and
Geography (APAC)
|
Region
Covered
|
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
|
Key Market Trends Fueling Growth
The jewelry market in India is
experiencing significant growth in online sales, driven by the
convenience and extensive selection offered by e-commerce
platforms. This trend has been amplified by the COVID-19 pandemic.
Notably, Tanishq reported a 106% increase in online sales in 2020,
accounting for 13% of their total sales. Competitive pricing of
gold jewelry, loose diamonds, and gemstones on these platforms
enables customers to make informed decisions. The emphasis on
online sales is expected to continue, with the World Gold Council
anticipating a notable shift in the market. Other sectors, such as
fine jewelry, accessories, watches, and B2C enterprises, are also
experiencing exponential growth. Current exchange rates, import and
export duties, and hallmarking regulations continue to impact the
industry.
Market Challenges
- The Indian jewelry market faces persistent challenges due to
the high cost of gold, which is a primary component. Gold price
fluctuations make it hard for jewelers to offer affordable jewelry,
leading to decreased sales during periods of elevated prices. For
instance, the COVID-19 pandemic caused gold prices to peak
at Rs 56,191 (USD684) per 10
grams in 2020, resulting in reduced demand. This market involves
B2C enterprises, accessories, watches, luggage, bags, retail sales,
consumer spending, and various celebratory occasions like Baisakhi,
Karva Chauth, Durga Puja, Indian weddings, and festivals such as
Akshaya Tritiya. India is the
largest exporter of jewelry, employing numerous family jewellers
and brands dealing in gold, diamond, platinum, ruby, and other
precious stones for the elite class, women, and those seeking
trustworthy stone-studded, imitation, or luxury fashion
jewellery.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
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, primarily
focused on B2C enterprises, experiences an exponential trend in
sales, particularly in the categories of jewelry, accessories,
watches, luggage, and bags. Gold continues to dominate this sector,
with demand driven by cultural traditions and rising consumer
spending. Key occasions such as Baisakhi, Karva Chauth, Durga Puja,
Indian weddings, and festivals like Gudi Pavda and Akshaya Tritiya
further fuel the market. India is
the largest exporter of gold jewelry, employing numerous family
jewellers and branded jewelry manufacturers. The market offers a
diverse range of products, including stone-studded jewellery,
imitation jewellery, and luxury fashion jewellery made of gold,
diamond, platinum, ruby, and other precious stones. Current
exchange rates and statistical offices provide valuable insights
into market fluctuations, while trade associations and Statista
market models offer industry forecasts. Trust and authenticity
remain crucial factors for the elite class, particularly in the
purchase of gold and precious stones.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
The Jewelry Market in India is
a significant contributor to merchandise exports, with export
promotion playing a crucial role in its growth. Virtual
Buyer-Seller Meets have become a popular platform for B2C
enterprises to showcase their offerings, including Gem &
Jewellery, Lab-grown Diamonds, Accessories, Watches, and Luggage.
Consumer spending on these items exhibits an exponential trend,
particularly during festive seasons such as Baisakhi, Karva Chauth,
Durga Puja, Gudi Pavda, and Akshaya Tritiya. Indian weddings are
another major market for jewelry, making India the largest exporter of Gold in the
world. These trends reflect the enduring appeal of jewelry in
Indian culture and the growing global demand for Indian-made
products.
Market Research Overview
The jewelry market in India is
a significant contributor to the country's economy, known for its
rich heritage and diverse collection. This sector encompasses a
wide range of products, including gold, diamonds, pearls, and
silver. The industry is driven by various factors, such as cultural
significance, affordability, and increasing consumer awareness. The
Indian jewelry market is also known for its intricate designs and
craftsmanship, attracting both domestic and international
customers. The sector is segmented into various categories,
including gold jewelry, diamond jewelry, pearl jewelry, and silver
jewelry. The market is expected to grow due to increasing
disposable income, changing consumer preferences, and government
initiatives. The export of Indian jewelry is also a major
contributor to the sector's growth. The industry is known for its
skilled workforce and use of traditional techniques, making it a
unique and valuable part of India's economic landscape.
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
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: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jewelry-market-in-india-size-is-set-to-grow-by-usd-21-54-bn-from-2023-2027--cultural-significance-of-jewelry-to-boost-the-market-growth-technavio-302147531.html
SOURCE Technavio