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

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. 

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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.

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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, 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.

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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
• 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

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SOURCE Technavio