All women want beautiful and unique designs of jewellery for special occasions, whether it’s their own marriage ceremony or other occasions. A perfect piece of jewellery makes women more elegant. Every woman has a desire to look good when she wears a piece of gold jewellery. Even men want to wear simple gold ornaments like rings, bracelets, and chains to enhance their looks. Jewellery has become a part of Indian culture and custom. On the other hand, the jewellery industries in India is one of the largest contributors to the international jewellery and diamond market and occupies a very important position in the Indian economy. A Jewellery plays an important role in the country’s culture; it’s a symbol of fortune and status, a store of value, and a fundamental part of many weddings. India is the country where the demand for gold is 50 percent generated by Indian weddings. The contribution of India to global jewellery depletion is around 29 percent. India is also the largest exporter, with net exports in 2020 standing at INR 2,537.6 billion. India is also famous for polished diamond jewelry.
The Market Size Of Jewellery In India
We are Jelecon Jewelers, and we have a huge market size in India. All our jewellery is 100% authentic and unique in design. The Jelecon jewellery industries are old in this field. Normally these industries contribute around 7% to the country’s GDP and employ over 5 million people.This industry was estimated at INR 6.64 trillion in 2010 and is expected to go up to INR 7.76 trillion by 2014. The demand is growing at a CAGR of 6.70 percent total in 2014
The Jewellery Industries Market Size Competitive Landy
In history, the Indian jewelry industries has been very different compared to today. In the past, customers have generally buying jewellery from jewellers. However, the industry has taken a big clear and changed things in the last few years, with more jewellers moving up the value chain towards a greater importance on branded jewellery. There are many jewellery brands in the market, which is a highly fresh market in India, and there is a large scope for new members.
Rise Drivers For The Indian Jewelry Industry
The government of India has made the policy of hallmarking gold mandatory to correctly determine the balanced content of precious metals in jewellery. The gold monetization scheme enables particulars to lodge gold with banks and earn interest in return.
The decrease in duty on gold and silver is 12.5 % to 7.5% for platinum, and palladium duty has decreased to 10% from 1.5% to lower the prices of precious metals in the domestic market. GJEPC (Gems and Jewelry Export Promotion Council) has marked a MOU with MIDC (Maharashtra Industrial Development Corporation) to create the country’s biggest jewellery park.
Increasing Middle Class Population
The middle class is a big population in India, and it is a big change in the Indian economy. According to measures, around 55% of the population is expected to join the middle class by 2025. As the wealth of the middle class increases, they gain gold for consumption and also as an investment.
Gemstone and diamond jewellery as a fashion statement
As of recent times , gemstones,like diamonds, platinum, and rubies are precious for people, and they are making a significant contribution to changing fashion trends. The upper middle class can offer this type of jewellery, and the lower class can’t afford it.
Growing Female workforce
Now the education level has increased, and the percentage of women in the workforce has also increased in India. They have more financial power to make purchasing decisions. The income is also increasing for working couples, the lifestyle has changed, and the demand for jewellery and gems is increasing in India.
Branded Jewellery
We are Jelecon Jewelers, and we often introduce unique and distinctive designs to differentiate our brands. The young customers who are generally brand conscious and emerging market consumers, for whom starting brands inspire trust and a sense of an upgraded lifestyle, are driving the branded jewellery segment.
The Biggest Challenges For The Indian Gems And Jewellery Industry
Import Dependency
The 90% percent of raw materials imported in India on the other hand the raw materials also play an important role in gemstones. Especially in raw diamonds and gold bars. The result of the gems and jewellery industries is that they are pregnable to any regulation that limits the supply of diamonds and gold.
Trust And transparency
Buying jewelry is a bit of an expensive transaction, but it is for future investment. Fair cost, trust, and transparency become big factors in purchasing decisions. Customer doubts and a lack of knowledge on how to value the correct jewelry add to the buyer’s pain. Also, the gems and jewelry industry in India are not properly unorganized. That is why people get a little scared when they purchase gold. The easy and simple solution is that whenever you purchase any gold jewelry, you must check the whole mark. If there is no whole, don’t buy that jewelry because, without the whole mark, jewelry is not real gold.
More Stories
Represent Hoodie: Fashion is Far More Than
Why Balenciaga’s Triple S Sneakers Are So Popular
Sp5der Hoodie: Fashion is Far More Than Just