India Gems and Jewelry Market to Grow at CAGR 11% till 2021
Growing demand for designer jewelry, favourable
government policies, rising disposable income along with formation of free
zones to drive India gems and jewelry market through 2021
According
to a recently released TechSci Research report, “India Gems and Jewelry Market By Product Type, By Point
of Sale, By Organized vs. Unorganized, Competition Forecast and Opportunities,
2011-2021”, gems and jewelry market in India is projected
to grow at a CAGR of 11.26%, during 2016-2021 on account of growing presence of
international and domestic players, significant decline in jewelry making
charges, increasing westernization and aggressive marketing
strategies adopted by various players in the country. Changing lifestyle
preferences has led to
increase in brand consciousness and inclination of consumers towards western
brands, which in turn resulted in increased demand for exclusive designer
jewelry, across the country. According to National Council of Applied Economic
Research, in 2015, the number of middle class households in India was 53.3 million
and the same is expected to reach to 113.8 million by 2025. Moreover, according
to Central Intelligence Agency, India median age by gender in 2016 is 27.6
years, with that of males standing at 26.9 years and that of females at 28.3
years. India’s young population comprises more than 50% of the country’s total
population, which is one of the primary reasons to which increase in demand for
designer jewelry can be attributed. Increase in personal disposable income and
rising standard of living in urban areas, has shifted the mindset of consumers
from saving to consumption and led to increased spending on lifestyle.
South India is emerging as the fastest
demand generator for gems and jewelry in India and the region is expected to continue its
dominance during the forecast period as well, on the back of increasing disposable income of
consumers coupled with continuous launch of innovative and imported products,
in conjugation with increasing exposure of consumers to western culture.
Moreover, the region houses
most of the leading market players having multiple exclusive showrooms &
multi-brand retail outlets, that cater to the growing demand for gems and
jewelry. India gems and jewelry market comprises gold, diamond in gold, silver,
gemstones, diamonds, and other jewelry made of precious metals such asplatinum,
palladium and pearls. Among
all, market for gold jewelry accounted for the highest revenue share in 2015, and
is anticipated to continue its dominance during the forecast period, as all leading
market players are offering jewelry
keeping in mind the altering consumer preferences, latest fashion trends, growing
interest of youth in exclusive jewelry designs.
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“Gems and jewelry market is surging in
Indiaat a significant pace. Demand for processed gems and jewelry from Indiahas
settled across the globe and served as an impetus to development of gems and
jewelry industry in recent years. Growing purchasing power, rapid urbanization
and rising young population coupled with changing consumer preferences and
inclination towards innovative products has increased the demand for different
types of jewelry such as diamond in gold jewelry and platinum jewelry, across
India. These developments are, in
turn, expected to drive the market for gems and jewelry in
India.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“India Gems and Jewelry Market By Product Type, By Point of Sale,
By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011-2021” has evaluated the future growth potential of
India gems and jewelry market and provides statistics and information on market
structure, size, share and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers to take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in India gems and jewelry market.
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