India Gems and Jewelry Market to Surpass USD119.80 Billion by FY2027
Increasing product innovations by the gems and jewelry market
players and rising standard of living to propel the growth of the India gems
and jewelry market through FY2027.
According
to TechSci Research report, “India Gems and Jewelry Market- By Region,
Competition, Forecast & Opportunities, FY2017-FY2027”, The
India gems and jewelry market would potentially project an impressive growth in
the forecast period, FY2023-FY2027, with an impressive CAGR of 8.34% on account
of the rapidly increasing per capita expenditure of consumers.
Rising
investments in India's gems and jewelry industry as a consequence of increased
exports through special economic zones, as well as rising organized retail,
e-commerce platforms, are likely to fuel the market for gems and jewelry in the
nation. Also, as disposable income rises, customer tastes and preferences are
rapidly changing toward luxury gem and jewelry companies. Also, the growing
number of internet and smartphone users in India is a crucial factor driving up
gem and jewelry sales. Furthermore, the availability of online jewelry, along
with a solid supply chain and distribution networks, allows items to be
delivered to consumers' doorsteps in a short period of time, resulting in
increasing gem and jewelry sales in the country. Additionally, several
government policies, such as revamped Gold and Monetization Scheme, reduction
in import duty of gold, hallmarking, etc., are also aiding the growth of the
India gems and jewelry market in the future five years.
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The
India gems and jewelry market is segmented on the
basis of type, distribution channel, regional distribution, and competitional
landscape. Based on type, the market is further fragmented into gold, diamond, silver, gemstones, and others. Gold segment is expected
to register the largest revenue shares and dominate the market in the upcoming
five years on account of its popularity and cultural significance. Gold is the
most sought-after precious metal, valued for its beauty, liquidity, financial
potential, and industrial features. Therefore, it is the largest revenue
generating segment. However, the market share of gold jewelry is diminishing due
to shifting consumer tastes, particularly among the younger generation, who
prefer to buy other types of jewelry as a status symbol, such as diamonds,
gemstones, and so on.
Based
on distribution channel, the market is segmented into offline and online. The offline
segment of gems and jewelry is expected to register largest revenue shares and
assert its dominance over the market in the upcoming five years. However, the
online segment is registering a higher growth, due to factors such as
convenience, large variety of options to choose from, etc. People in India have
begun to use internet shopping methods as a result of increased development and
changing lifestyles, since it saves time and gives a wider selection of items
to pick from. Internet and online sales channels have entered the market and
have begun to capture consumers' attention with their low pricing. Furthermore, manufacturers
are promoting lucrative deals and discounts on their websites in order to
attract more customers. These factors are projected to increase the online
sales of gems and jewelry sector of India at a higher pace in the forecast
period.
Key
market players in the gems & jewelry market include:
- Rajesh Exports Limited
- Malabar Gold Private Limited
- Titan Company Limited
- Bhima Jewellery and Diamonds Private Limited
- Kalyan Jewellers India Limited
- PC Jeweller Limited
- Tribhovandas Bhimji Zaveri Limited
- Joyalukkas India Limited
- Hari Krishna Exports Private Limited
- Vaibhav Global Limited
Malabar
Gold Private Limited is the leading market player in the India gems and jewelry
market. The company offers products such as rings, earrings, nose pins,
necklaces, bracelets, pendant sets, etc. In 2021, the company announced
investment of ₹1,600 crore to launch 56 stores, 40 of which would be in India
and 16 across global markets., in order to boost its retail presence. Rajesh
Exports Limited is an Indian gold retailer that refines, creates, and sells
jewelry and gold.
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“Despite the fact that India's gems and
jewelry business is growing at a rapid pace, the sector still has a lot of
potential for expansion due to enormous unexplored rural regions. Also,
the consumer tastes and preferences are evolving away from jewelry and toward
colorful gemstones, platinum, palladium, rhodium, iridium, ruthenium, and pearl
jewelry. This trend may be traced in part to the growing youthful population,
which has emerged as a crucial market base for trendy, colorful jewelry.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
Global management consulting firm.
“India
Gems and Jewelry Market - India Industry Size, Share, Trends, Opportunity
and Forecast, FY2017-FY2027 Segmented By Type (Gold, Diamond, Silver, Gemstones,
and Others), By Distribution Channel (Offline and Online), By Region, Competition,
Forecast & Opportunities, FY2017-FY2027”, has evaluated the future
growth potential of India gems and jewelry and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India gems and jewelry market.
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