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.
Browse over 19 market data Figures spread through 70 Pages and an in-depth TOC on " India Gems and Jewelry Market"
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.