Growth based on innovative launches and designer products
The Indian Gems and Jewelry Market is expected to grow at a CAGR of 8.34% in the forecast years, FY2023-FY2027, to achieve a market value of US$119.80 billion, according to a report by ResearchAndMarkets.
It was valued at US$78.50 billion in FY2021, said the “India Gems and Jewelry Market” report released on 28 Mar 2022.
Growing disposable income among the Indians is driving the Gems and Jewelry Market growth.
Moreover, gems and jewelry in the country are often associated with luxury gift items.
Thus, increasing instances of festival gift exchanges and changing consumer preferences toward celebration presents for their families and friends are also driving the growth of the Gems and Jewelry market in the upcoming five years.
Surging demand for branded jewelry products and assurance of the authentic and pure form of the luxury metal and gems in the jewelry is also supporting the growth of the market.
Growing urbanization, innovative product launches, designer products and technological advancements in product development are further substantiating the growth of the Gems and Jewelry market.
Increasing innovation and adoption in men’s jewelry and acquiring gemstones in clothing for men is another major factor that is driving the market growth.
Luxurious materials like gold and silver are significantly categorized as a symbol of wealth and prestige among Indian families. Utilizing modern materials like white gold, platinum, rose gold are also some of the modern designs and modern materials that are utilized in jewelry making and are rapidly being accepted in the Indian market, mostly among the working female population looking for lighter and comfortable jewelry for their regular assembles.
Gemstones such as ruby and others are making a big contribution to the shifting fashion trends, particularly among the elite and upper-middle classes.
Gold is anticipated to hold the largest share of the market and is set to dominate the segment on account of traditional categorization of the material as a symbol of prestige and wealth.
Increasing demands for wedding jewelry and traditional jewelry manufacturing using the material are also anticipated to further support the market’s growth in the next five years.
The market is led by:
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. fiinews.com
