The gems and jewellery market in India is home to more than 300,000 players, with the majority being small players. The sector plays a significant role in the Indian economy as it employs more than 4.64 million workers. The industry is one of the fastest-growing sectors, it is extremely export oriented and labour intensive.
The Indian Market The Indian jewellery market is a highly fragmented and unorganised. It is classified into fine jewellery and costume jewellery. Under fine jewellery, apart from local players, there are several large nation-wide players such as Tanishq, Kalyan Jewellers, etc. In foreign players, brands such as Swarovski are already present and newer ones such as Tiffany are only entering the market.
Foreign players are very cautious while entering the Indian market due to the large demand for local traditional jewellery which these players do not hold expertise in.
Costume jewellery is the fastest-growing category in India which is projected to grow at 20 percent CAGR between 2019 and 2024. This segment is benefitting from the growing trend of consumers seeking lightweight, stylish jewellery at affordable prices.
Growth of the Sector
In the last five years the jewellery market in India experienced strong growth of 15 percent CAGR between 2014 and 2019. During the period, several factors have aided this such as:
Rise of E-Commerce Players:
This story is from the November 2019 edition of Images Retail.
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This story is from the November 2019 edition of Images Retail.
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