Though gold still dominates the Jewelry market in India, the demand for diamond, platinum, and other kinds of jewelry is steadily increasing.
Riding on the changing nature of consumer preference, the Jewelry Market in India is expected to post a CAGR of 16.06 percent from 2014-2019.
Despite the presence of a large unorganized sector in India, which include family-owned shops and trusted local jewelers, the branded jewelry segment is growing.
Local Jewelers Vs. The Organized Market
Consumer trends in India indicate an increasing inclination towards certifications and hallmarks, assuring purity of gold.
Unlike before, when consumers preferred paying a visit to local jewelers, they are now more keen on exploring new designs in the market.
Branded jewelers are able to fulfill their changing demands better than the local unorganized players.
E-retailing Initiatives Will Fuel Competition
Bringing their key insights, TechNavio analysts Observe:
E-retailing in India has opened the doors for both, organized, as well as unorganized players in the Jewelry market. They are aggressively adopting e-retailing to promote and sell their jewelry brands.
While choosing to use the internet as an important tool, vendors are investing on creating attractive websites to showcase jewelry in an attractive manner. Also, to induce consumer vendors are seen introducing seasonal offers and discounts through the internet.
How is Branded Jewelry Seeping Into The Luxury Goods Segment?
Previously, consumers in India purchased jewelry as a status symbol. But now, they are demanding jewelry products such as pieces of gold, diamonds, and rubies in luxury goods such as watches, leather bags, and designer clothes.
Cut according to certain specifications, manufacturers of bridal collections are including gold work in their craft.
This increase in the adoption of jewelry in other luxury goods is expected to drive the Jewelry market in India during the forecast period.
