NEW YORK, Feb. 15, 2024 /PRNewswire/ — The jewelry market in India is set to grow by USD 21.54 billion between 2022 and 2027 and register a CAGR of 5.54%, according to Technavio’s latest market research report estimates. The jewelry market in India is fragmented. The market comprises several international and regional vendors that have a wide geographical reach, market penetration, end-user segments, and product segments. International players are consistently focused on expanding their footprint in the market. Thus, regional players are finding it increasingly difficult to compete with larger players based on quality, pricing, market reach, and financial resources. The competitive environment in this market will intensify further with an increase in product/service extensions and product innovations. Some of the key vendors covered in the report include: Dwarka Jewel, DWS Jewellery Pvt. Ltd., Gurukrupa Gems, Joyalukkas India Ltd., Kalyan Jewellers India Ltd., Kanhai Jewels, Malabar Gold and Diamonds, Nsb Jewellery, PC Jeweller Ltd., Rajesh Exports Ltd., Titan Co. Ltd. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. View Sample Report
Technavio has announced its latest market research report titled Jewelry Market in India 2023-2027
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Report Coverage |
Details |
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Page number |
120 |
|
Base year |
2022 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.54% |
|
Growth 2023-2027 |
USD 21.54 billion |
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Structure |
Fragmented |
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YoY growth (%) |
5.5 |
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Regional analysis |
India |
ALANKEET CREATIONS LLP – The company offers jewelry such as necklaces, earrings, and rings.
Bhima And Bullion Pvt. Ltd. – The company offers jewelry such as gold, diamond, and silver.
Derewala Industries Ltd. – The company offers jewelry such as gold and silver.
Hari Krishna Exports Pvt. Ltd. – The company offers jewelry under the brand Kisna real diamond and gold jewels.
The market is driven by the cultural significance of jewelry. India is the second largest importer of gold globally. Jewelry made of gold is considered a symbol of prosperity and wealth in India. This has increased its cultural significance, especially during events and celebrations such as marriages, festivals, and various other auspicious occasions. The Indian wedding industry is worth USD 50 billion, with jewelry making up an important percentage of this total value. In addition, festivals such as Diwali, Dussehra, and Akshaya Tritiya are regarded as auspicious occasions to buy gold, which leads to a surge in demand as well as the prices of gold during such events. Many such factors are leading to a continuous demand for jewelry in India, thereby driving growth. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by way of synthesis, and summation of data from multiple sources.
Factors such as the cultural significance of jewelry, rising disposable income, and technological advancements will offer immense growth opportunities. To leverage the current opportunities, vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The industry fragmented, and the degree of fragmentation will accelerate during the forecast period.
Jewelry Market in India 2023-2027: Segmentation
Type
Gold
Diamond
Others
Distribution Channel
Specialist Retailers
Online
The growth in the gold segment will be significant during the forecast period. The rising income levels of consumers have increased the demand for gold jewelry in India. Despite the development of alternative materials and designs, gold jewelry is still worn on special occasions and is a preferred investment option in India. As a result of these factors, the segment will witness maximum growth over the forecast period. The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role, download a sample report
The rise in online sales is identified as the key trend.
The high price of gold is challenging the growth.
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Table of contents:
Executive Summary
Landscape
Sizing
Historic Size
Five Forces Analysis
Segmentation by Type
Segmentation by Distribution Channel
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
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