India's Jewellery market is expected to witness a humongous growth of USD 21.54 Bn
The cultural significance of jewelry in India has always been there since time ancient. India is the world's second-largest consumer of gold due to its cultural significance. The jewelry market size in India is forecast to increase by USD 21.54 billion with estimated growth at a CAGR of 5.54% between 2022 and 2027. Some other determinants of this expanding market are also rising disposable income and technological advancements.
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Analyzing the growth drivers of the Jewelry Market in India: The market in India has grown significantly as a result of the high demand for gold jewelry during weddings or during festivals like Diwali, Dussehra, and Akshaya Tritiya driving demand for gold jewelry, and gold prices rise during such auspicious occasions.
Convenience and large availability of options have catalyzed rising online sales, an emerging trend in the market growth in this sector due to its competitive pricing of gold jewelry on e-commerce platforms.
In the upcoming years, the trend is also expected to persist, with a noticeable shift in the market towards online sales. As per records Tanishq, one of the well-recognized brands in India, reported a 106% increase in online sales in 2020, with the online channel accounting for 13% of its total sales.
Market players in the market various strategies are implemented across India to capitalize on this growth opportunity be it geographical expansion, or new product launches to enhance their presence in the market. Leading market players worth mentioning in this market segment are Hari Krishna Exports Pvt. Ltd., Joyalukkas India Ltd., Kalyan Jewellers India Ltd., Kanhai Jewels, and Titan Co.
For example, Essentials Jewelry offers sterling silver jewelry in a wide variety of different styles with key offerings including jewelry such as gemstones and silver. Our report includes categorizing the vendors as dominant, leading, strong, tentative, and weak. Get a comprehensive report summary describing the market landscape.
