The global jewelry market in India is poised for significant growth, with an estimated increase of USD 21.54 billion from 2023 to 2027. Technavio’s latest market research report highlights key trends driving this growth, including the rise in online sales, particularly in gold, diamond, and other jewelry categories. E-commerce platforms offering a wide selection and competitive pricing have seen a surge in demand, with Tanishq reporting a 106% increase in online sales in 2020.
Despite the opportunities in the market, challenges persist due to fluctuations in gold prices, impacting affordability for consumers. The COVID-19 pandemic led to a peak in gold prices, resulting in reduced demand for jewelry. However, the market continues to cater to various celebratory occasions like Baisakhi, Karva Chauth, Durga Puja, and Indian weddings.
The jewelry market in India offers a diverse range of products, including stone-studded, imitation, and luxury fashion jewelry made from gold, diamond, platinum, ruby, and other precious stones. The sector is driven by cultural traditions, rising consumer spending, and increasing export demand. India remains the largest exporter of jewelry, with numerous family jewelers and brands contributing to the market’s growth.
Technavio’s in-depth analysis provides valuable insights into market segmentation, geographical trends, and forecast data from 2023 to 2027. The report covers key players in the industry, including ALANKEET CREATIONS LLP, Bhima And Bullion Pvt. Ltd., and Joyalukkas India Ltd., among others. With a focus on emerging market trends, Technavio helps businesses identify opportunities and develop strategies to optimize their market positions.
As a leading global technology research and advisory company, Technavio offers actionable insights to help businesses navigate changing market scenarios. With over 500 specialized analysts and a report library of more than 17,000 reports, Technavio serves a diverse client base, including Fortune 500 companies. For more information on the jewelry market in India and other emerging trends, visit Technavio’s website.
Sources:
Technavio
PRNewswire
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