RNCOS

RNCOS White Paper: India Gems & Jewelry Market to be Worth US$ 43 Billion by 2017

Press Release   •   Dec 16, 2013 16:26 IST

The country is one of the largest exporters of gems and jewelry and the industry is considered to play a vital role in the Indian economy as it is a leading foreign exchange earner. Among all, gold jewelry forms around 80% of the Indian jewelry market, with the balance comprising fabricated studded jewelry that includes diamond and gemstone studded jewelry. While in future, it is expected that diamond jewelry will eat up the share of gold jewelry on account of changing consumer preference and growing gold rate. The size of the Indian gems and jewelry market is estimated US$ 32 Billion in 2013 and is expected to be US$ 43 Billion by the end of 2017 on the back of increasing domestic demand.


Highlighting the huge opportunities in the Multi Billion Dollar market, Shushmul Maheshwari, CEO - RNCOS said that branded jewelry is likely to be the fastest-growing segment in domestic sales. Factors like India’s demographic dividend, rising proportion of working women, increasing spread of hallmarking, marketing efforts by organized players, rising retail culture will propel the growth of organized retail in India. Further,  most of the organized jewelry retailers are now expanding into Tier-II and Tier-III cities, after covering Metros and Tier-I cities, in order to capture the semi-urban and rural market which contributes a huge portion in country’s jewelry market.

On the competitive front, the gems and jewelry industry in India is highly fragmented, with the majority being small players. The country is increasingly getting acclaimed as an international sourcing destination for high-quality designer jewelry. Global companies such as Walmart and JC Penney source jewelry from India. Further, home to the world’s first diamond mines and the center of the cutting and polishing industry, India is the third-largest global diamond market after USA and Japan.

The India gems & jewelry market can be fruitfully tapped, devising appropriate business strategies. RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.

To get a complimentary copy of the white paper, please visit (http://rncos.com/Industry-Whitepapers.htm)


ABOUT RNCOS

RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.