Changing face of Jewellery Market
According to GJEPC, gems and jewellery exports are likely to witness a growth of about 10 per cent this fiscal due to increasing demand in the US and Europe.BY Nibedita Mohanta | Aug 01, 2017 | comments ( 0 ) |
India’s jewellery market has always been in demand. People in India wear the most amount of metallic jewellery than any other country in the globe.
One can witness the fondness of wearing jewellery in Indians at any wedding, which goes on throughout the year. Be it the bride, groom, or the guests, all can be seen loaded with heavy jewellery from head to toe.
For every occasion, ceremony or celebration, Indians are known for wearing different style of jewellery, which implies that Indians are obsessed with wearing jewellery. Some also see it as an asset and investment, which can be used in future.
India is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it contributes a major chunk to the total foreign reserves of the country.
According to GJEPC, gems and jewellery exports are likely to witness a growth of about 10 per cent this fiscal due to increasing demand in the US and Europe.
According to a report by Research and Markets, the jewellery market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.95 per cent over the period 2014-2019.
In the Union Budget 2017-18, the Government of India, offered tax cuts for the middle class and other sections of society (5 per cent for the Rs 250,000-500,000 tax slab; which was 10 per cent initially). All these measures will drive consumption, which will be favourable to the gems and jewellery industry.
According to TechSci Research report “Global Gems and Jewelry Market Forecast and Opportunities, 2020”, the global gems & jewelry market is projected to register revenue growth at a CAGR of around 6% during 2015-20. Global gems & jewelry market was dominated by gold segment in 2014, and the segment is forecast to continue dominating the market through 2020.
Since Stone Age jewellery is being evolved as per the taste of the users. And the businessmen associated with jewellery too are trying to match steps with the changing demands of the customers and clients.
The retailers are constantly working to offer the best and unique product for their customers. With change in time, the market too has changed. The jewellery market has reached the online marketplace.
The online market is not only limited to the already established players of this game, but young players are making their entry with advanced technology.
They are here with fresh ideas, to know the customer better and make a mark of their own.
Moreover the jewellery market is no more limited to the businessmen but for the workers, especially the skilled workers and technical experts. The demand is high for the skilled workers, thus leaving enough space for employment opportunities and in keeping the tradition alive for future generation.
Due to shortage of skilled manpower, the Gems and Jewellery Skill Council of India is planning to train over four million people till 2022. The council aims to train, skill and enhance 4.07 million people by 2022.
The council plans to tie-up with the existing training institutes including Gemological Institute of America (GIA) and Indian Gemological Institute (IGI), along with setting up of new institutes in major diamond cutting and processing centres, GJEPC said in a statement.
The technical experts are those who are going to handle the online crowd. Online market too is expanding as much as the brick and mortar market.
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