Chinmay Sain February 20, 2023
India which is also called “sone ki chidiya” has been struggling since the first COVID-19, the struggle and the problem can be seen in every people’s life and also among the various industry of India. During the time of the pandemic, India was collapsing due to economic problems, as a result, the Indian jewellery industry was suffering and was falling apart. In India, the most fluidic industry for many years is the jewellery industry, even though the market of jewellery market slightly crashed and suffered due to the pandemic. Every wave of COVID makes the jewellery industry even worse and never let it recover. During the last festival season, it was observed that the sale of jewellery increased a little and the jewellery industry is getting back on track which gave a little hope to everybody. Due to COVID, demand for customized artificial jewellery has increased among Indians.
2023 looks bright for the Indian jewellery industry
Even though all the disruption in the Jewellery Industry of India during COVID-19, was seen to recover during the Diwali season of 2022, the jewellery industry saw a 30% surge in the gold sale. This gives hope that the fluidic industry of India will improve its market in 2023.
Gold on the screen of the consumer
Due to COVID-19 everything went online. It is found in a study that was conducted by The Harris Poll online that 82% of people spent their time on screen that 8 in 10 people used to be online and the number has increased during the pandemic. As people increased their time using social media their increased screen time has exploded which led to lots of browsing.
With lots of browsing, e-commerce platforms have seen improvement which also led to a boom in online shopping. Ready to deliver products, all the trends related to different products, their comparison, and all the information related to products were available at the consumer’s fingertips which makes it easy for the consumers to shop online, it makes consumers so confident that they even start shopping for high price jewellery from virtual platforms. The demand for artificial CZ jewellery online has drastically increased during that time.
No more lockers
Nowadays people don’t treat jewellery as an investment like the people of the old generation and they don’t keep their jewellery in a locker, and only bring it for important occasions. Gen-Z consumers buy jewellery for their wardrobe, once they like any design and finalize it they buy it for their daily wear. Among the gen-z, the demand for 925 Sterling Silver jewellery is very high as it came with a guarantee on its material and looks very high in class.
Jeweller for Gen-Z
Nowadays, Gen-z consumers or couples prefer to buy their jewellery from trusted jewellery shops. They don’t believe in buying jewellery only from their family jewellery store. This generation prefers to take their own decision personally without the intervention of store attendants like in earlier times. They believe in retailers who can provide them with the certificate of authenticity of the jewellery, and jewellery of trusted brands. Gen-Z consumers are very much attracted to cz jewellery because of their minimalistic and unique design and beautiful sheen.
The landscape of jewellery manufacturers in India
The manufacturing industry of India is still fragmented and unorganized. 15-20% of the unit of the Indian jewellery industry only operate on an organized and large scale, probably five years ago which was less than 10%. 55% of Indian jewellery is manufactured by the karigars or artisans that are handmade, they create the most detailed piece of jewellery. As Indian gold jewellery is handmade by artisans which makes Indian jewellery unique in the market globally. It is believed that artisans or karigars of India are the backbones of the Indian jewellery industry, still, they work in very bad conditions and many artisans are even unpaid in comparison to other industries.
The hallmarking in the gold jewellery become important from June 16, 2021, and hallmark is mandatory to prove the purities of six gold: 14K, 18K, 20K, 22K, 23K and 24K. This will help the retailers to differentiate the purity of gold and also their designs which will also help the customers while buying their desired design and purity. The young buyers will get help with this step, it will become easy for them to fulfil their demand when buying any Traditional Jewellery set.
The future of the jewellery industry
It is predicted by experts that the Indian jewellery industry will shine bright in the future because the gold market of India is gradually growing in the last year.
The season of marriage and festivities
The season of marriage and festivities brings life to the Indian jewellery industry. It is predicted that the wedding season and the upcoming festival season will bring the desired positive growth in the Indian jewellery market. This year has brought a huge wave in the trending fashion of jewellery which will change the picture of the jewellery industry in the coming years.
Due to the pandemic digital shopping has got huge popularity, even today after the pandemic most people prefer to do shopping through social media or online shopping platforms. Online shopping has made shopping very easy for people, even jewellery shopping. People shop from imitation jewellery to heavy gold and diamond jewellery online. You can find a variety of beautiful Kundan Bracelet designs at our online shopping site.
Good customer service
Nowadays it is seen that local to commercial jewellery stores train their staffs to provide good customer service. They are trained in such a way that their staff can sell every jewellery piece in a very skilled manner. The shopping experience of consumers is also considered during the entire process of shopping. Retailers have started taking customer service very seriously only because the consumers have become digitally awakened.
It can be said that in the coming years, the Indian jewellery industry will make good economic growth. Shop for Indian imitation jewellery online shop at the online shopping site of Ciero Jewels.
What is the overview of the jewellery industry in India?
The jewellery industry sector of India contributes almost 10-12% of India’s total export of merchandise, it has the third largest commodity share.
Who is the targeted audience of the jewellery industry in India?
According to the reports of the Online Gold Market of India, which is issued by the World Gold Council, 70 to 80% of online shoppers are ranged from 18-45 of age.
Which city is famous for jewellery in India?
Jaipur the capital city of Rajasthan, India is the top city in India for jewellery. The famous bazaar of this city is the Johri Bazar which is the biggest tourist attraction.