Kuntal Sharma January 30, 2023
The Indian economy is hugely dependent upon the Indian jewellery and gems industry because the gems and jewellery from India are exported worldwide. In the past couple of years, the Indian jewellery and gems industry has grown by 15-20%, which has broken the chains of conventional and ethnic industries. Jewellery and gems are hugely exported which is the main cause of this industry to boom internationally. In recent times the sector of jewellery and gems earns the second highest foreign exchange after the textile industry and this sector has contributed to one-fifth part of India’s export. There are three main categories into which the industry of jewellery and gems are divided into which has included gold jewellery, polished and cut diamond, and stones which comes in both precious and semi-precious. In India, there are two main segments in the gems and jewellery business they are diamond and gold jewellery. In recent times people also preferred customized artificial jewellery though it doesn’t count in the main segment of the jewellery industry.
Gem and Jewellery industry in India
In India, gold jewellery is mainly manufactured for domestic use but the jewellery which is mainly exported from India is a huge portion of the uncut, rough diamond which are processed either in the form of finished or polished diamond jewellery in India. In the Indian market, around 80% of the Indian jewellery market has accounted for by gold jewellery. Polished diamond takes about 80% of the total Indian export market, for this reason, the Indian jewellery and gems industry is focused on diamond. In terms of value, 55% of the world's net export is accounted for by India. There is no other segment in India which has a such significant share of the world market.
To examine the nature and scope of innovation that happens in the Indian jewellery and gems industry study is carried out. Indian jewellery and gems industry has very limited organized jewellers it has an unorganized setup mainly run by the family jewellers. It has a traditional structure, is mostly available in the elite markets and mostly deals with Traditional Jewellery sets. The Indian traditional industry of jewellery and gems need to study from the viewpoint of its changing demand in its new pattern and upcoming market trends. Indian gems and jewellery industry have the most unique structure among the other industry and have a unique market for its products, and it has occupied an important position in the Indian economy, because of its huge contribution to the export market. Its innovative characteristics help to make policies which strengthen the competitiveness in the market.
In a couple of years, the Indian jewellery and gems industry has changed so fast, ensuring terrific growth in the global market. So, what are the reasons for such changes? From this change, it is found that certain important initiatives have been taken by the players in this sector to bring changes at different levels. It is very important to know the initiatives which were taken by the players of the Indian jewellery and gems industry so that the innovation process could be understood.
Diamond jewellery section
The diamond has been produced in India Since the 8th century BC, it is that time when India mined the first ever diamond in the world. The diamonds which are famous in the whole world, among them Great Moghul, Pigot and Kohinoor were created in India. Other than the small supplier of diamonds from Kalamantian in Borneo, till the 17th century India was the only huge supplier of diamonds before the diamond was discovered by South Africa, Brazil, Australia and Russia.
The craftsman of India was the first to uncover the diamond cutting secret, though cutting diamonds does not include polishing and faceting like today. Flat-cut diamonds are the most common type of Indian diamond. In Golconda, Andhra Pradesh the stones were found to be mostly large stones because all mines were hand dug there. In the 19th century, the mines in Golconda were exhausted. With the end of India’s great diamond era processing diamond industry arise in the 1960s.
In recent times India is considered to be the world of largest centre for cut and polished diamonds. In terms of value, its share of India in the world’s polished diamond market is 60%, in terms of volume 85% and in terms of pieces 92%. In India, about 80% of the processing work of diamonds is done in Gujrat and the remaining 50% is done in Surat.
Nowadays, CZ jewellery has huge trends and demand in the Indian jewellery and gems industry. Because it replicates the exact look of diamond jewellery people prefer to wear such jewellery because it came within their budget. If you are among those people you can shop for artificial CZ jewellery online from our online jewellery store.
Gold jewellery section
The largest fabricator of gold in the world is India, more than 90% of gold is obtained by India to make gold jewellery. However, the export of gold jewellery by India is not noticeable, India’s gold export market is less than 2% of the $80 billion global market.
In India price of gold is much more in comparison to other markets the reason for such a huge price is to keep the people from keeping gold. To stop the smuggling of gold. Gold has a very important role in Indian households. It has a huge religious significance. Indians have a huge value of gold for investment and savings. After bank deposits, gold is the second preferred investment. All this makes Indians the largest consumer of gold. In terms of jewellery, India has a huge craze for gold Kundan jewellery. In recent times different gold Kundan Bracelet designs are trending in the Indian market.
Talking about innovation customized artificial jewellery is trending in the market. You can find gold, diamond, and customized jewellery of your choice at Ciero Jewels.
What is the future outlook of the Indian gems and jewellery industry?
The Market Report of 2022 for Indian Gems and Jewellery said that: in 2021 market stood at $78.50 billion and it is expected by experts that it will grow with a CAGR of 8.34% which will reach $119.80 billion by 2027.
What is the future of the jewellery industry in India?
Post COVID-19 recovery, now in 2023, consumer behaviour, and new consumer channel has created favourable market condition for the Indian jewellery industry.
What is the future of the gemstone industry?
It is expected that the global gemstone market to grow at a rate of 6.53% CAGR from 2022 to 2029.