Gems and Jewelry Market in India 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-26 09:35:01
The India Gems and Jewelry market is to grow at a CAGR of 14.93 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for gold jewelry by Indian consumers. The Gems and Jewelry market in India has also been witnessing the entry of jewelry retail stores. However, the increase in gold prices could pose a challenge to the growth of this market.
One of the recent trends being witnessed in the market is the increasing purchase of jewelry through online stores. The online jewelry stores are managed by organized players. Currently, the online jewelry stores are in a nascent stage of growth. In 2012, they accounted for less than 10 percent of overall sales of branded jewelry. The consumers in urban areas are willing to purchase jewelry online as it is easy, safe, and convenient. Moreover, a majority of online jewelry stores offer different payment options and provide third-party lab certifications for gold and diamond jewelry. Internet shopping in India is currently low, but is expected to rise drastically, especially in urban areas, due to the high internet penetration over the next few years.
One of the major drivers in this market is the increasing demand for gold jewelry by Indian consumers. India is one the largest consumers of gold jewelry, where the majority of gold jewelry is being used for aesthetic purposes and as an investment option.
One of the major challenges is the fragmented and highly unorganized nature of the market. The industry is dominated by smaller players and there are over 500,000 such players operating in the Gems and Jewelry market in India. The majority of unorganized players do not offer BIS certification that endorses the purity of gold. Thus, there is no standardization of the quality of gold jewelry being sold in various outlets and customers may end up purchasing low quality gold jewelry.
The key vendors dominating this market space are Titan Industries Ltd., Gitanjali Gems Ltd., Malabar Gold Pvt. Ltd., Kalyan Jewelers and Joyalukkas India Limited.
Other vendors are Khazana Jewellery, Kirital Kalidas Jewellers Private Limited, PC Jeweller Ltd., Reliance Gems and Jewels Ltd. And Tribhovandas Bhimji Zaveri Ltd..
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