NEW YORK, November 22, 2016 /PRNewswire/ --
Growing demand for designer jewelry, favourable government policies, rising disposable income along with formation of free zones to drive India gems and jewelry market through 2021
According to a recently released TechSci Research report, "India Gems and Jewelry Market By Product Type, By Point of Sale, By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011-2021", gems and jewelry market in India is projected to grow at a CAGR of 11.26%, during 2016-2021 on account of growing presence of international and domestic players, significant decline in jewelry making charges, increasing westernization and aggressive marketing strategies adopted by various players in the country.Changing lifestyle preferences has led to increase in brand consciousness and inclination of consumers towards western brands, which in turn resulted in increased demand for exclusive designer jewelry, across the country. According to National Council of Applied Economic Research, in 2015, the number of middle class households in India was 53.3 million and the same is expected to reach to 113.8 million by 2025. Moreover, according to Central Intelligence Agency, India median age by gender in 2016 is 27.6 years, with that of males standing at 26.9 years and that of females at 28.3 years. India's young population comprises more than 50% of the country's total population, which is one of the primary reasons to which increase in demand for designer jewelry can be attributed. Increase in personal disposable income and rising standard of living in urban areas, has shifted the mindset of consumers from saving to consumption and led to increased spending on lifestyle.
Browse 24 market data Tables and 45 Figures spread through 142 Pages and an in-depth TOC on "India Gems and Jewelry Market".
South India is emerging as the fastest demand generator for gems and jewelry in India and the region is expected to continue its dominance during the forecast period as well, on the back of increasing disposable income of consumers coupled with continuous launch of innovative and imported products, in conjugation with increasing exposure of consumers to western culture. Moreover, the region houses most of the leading market players having multiple exclusive showrooms & multi-brand retail outlets, that cater to the growing demand for gems and jewelry. India gems and jewelry market comprises gold, diamond in gold, silver, gemstones, diamonds, and other jewelry made of precious metals such as platinum, palladium and pearls. Among all, market for gold jewelry accounted for the highest revenue share in 2015, and is anticipated to continue its dominance during the forecast period, as all leading market players are offering jewelry keeping in mind the altering consumer preferences, latest fashion trends, growing interest of youth in exclusive jewelry designs.
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"Gems and jewelry market is surging in India at a significant pace. Demand for processed gems and jewelry from India has settled across the globe and served as an impetus to development of gems and jewelry industry in recent years. Growing purchasing power, rapid urbanization and rising young population coupled with changing consumer preferences and inclination towards innovative products has increased the demand for different types of jewelry such as diamond in gold jewelry and platinum jewelry, across India. These developments are, in turn, expected to drive the market for gems and jewelryin India," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Gems and Jewelry Market By Product Type, By Point of Sale, By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011-2021" has evaluated the future growth potential of India gems and jewelry market and provides statistics and information on market structure, size, share and future growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India gems and jewelry market.
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