The demand for jewelry in India is huge due to never decreasing purchasing power exhibited by the people of the country. Due to increase in per capita income and affiliation towards jewelry by Indians, the purchasing power of jewelry by Indians have increased tremendously over the past few years. Gold contributes to more than 75 percent of the jewelry demand across the country. The increasing demand for gold has caused the gold prices to soar by many fold over the past few years. The consumer demand for gold jewelry across India in 2017 amounted about 334 metric tons.
Jewelry exports from India for the past years have increased and have contributed to the foreign reserves of the country.UAE, US, Russia and Singapore are some of the leading importers of Indian jewelry. The export value of germs and jewelry from India amounted to about 36 billion U.S. dollars in the year 2018. The export value has seen an increase in recent years as customers can make purchases using online platforms.
There are lot of established brands that have entered the Indian jewelry industry recently making it more organized. The number of jewelry retail stores across the country has been rising over the past few years. Titan, an established Indian company with brands such as Tanishq, Zoya and GoldPlus have around 240 retail stores across the country.
The growth in Indian jewelry sector is dominated by the increasing penetration of the new players. As such, this sector has the possibility to create new jobs, thereby increasing employment and also contribute a lot towards Indian economy by increasing exports.