India, the world’s second-largest shopper of gold jewelry, has skilled speedy change over the previous few years on account of evolving demographics witnessing rising demand for light-weight and studded jewelry, reported Asian Lite Worldwide citing World Gold Council.
“India is a robust pillar of assist for the worldwide gold markets because the second-largest shopper of gold jewelry. Whereas weddings and festivals act as essential drivers of jewelry demand, our wealthy cultural heritage and historic standing as a serious world drive in world commerce underpin this sturdy socio-economic relationship with gold. Over time, we’ve got created numerous causes and joyous events to build up gold. Bridal jewelry section alone accounts for practically half of the market share with rural India being the biggest shopper of gold jewelry within the nation,” mentioned Somasundaram PR, Regional CEO, India, World Gold Council.
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The gold jewelry exports in India have grown from USD 7.6 billion in 2015 to USD 12.4 billion in 2019. Bridal jewelry dominates the gold jewelry panorama, having fun with 50-55 per cent of market share in India, reported Asian Lite Worldwide.
Plain gold jewelry maintains 80-85 per cent of market share, nearly all of which is 22-carat though the marketplace for 18-carat jewelry is rising. Each day put on jewelry accounts for 40-45 per cent of the market.
Plain gold jewelry exports accounted for 38 per cent of gold jewelry exports from India in 2021. Over the past decade, practically 90 per cent of India’s jewelry exports have flowed to only 5 main markets: specifically, the UAE, the US, Hong Kong, Singapore and the UK, reported World Gold Council.
In the meantime, South India dominates Indian gold jewelry consumption, accounting for 40 per cent of the nation’s whole jewelry demand.
Apart from gold, India has a sizeable and vibrant silver jewelry market and is the world’s largest fabricator of silver jewelry, reported Asian Lite Worldwide.
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“Our 2019 shopper survey, carried out by Corridor & Companions, discovered that 60 per cent of the ladies surveyed owned gold jewelry, carefully adopted by 57 per cent who owned silver jewelry, however solely 26 per cent owned diamond jewelry,” reported World Gold Council.
In the meantime, Platinum jewelry didn’t seem among the many high purchases by feminine shoppers, as this market remains to be in its infancy in India.
Notably, India was the biggest shopper of gold earlier than being overtaken by China in 2009. In 2021 India purchased 611t of gold jewelry, second solely to China (673t) however comfortably forward of all different gold-consuming markets, a latest World Gold Council report revealed.
