The Indian jewellery industry has witnessed a quick transformation during the past few years in the luxury jewellery retail market which is expected to grow to 20 per cent of the total retail sales by 2020. The gem and diamond industry contributes around 15-17 per cent of India’s total exports. Rise in income and brand consciousness among Indians has further given a boost to the Luxury Jewellery retail industry in India. Earlier, jewellery was considered to be an investment and was kept in safes.
With the emergence of working women, people prefer buying jewellery which is light in weight and can be worn on a regular basis. This trend has led to the increase in sales of diamond jewellery as it is not just beautiful but also lightweight and easy to wear. Another factor leading to the growth of luxury diamond jewellery is the increasing gold price. It is gradually going too high in the market, causing customers to lean towards diamond jewellery.
The past few years have been considered to be the years of retail innovation and it has widened the gates for national and international brands to solidify their position in the Indian market luring the customers with creativity and innovation. The entry of luxury branded jewellery has created a new market which suits the needs of the upper middle class. Companies dealing in diamonds are following a new strategy of blending their products with Indian customs and traditions which gives a boost to sales and brand promotion.
With the in foreign entry into India, branded diamond jewellery is getting established and is making its own identity in the market, creating a range of products from daily wear to light weight jewellery. Considering this increase in competition, domestic brands are also converting and upgrading to class luxury retail.
All the leading national and international Luxury Jewellery Brands have extensive knowledge related to Indian customs, style and physique and are therefore moulding their designs and styles of jewellery based on area, taste and preferences of the people. Markets have upgraded their business-line, which is growing rapidly, especially for occasions like weddings or anniversaries as consumers are more inclined towards these classy pieces with high-ticket prices.
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| Kanjimull Jewellers |
The past few years have been considered to be the years of retail innovation and it has widened the gates for national and international brands to solidify their position in the Indian market luring the customers with creativity and innovation. The entry of luxury branded jewellery has created a new market which suits the needs of the upper middle class. Companies dealing in diamonds are following a new strategy of blending their products with Indian customs and traditions which gives a boost to sales and brand promotion.
With the in foreign entry into India, branded diamond jewellery is getting established and is making its own identity in the market, creating a range of products from daily wear to light weight jewellery. Considering this increase in competition, domestic brands are also converting and upgrading to class luxury retail.
All the leading national and international Luxury Jewellery Brands have extensive knowledge related to Indian customs, style and physique and are therefore moulding their designs and styles of jewellery based on area, taste and preferences of the people. Markets have upgraded their business-line, which is growing rapidly, especially for occasions like weddings or anniversaries as consumers are more inclined towards these classy pieces with high-ticket prices.
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