While these organized players continue to expand and diversify, it is worth keeping in mind that the retail sector overall is dominated by a large margin by the unorganized sectors. The major leading players in the jewelry and diamond sector include Titan company, Rajesh Exports, and Kalyan Jewellers. Retail within the jewelry market is a thriving business in India with several small- and large-scale companies in the mix. Silverware is often used for gifting and its market demand has increased consistently through the years. Even though most of the demand share for the metal came from the manufacture of jewelry and silverware, it also serves industrial and investment purposes. On the other hand, silver, while also precious, is termed the poor man’s gold. The total consumption of gold jewelry in 2021 was about 797 million metric tons and highest among the middle-income group in India. The Hindu festival of lights, Diwali, along with Dusshera, causes a regular spike in sales of jewelry every year between October and November with little exception (even a pandemic). About 50 percent of the country’s yearly gold demand is generated by weddings. Despite high costs, the volume of consumer demand for gold jewelry is consistent, thanks to weddings and special occasions. ![]() In Indian society, giving gold as a gift is a deeply embedded aspect of wedding customs. Gold is regarded as auspicious in Hindu and Jain cultures. In Indian culture, gold plays an important role as a store of value, a sign of wealth and prestige, and an essential component in several rituals. Likewise, cut and polished diamonds accounted for the highest share of exports within the country’s gems and jewelry segment in 2021. India, as a world-renowned producer of gemstones – with the legendary Kohinoor diamond being exemplary of this legacy, also presently houses the largest diamond processing center. Another common piece of silver jewelry for married women across the country was a pair of toe rings on each foot, believed to strengthen fertility.Ancient India was a global trade hub for jewelry, precious stones, and metals and continues to be in present times. Traditional anklets or Payals made up about 70 percent of this market in 2016. Despite gold loans being taken out to meet expectations of grand wedding jewelry, silver is more accessible to a larger share of the population, since the latter is made up primarily of lower income groups. Mass produced silver jewelry, mainly in five cities across the northern region of India, makes for availability and convenience. ![]() Furthermore, silver is not only cheaper compared to gold and platinum, it is molded into more chic, new-age designs that have a higher appeal for daily accessorizing, especially among younger Indians. dollars out of 40 billion in the jewelry market comes from weddings annually according to data in 2013. Silver is also presented at weddings, naming ceremonies and birthdays among other occasions. These include intricately designed lamps. Jewelry accounts for 34 percent of the total silver demand in the country.ĭifferent pieces used in prayer corners or rooms of Indian houses (more often of the Hindu faith) are often made of silver. This was an increase of 90 percent as compared to the previous year. ![]() The demand for silver amounted to over 3.4 thousand metric tons in 2022. Although historically not as popular as gold, silver is an important aspect of the jewelry market in India.
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