‘Ooh!! look at that necklace’ or ‘Wow! What an overwhelming ring,’ are some of the common reactions of women when they get across any beautiful piece of jewelry. Women have been jewelry lovers from ages. No matter which age group you consider, women are and have always been largely fond of jewelry.
According to a study, the gems and jewelry industry in India had a market size of around USD 30.1 billion in 2011 and is expected to be USD 45 billion by the year 2015. The Indian jewelry industry has two major segments, gold jewelry and diamond jewelry. India counts for 20% share of the total gold in the world. Gold jewelry accounts for 80% of the Indian jewelry market, the remaining portion counts for studded jewelry holding diamonds and other precious stones. India is the largest center for diamond cutting and polishing in the World.
There is a huge demand for designer and branded jewelry also. Some of the leading jewelry brands in India include Tanishq, Nakshatra diamond jewelry, D’Damas and Asmi. Apart from these bigger players, there are thousands of medium and small jewelers, delivering jewelry to the locals.
In the current scenario, the craze for jewelry is not only restricted to expensive metals and precious stones but also fashion jewelry made from semi-precious stones, wood, sea shells, bones etc. are equally being liked by fashion conscious women.
Many fashion accessories and apparel brands like Forever 21, Zara, etc. also offer variety of non-precious, fashionable jewelry pieces at their outlets. Many Small Medium Enterprises are also engaged in producing these kinds of fashion accessories. The material used for making artificial or low cost jewelry are easily available and are quite reasonable.
Non-precious jewelry are widely in demand in India, especially among the youngsters. They prefer to wear these kind of jewelry as these are low cost and in line with the changing fashion trends.
Both the market of precious and non-precious jewelry are growing. You can invest in any of these two businesses to generate good revenue.