Gold is a yellow metal and it is used along with other metals to produce jewellery masterpieces. 24 carat is the purest form of gold available on the surface of Earth. Demand for gold in India has witnessed an increasing trend in the past, despite soaring prices of gold for many years now.
Moreover, it has been observed that in India the demand of jewellery witnesses an increase during festivals such as Dhanteras and Akshay Tritiya.
Diamond is the hardest known substance and has a property of light refection. The market size of diamond jewellery has increased over the years and is expected to increase in the future as well. On the other hand, Platinum is a metallic element which is heavy, hard and silvery. It is closely related to five other metals, which are rhodium, iridium, palladium, osmium and ruthenium. Due to an increase in awareness levels, the demand for platinum has increased in the past, and is anticipated to grow in future as well.
Major players in the Indian jewellery market are Gitanjali Group, Titan Industries, P.C Jewellers, Prince Gems and Jewellery and Joyalukkas among others. Titan Industries have maintained an upper hand in terms of revenues followed by other players in the market.
The analysis of drivers explains reasons behind the growth of demand in the jewellery industry. These reasons include an increasing disposable income, growing number of working women, fostering new talent etc. And the key challenges recognized by the analysts in the jewellery industry include factors such as unorganized sector, involvement of huge working capital, dependency on import for raw materials and an labor intensive market.
The key trends in the jewellery market of India are the changing taste and preferences of the consumers, festive season sales, emergence of new distribution channels and inclination towards branded jewellery.