The Indian jewelry industry has shown steady growth in recent years, the sector is one of the most significant contributors to the Indian economy – not only representing over 7% of the country’s GDP but also bringing in a huge amount of foreign exchange. To further expand the country’s jewelry industry in the global market, the government in India has set a target to reach a total of $60 billion in jewelry exports by 2020; this ambitious target was revealed in the recent India International Jewelry Show. BizVibe’s Indian jewelry industry analysis aims to tackles some of the key trends in the industry including a comprehensive jewelry market segmentation breakdown, top trends, and the most pressing jewelry industry statistics for 2017.
Jewelry Industry Statistics for 2017
The Indian jewelry export market is booming with new innovative trends and ample opportunities. According to the latest statistics from India’s Department of Commerce, India exported gems & jewelry worth $43.2 billion during the fiscal year 2017, a year-over-year rise of nearly 10% over the previous fiscal year’s export figure of $39.2 billion. The newly-set export target of $60 billion by 2022 indicates that jewelry exports from India are expected to grow by 6-7% per annum over the next five years.
The Indian government also hopes that the country’s total jewelry exports can eventually hit $80 billion by 2025.
Commenting on the ambitious target, the Department of Commerce Joint Secretary Manoj Dwivedi said, “the jewelry industry needs to achieve a higher scale of achievement in the coming years in order to become globally competitive and promote jewelry exports. The government is making various policy initiatives to find out ways and mean to improve this sector since it is only sector having maximum employment opportunities to both skilled and unskilled workers pan India.”
Comprehensive Jewelry Market Segmentation for Indian Exports
Over the recent decades, India has become one of the largest exporters of gems and jewelry in the global market, mainly thanks to its low costs and availability of high-skilled labor in the jewelry manufacturing sector. Ever-changing trends in the Indian gems & jewelry industry are taking the global market by storm. According to a recent report from the IBEF, India is the world’s second-largest exporter of diamonds, gems and stones after China, and the world’s largest cutting and polishing center for diamonds, responsible for nearly 75% of the world’s polished diamond supplies. Currently, UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest exporting destinations for Indian jewelry industry.
Indian Jewelry Market Size
As the global demand for India’s gems and jewelry products continues to grow, the jewelry market in India is expected to grow at a compound annual growth rate (CAGR) of 16% over the period 2014-19. The gems and jewelry market in India is home to more than 500,000 companies and employs around 4.5 million skilled and semi-skilled workers across India. By the year 2022, the Indian jewelry industry is expected to provide employment opportunities to more than 8.23 million workers.
In terms of trends and opportunities, experts have noticed the gradual move by consumers towards high-end items—a consistent pattern discovered by us during our Indian jewelry industry analysis. With this gradual move towards the branded jewelry market in India, we are seeing considerable interest and growth in distribution channels, which bodes well for the overall market. A huge draw for investors, branded jewelry has really taken India by storm mainly due to very lucrative profit margins compared to jewelry businesses that are not design-led. Margins for gold and silver coins and bars is 3-5%; the margins for branded jewelry like ornaments, finished diamonds, gold, and silver; usually made into brooches, rings, necklaces, earrings, pendants, and bracelets are on the higher end of the spectrum at roughly 25-30%.
To recap, BizVibe’s Indian jewelry industry analysis covers all the important trends in this competitive landscape, from key market statistics like the $60 billion jewelry export target by 2022; a number that is expected to reach $80 billion in 2025, to a geographical breakdown of the global jewelry market in key segments and changing trends in the industry like a shift towards branded jewelry by investors. The jewelry market in India is expected to reach new heights going forward and the time is now to network with the top companies from India’s jewelry market.
The Indian jewelry industry analysis by BizVibe has concluded that exports are easily expected the $60 billion mark, making India a go-to destination for future trade opportunities. Thousands of leading companies in India’s jewelry industry can be in your contact list if you join BizVibe today. Whether you are looking for reliable suppliers, top manufacturers, wholesalers, or potential customers in over 70 countries, or want to find out what your competitors are buying and which suppliers they’re using, BizVibe can help you reach out to sales prospects and decision-makers across the globe.to provide employment opportunities to more than 8.23 million workers.