Gold Jewelry from India - Uniques Contribution the World Market!

Indian Jewelry market

Gold jewelry from India forms around 80% of the whole Indian jewelry market. This comprises of fabricated studded jewelry including gemstone and diamond studded jewelry. India comes out to be at number one position in diamond cutting and polishing industry. Gold jewelry from India is specific and jewelry market as whole is well supported by Indian government with favorable policies and financial support from banking sector. More than 50 banks are funding above $3 billion only to Indian diamond market. 

A significant portion of the gold jewelery from India is consumed in the domestic market, however a large portion is exported in the form of polished diamonds or finished fashion jewelry. Indian jewelry and gems is a fast growing sector in Indian economy. The annual growth rate for this sector is around 15% and this alone accounts for 20% of the whole exports from India. 

Comparison with other countries

The Indian jewelry market is second largest market in the whole world accounting for $ 13 billion market size. United States comes out to be first with $ 40 billion market size and China is the third largest with $ 11 billion market occupancy. The major importers of gems and gold jewelry from India are United States and Hong Kong each accounting for around 30% share of total imports. The gold jewelry exports alone have risen from 5.6 billion USD in 2007-08 to 7 billion USD in 2010-2011. India consumes around 800 tonnes of gold every year and comes out to be the largest consumer in the world. China and Japan are second and third largest consumers. Of the total 800 tonnes, a major amount i.e. around 600 tonnes is used for jewelry manufacturing. 

Key brands to buy gold jewelry from India

• Tanishq: this brand was initiated jointly by a TATA group company and TIDCO. In the earlier days the brand was promoted for watches (Titan watches Ltd.). But over the time it ventured into jewelry business and stared Tanishq brand jewelry division. 

• Gili: after the abolition of Gold Control Act in 1994, famous jewelers Gitanjali Jewels established a distinct brand under the name of Gili Jewellery. Gili is involved in diamond studded jewelry and 18 karat plain gold. 

• Carbon: it is 18 karat gold jewelry. Carbon brand was launched in 1996 by a Bangalore based Peakok Jewelry Ltd. 

• Oyzterbay: this is a chain of more than 100 stores, which began operative in 2001. This brand aspires to be the largest jewelry company in India. 

Future of Indian jewelry market

Branded gold jewelry is going to be the fastest growing sector in domestic market. Government and private sectors are taking initiatives to drive the exports of gold jewelries from India. For example setting up of SEZs (Special Economic Zones) and jewelry parks will promote investment and exempting service taxes on exports will favor this sector. This country is becoming an attractive destination for gold and diamond jewelry because of the encouraging factors such as cheap labor cost, better designs and improved manufacturing practices.

Gold Jewelry from India - Uniques Contribution the World Market!

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