Jewellery Industry Essay
Has jewellery consumption in India reached a plateau?
Not really, going by the ever growing domestic jewellery sector in the country. Changes in life styles or choice of purchase patterns may change due to external influences but thanks to Indian’s culture traditions, the country has always been an ever-growing enormous market for precious jewellery. Irrespective of the economic changes domestically or internationally or even fluctuating prices of gold or other precious metals or prices of diamonds or other precious stones, the jewellery sector has registered growth. None of these factors have had any drastic effect on the market or the consumption patterns of jewellery lovers pan India.
It is predicted that India will remain the most important
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In recent years, demand for diamond jewellery grew at a slow pace. Current conditions in India reveals a rather a slower impact on diamond jewellery sales than on gold jewellery sales since Indian consumers are much more cautious as it is a discretionary demand when it comes to diamonds . At least passing knowledge of the 4Cs of diamond jewellery - colour, clarity, cut and carat- is required and the Indian consumers are still not confident about it. Understandably, this has been a hurdle to the growth of diamond jewellery sales in …show more content…
Purchasing pattern too is seeing huge changes pan India. The traditional practice of preferring the trusted neighbourhood jeweller is no more the norm. This is gradually changing due to the mushrooming of numerous regional retail chains as well as countrywide retail chains.
The profile of business in India is typical of the country, which are low margins and high volumes. Owing to a steep rise in commodity prices and severe competition, margins continue to be under severe pressure. Analyst feel jewellery in India should be more aggressive, opting for large-scale adoption of branded jewellery, which might create space for more sustainable margins in the
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