Quick Look

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    Today, the gems,  jewellery and imitation jewellery industry is one of the biggest businesses in India, playing a crucial role in the Indian economy. Contributing around 10 per cent of the country's GDP and 15.71 per cent to India's total merchandise exports, this is one of the fastest growing sectors that are extremely export-oriented and also labour intensive. As a result, the industry brings in huge foreign exchange and gives employment to over 4.64 million workers, both in organized as well as unorganized sectors.

     For Importers have a challenge to maintain the quality of the product and should maintain the safety measures for the packing before dispatch and post dispatch for transit. To control the quality parameters importers approaches 3rd party inspection companies to inspect the goods prior to ship.  

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    The rising demand for Indian gems and branded jewellery from across the globe is primarily being driven thanks to the increase in per capita income of the consumers and a stronger purchasing power of the middle-class woman.  In fact, the sector is now witnessing changes in consumer preferences. Buyers of jewellery are demanding new designs and varieties and are open to making purchases through the medium of online platforms, while the youth is showing a keen interest in semi-precious stones for astrological reasons.

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    The industry is already seeing an influx of established brands who are helping the market become more organized. Further, the growth in the gems' and jewellery sector is likely to be dominated by the increasing penetration of new players. They are expected to not only unravel the potential to create new jobs but will also contribute to the economy through voluminous exports. What is needed now is the intervention of the concerned authorities and the government to help the new and existing players tap the full potential of the industry and make India the Glittering Nation once again!

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    The Indian imitation jewellery market has emerged as one of the rapidly growing business segments of the country. Low cost, innovative designs and rise in fashion among the rural and urban folk compared to original jewellery have made the business particularly popular throughout the country. Indeed, the imitation jewellery market in India is anticipated to grow at a CAGR of around 20% over the period 2014-2018, says RNCOS in its latest report “India Imitation Jewellery Market Outlook 2018".