India, the arena’s second-largest shopper of gold jewelry, has skilled speedy exchange over the previous few years because of evolving demographics witnessing rising call for for light-weight and studded jewelry, reported Asian Lite International bringing up World Gold Council.
“India is a strong pillar of support for the global gold markets as the second-largest consumer of gold jewellery. While weddings and festivals act as important drivers of jewelery demand, our rich cultural heritage and historic status as a major global force in world commerce underpin this strong socio-economic relationship with gold. Over time, we have created countless reasons and joyful occasions to accumulate gold. Bridal jewelery segment alone accounts for nearly half of the market share with rural India being the largest consumer of gold jewelery in the country. ,” said Somasundaram PR, Regional CEO, India, World Gold Council.
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The gold jewelery exports in India have grown from USD 7.6 billion in 2015 to USD 12.4 billion in 2019. Bridal jewelery dominates the gold jewelery landscape, enjoying 50-55 per cent of market share in India, reported Asian Lite International.
Plain gold jewelery maintains 80-85 per cent of the market share, the majority of which is 22-carat although the market for 18-carat jewelery is growing. Daily wear jewelery accounts for 40-45 per cent of the market.
Plain gold jewelery exports accounted for 38 per cent of gold jewelery exports from India in 2021. Over the last decade, nearly 90 per cent of India’s jewelery exports have flowed to just five major markets: namely, the UAE, the US, Hong Kong, Singapore and the UK, reported World Gold Council.
Meanwhile, South India dominates Indian gold jewelery consumption, accounting for 40 per cent of the country’s total jewelery demand.
Aside from gold, India has a sizeable and vibrant silver jewelery market and is the world’s largest fabricator of silver jewellery, reported Asian Lite International.
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“Our 2019 shopper survey, performed via Hall & Partners, discovered that 60 consistent with cent of the ladies surveyed owned gold jewelry, intently adopted via 57 consistent with cent who owned silver jewelry, however best 26 consistent with cent owned diamond jewelry,” reported World Gold Council.
Meanwhile, Platinum jewellery didn’t seem a number of the most sensible purchases via feminine customers, as this marketplace continues to be in its infancy in India.
Notably, India used to be the biggest shopper of gold ahead of being overtaken via China in 2009. In 2021 India purchased 611t of gold jewelry, moment best to China (673t) however very easily forward of all different gold-consuming markets, a up to date World Gold Council document printed.