From being a fashion and symbol statement to having an auspicious slant, jewelry has a lot of significance for us and with time it has only evolved. Jewelry has been and continues to be an integral part of a woman’s lifestyle. Women hailing from various economic strata have varied lifestyles, which means the choices of jewelry also differs. India is a diverse nation where jewelry is often connected with weddings, religious events, and different festivals. Therefore, it is easy for us to say that the usage of jewelry in this country is deeply rooted in geographical traditions.
If we keep aside our traditions for one second, then we will get to see the major role that the gems and jewelry sector plays in our economy. It contributes 7% of the total GDP of the country along with 15% of the merchandise that is exported from India. It is one of the many sectors that is growing at a massive rate. The jewelry industry is extremely labor-intensive and highly export oriented.
However, of late the fashion jewelry industry in India is stealing the show and is steadily rising. It has found several takers across the country and across the globe. This has caused a rise in the domestic sales along with the export of the home-grown jewels. It is only a matter of time that India is going to be the export powerhouse and manufacturing hotbed of the fashion or costume jewelry. Take a look at this article to understand what we are talking about.
The domestic market of fashion jewelry –
The market for fashion jewelry on a global scale is currently equivalent to a total of $16.3 billion where United Kingdom and the United States of America are the leading suppliers of premium quality costume jewelry. However, the Indian jewelry industry has earned a customer base on a global scale and has an unprecedented relevance with these leading countries. Apart from the renowned brands like ORRA, PC Jeweller, Kalyan Jeweller, and so on selling their top-notch fashion jewelry collection in India we also have a dozen of brands that are ruling the internet with their innovative and indigenous collection.
Today, India is the home of an array of designers who have the potential to manufacture stunning fashion jewelry.
Is fashion jewelry a good way to enhance trade?
The export related to the fashion or costume jewelry in India is on a constant and steady rise. It was at Rs. 2502 crores in the financial year 2014-2015. In the year 2015-2016 there was a rise of 10.10% which led to an overall amount of Rs. 2755 crores.
India’s fashion jewelry market has always been appreciated and flourished. It is in here that people indulge the most in the beauty of both fashion and fine jewelry than any other part of the world. Today, India stands proudly in the list of names that exports fashion jewelry across the globe. According to Government sources, there will be a growth of 10% in the demand of fashion jewelry worldwide. The Indian fashion jewelry market is expected to rise by 15.95% during the period of 2014 – 2020, at compound growth rate.
The rise of e-commerce –
E-commerce is undoubtedly the present and future of retail. It is taking massive steps each successive year to redefine technology. The retail market in India is emerging as a fast paced and dynamic sector, where fashion jewelry is easily available at the most popular websites like Flipkart, Amazon, Myntra, Snapdeal, and so on. The fashion jewelry sector in India is blooming with each passing day. Currently in India, women are highly empowered and are holders of discretionary incomes, which they obviously don’t mind spending on fashion jewelry. The trends are changing at a fast pace and women all over the country are currently more inclined towards contemporary fashion jewelry than the traditional ones.
These strong and beautiful women don’t hesitate to experiment their outfits with costume jewelry.
Smartphones and an active internet connection is accessible to almost everyone, today. Women are completely aware of the online shopping websites, which makes shopping a fun and convenient option for all of them. E-commerce jewelry not only allows a woman to choose amidst a plethora of choice and designs available online, but it also gives them a chance to read the feedback that previous shoppers have left behind. E-commerce of fashion jewelry is expanding its roots and leaving behind its footprints all over the Indian market and economy.
The online shopping websites present a wide range of choices in material and design of the jewelry that is sold while keeping in mind the budget constraint and convenience of the customer. As much as e-commerce showing successful signs, it has to be complemented with Retail presence.
India’s connection with jewelry –
The process of buying jewelry in India is not only based on the current fashion trends but is also an emotional process. It is associated with sophistication and glamour. Fashion jewelry started off as an attempt to make luxury jewelry available to one and all. Now, it has created a reputation of its own. Fashion jewelry industry is stretching its wings and is here to stay.