“It is what the industry can shape into. There is per capita income, an explosion in the top two/three income households within the pyramid — so there is opportunity to sell all kinds of jewellery,” he said, while speaking on the sidelines of the India International Jewellery Show (IIJS) Premiere 2023, a six-day B2B gems and jewellery exhibition organised by the GJEPC across two venues in Mumbai.
Elaborating further, Venkataraman said that the demand has been encouraging and he expects it to continue for the festive season. “Early indicators are there of it being a rocking festive season this time — demand will be good.”
According to a report by the World Gold Council, India is the second largest consumer of gold jewellery in the world. “In 2021, India bought 611 tonnes of gold jewellery, second only to China (673 tonnes) but comfortably ahead of all other gold-consuming markets,” the report highlighted, adding that much of the Indian gold market was very traditional, reflecting important cultural and religious ties. “This can be seen in the long-standing preference for 22-carat jewellery and the dominance of bridal jewellery. But the gold market is evolving, with changing tastes and designs. In recent years, for example, demand has grown for lightweight and studded jewellery.”
Reflecting on the market growth and the potential for India, Vipul Shah, Chairman, GJEPC, said that there should be a renewed focus on developing India as a design hub for gems and jewellery. “Initiatives like the design workshops organised by the Indian Institute of Gems and Jewellery and GJEPC have been making commendable progress. These efforts will pave the way for India to establish itself as a leading design destination in the global gems and jewellery industry,” he said.
Shah mentioned that sustaining the momentum in consumer interest can happen by catering to the needs of the new generation, especially Millennials and Generation Z. “In this pursuit, GJEPC has been actively collaborating with the World Gold Council and the Natural Diamond Council to promote gold and diamonds, respectively, in India and key export markets. However, a unified and concerted effort including retailers and manufactures to promote gold and diamonds together could have an even more profound impact,” he stated. Such efforts, he added, would create a compelling narrative that resonates with new-age customers and ensure the long-term success of the industry.
