A report in The Times of India says India is going to replace global giant USA as the world’s second largest jewelry market.
According to Euro monitor Report, the Indian fine jewellery market is set to grow by $30 Billion in the next 5 years at a growth rate of 8% from 2018-2023. The market in India consists of precious metals, stones, white gold, platinum rhodium and titanium.
At present, the fine jewelry in the US is fixed at $56 Billion, while the market size of India is standing around $55 billion and is expected to grow at $62 Billion to displace USA in the year of 2018-2019.
The market in India has grown considerably since 2014-2015 by $26 billion. While the market size in USA has gone down by 12% in the few years, while Indian market has set its standard by growing 74% during the same period.
The TOI stated: Indians love their tradition, and buy jewellery during festivities, wedding and important family functions as jewellery is a symbol of wealth. Also, Indians buy fine jewellery as an investment, resulting its dominance in value sales of jewellery in 2018-2019.
Furthermore, new schemes of gold monetization in the Indian market and gold exchange will make it easier for consumers to buy and sell gold. The rising rural incomes are leading the nation to buy jewellery from the local jewelers.