Branded gold jewellery made inroads into Indian market, reveals survey

Branded gold and diamond jewellery outlets have started to attract more customers in India, according to a recent survey

NEW DELHI (Scrap Monster):  Branded gold and diamond jewellery outlets have started to attract more customers in India, according to a recent survey. The survey indicates a visible shift in preference from traditional retail stores into branded jewellery boutiques among Indian customers. This growing trend has become a cause of concern among small jewellery retailers, the survey noted.

Branded jewellery segment enjoys 20% market share among rural towns in India. In big cities, the market share may even double. According to C K Venkataraman, chief executive of Titan's jewellery division, the industry has started transforming. The switch to branded jewellery may benefit organized jewellery retailers in the country. However, he warned that the growing trend may be at the cost of other smaller players. Titan is a frontrunner in the segment, selling branded gold and diamond jewellery under the brand ‘Tanishq’. Almost 80% of the revenue comes from sale of branded jewellery, Venkataraman added.

The growing purity concern among the Indian customers has led to robust demand growth in branded jewellery. According to PC Jewellers, purity is one of the reasons customers seek out branded gold and diamond jewellery. The rising demand for better design also has contributed much to the growing demand for branded jewellery among Indian customers. A fusion of western and oriental designs is the trend of the day.

In an attempt to reach out to more customers, all major jewellery brands in the country have announced aggressive expansion plans.