WGC Report Focuses on Indian Retail Jewellery Landscape

SEATTLE (Scrap Monster): The latest edition of India Gold Market Series published by the World Gold Council (WGC) provides an outline of retail gold jewellery market trends in India.

According to the report, the retail jewellery market in India has undergone a notable shift over the past ten years, mainly driven by drastic changes in consumer behaviour and regulations by the government aimed at creating a more organized industry. Also, jewellers in the country are seen increasingly focused on inventing new products that provide value to the customer and at the same time aligned to the country’s traditions and cultures.

One of the major developments has been the tremendous rise in chain stores, which have gained a lot of market share from stand-alone retailers. As at the end of last year, these chain stores accounted for approximately 35% of the total market share. The daily wear and fast-moving jewellery items such as chains and rings constitute up to 60% of their businesses, WGC noted.

The report stated that financing continues to remain as a big challenge for the retail jewellery industry in India. Securing bank finance is extremely difficult for smaller independent jewellers. Also, the jewellery manufacturing industry in the country continues to remain highly fragmented and unorganised it said.

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