India has been recognized for its vast reserves of Gold, Silver and other precious gems since times immemorial. Gold and diamond are two of the most significant segments of the industry with India being responsible for over 20% of the world’s total gold consumption. In addition to this, it is the largest cutting and polishing centre for diamonds in the world, well supported by encouraging government policies and backed by banks.
Due to the free availability of these resources and its cost efficiency, it is considered by many to be one of the fastest growing industries in India. It is given a place of high importance on account of its contribution to Indian exports and Foreign Exchange Earnings and is responsible for around 5-6% of the country’s GDP.
A report by Research and Market forecasts the growth of the Jewelry Market in India at a CAGR of 15.95% over the period 2014-2019. There are also expectations that the platinum segment will cross INR 25 billion according to IKON Marketing consultants. The changing lifestyles and greater disposable incomes have led to a change in the pattern of spending with more people willing to spend excess money on jewelry. Further, gold is considered by many to be one of the safest investments on account of low price fluctuations irrespective of the state of the economy.
Future growth in this sector is going to be majorly on account of development in the organized sector through expansion of brands, encouraging diversity in design and quality. The removal of restrictions on the import of gold is also expected to spur growth.
We, on account of our vast and varied experience in dealing with all kinds of matters in this field are the perfect firm to guide you and help you grow as a business in the segment and provide you with sound advice, always striving to cater to your best interests.