India B2B Gold Jewellery Market to Experience Noteworthy Growth by 2031 with Changing Dynamics in Indian Jewellery

In Indian culture, gold is very significant and is viewed as a sign of success, prosperity, and wealth. Gold is also seen as a safe investment option in India, as its value rises with time. As a result, there are numerous B2B gold jewellery businesses in the country.

The India B2B gold jewellery market contributes significantly to the country's economy. India has a long history with gold and regards it as precious. Apart from being a status symbol and a display of wealth, it also functions as a financial tool for investing and saving. Wearing jewellery is not only traditional and customary among Indians, but each piece has its own meaning and significance. Gold is an investment that increases with time because it can be quickly converted to cash. It can provide comfort and stability during difficult economic times because of its value and scarcity.

Recent Trends in the India B2B Gold Jewellery Market

Many B2B gold jewellery enterprises have started to create an online presence as e-commerce has grown in India. As a result, they can connect with a larger audience and increase the accessibility of their products. Thus, digital marketing tactics are being used by many businesses to promote their products and boost sales. Moreover, businesses that sell gold jewellery online are expanding the customizing possibilities available to their clients. This enables them to design unique jewellery products that are customized according to the individual requirements of their clients. This design is especially common in the wedding jewellery market, where couples choose unique and personalized pieces.

Newest Insights in the India B2B Gold Jewellery Market

As per a report by Research Dive, the India B2B gold jewellery market is expected to grow at a CAGR of 3.4% and generate revenue of $29,415.2 million by 2031. The primary factors driving the growth of the market are the significant role of gold jewellery in Indian tradition and the rising acceptance of modern and everyday jewellery. However, the high expense of producing gold jewellery and the stringent laws governing the import and export of gold jewellery are expected to hinder the market growth.

The India B2B gold jewellery market in the South is expected to remain dominant in the coming years. The region's high revenue in 2021 was driven by the presence of a large number of skilled craftsmen and artists. As a result, there is now a greater demand for trained technicians and artisans who can make complex patterns and fine gold jewellery.

How are Market Players Responding to the Rising Demand for Gold Jewellery?

Key players of the India B2B jewellery market are responding to the rising demand for B2B gold jewellery by investing in research and development to create new and innovative designs that appeal to the changing interests and preferences of consumers. Additionally, they are utilizing technology to improve the quality of their products and streamline their manufacturing process.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the India B2B gold jewellery market are Gurukrupa Gems, Alankeetcreations Llp India, Derewala Industries Ltd, Essentials Jewelry, Vivah Creation, Dwarka Jewelry, Pinkcity Jewel House P.Ltd, Dws Jewellery Pvt. Ltd., Kapil Jewels & Art, Nsb Jewels, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the market.

For instance:

• In February 2021, Informa Markets, a leading B2B exhibition organizer in India that also organizes jewellery exhibits, announced its new project, 'Jewellery Connect,' India's first multicity gathering for the purchaser and seller communities in the gems and jewellery business.
   
• In October 2022, Malabar Gold & Diamonds, one of the nation's major networks of jewellery stores for gold and diamonds, launched the Malabar Gems & Jewellery Manufacturing Unit in Telangana, which was handed over with a foundation stone laying ceremony.
   
• In March 2023, Kisna from Hari Krishna Group, a leading manufacturer of diamond jewellery, launched its first franchise location in the Chhattisgarh state capital, Raipur. The new showroom offers designs and collections for every age group that have been carefully chosen to reflect local tastes.

COVID-19 Impact on the India B2B Gold Jewellery Market

The COVID-19 pandemic had an adverse impact on the India B2B gold jewellery market. Governments in various parts of India imposed stringent restrictions, nationwide lockdowns, and prohibited travel owing to the rapid spread of COVID-19. Moreover, due to the concern that the virus would spread, the country's jewels industry came to a complete halt, with hardly any customers entering jewellery stores. Several jewellers were forced to close their storefronts in malls and shopping centres. The impact of COVID-19 on the sector was severe, with thousands of artisans who relied on orders being out of jobs because of the lockdown. Furthermore, the market was negatively impacted by the shortage of trained labour during the pandemic because the gold jewellery is fully labor-oriented. However, the India B2B gold jewellery market is expected to recover soon during the post-pandemic period.