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The India B2B Gold Jewellery Market Size is predicted to be valued at $29,415.2 million by 2031, surging from $22,239.0 million in 2021, at a CAGR of 3.4%
The India B2B gold jewellery business has been significantly impacted by the COVID-19 pandemic. The nationwide lockdowns and restrictions on mobility and company operations led to a dramatic drop in demand for gold jewellery in the first half of 2020. Sales and revenue fell owing to the closure of store outlets, which account for a sizable share of the sale of gold jewellery in India. However, in the latter half of 2020 and early 2021, the market showed indications of recovery.
Gold jewellery sales began to increase as limitations were relaxed and businesses adjusted to the new normal. Also, the government's move to eliminate gold import duties aided in lowering the cost of raw materials, which benefited the sector. Also, the pandemic has hastened the trend towards digitalization in the gold jewellery industry, with more enterprises utilizing online sales and marketing channels. This has created new avenues for firms to reach out to clients and expand their market reach in the post-pandemic period.
The India B2B gold jewellery business is primarily driven by a strong cultural affinity for gold among Indian customers. Gold is considered as a symbol of success, richness, and auspiciousness in Indian culture and traditions, and hence plays an important role in a variety of social and religious occasions, such as weddings, festivals, and religious ceremonies. Also, the rising spending power of Indian customers, along with a growing middle class and an expanding number of high-net-worth individuals (HNIs), has aided the expansion of the B2B gold jewellery industry in India. This has resulted in an increase in demand for gold jewellery not just for personal use but also for financial purposes, which has boosted the market expansion. These are the major factors anticipated to boost the India B2B gold jewellery market share during the forecast timeframe.
The India B2B gold jewellery market is being hampered by a number of factors that are limiting its growth and profitability. One of the major constraints is the rise in the price of gold, which has made it difficult for retailers to maintain profit margins. The fluctuation of gold prices makes it difficult for jewellers to estimate pricing for their consumers, resulting in uncertain demand. Increase in the making charges for customized designs is also projected to be a major restraining factor. All these factors are anticipated to hamper the India B2B gold jewellery market growth during the forecast period.
The India B2B gold jewellery market presents significant opportunities for growth in the future. The country has a long history of cultural attachment to gold, with the precious metal serving as a symbol of riches, rank, and prosperity. Rising disposable incomes, increased urbanization, and a young population with a strong predilection for gold jewellery are projected to boost the demand for gold jewellery in India in the future. In addition, the Indian Government has legislated a number of initiatives to encourage the expansion of the gold jewellery business, such as the Gold Monetisation Program and the establishment of the Indian Gold Coin. These policies are intended to make gold a more accessible investment for individuals that is estimated to boost the India B2B gold jewellery market size in the upcoming years.
The India B2B gold jewellery market is segmented on the basis of manufacturers, wearings, product type, and region.
Manufacturers:
The manufacturers segment is further classified into organized manufacturers and unorganized manufacturers. Among these, the unorganized manufacturers sub-segment accounted for a dominant market share in 2021. The unorganized manufacturers are expected to continue their dominance in the Indian B2B gold jewellery market. These small-scale manufacturers frequently lack the resources and technology needed to make gold jewellery that meets international quality requirements. However, they still account for a significant share of the market due to their low prices and the flexibility they offer in terms of customization.
Wearings:
The wearings segment is further classified into occasional wear, bridal wear, and daily wear. Among these, the bridal wear sub-segment accounted for a dominant market share in 2021. Bridal wear is one of the most important contributors to the Indian gold jewellery market, accounting for a sizable share of total demand. Bridal jewellery demand is not restricted to classic designs but also includes popular contemporary designs. Therefore, manufacturers are innovating and releasing new designs to meet shifting consumer tastes.
Product Type:
The product type segment is further classified into neckwear/necklace, earrings, rings, bangles/bracelets, chains, and others. Among these, the bangles/bracelets sub-segment accounted for a dominant market share in 2021. Bangles and bracelets are an important element of Indian culture, and women of all ages wear them on a variety of events, from weddings and festivals to everyday wear. Therefore, demand for bangles and bracelets in the Indian market is stable, making it a profitable category for makers and retailers.
Region:
The India B2B gold jewellery market in the South is projected to show the fastest growth in 2031. South India is an important region in the India B2B gold jewellery market. The region is famed for its traditional jewellery styles, and gold jewellery is in high demand due to its cultural significance. The South Indian states of Tamil Nadu, Karnataka, Kerala, and Andhra Pradesh are among the major players in the gold jewellery industry. The presence of a significant number of talented artists and craftsmen is one of the primary factors driving the growth of the B2B gold jewellery market in South India.
Some of the leading India B2B gold jewellery market players are
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