The World Gold Council launched a report on 28 September 2022, titled ‘Jewellery market structure’, as part of a series of in-depth analysis on the Indian gold market.
The report highlights a notable shift in India’s gold jewellery market over the past few years, catalysed by changes in consumer behaviour and government regulations.
According to the report, while small independent retailers still dominate the landscape, the market share of chain stores, both national and regional have increased steadily over the last decade. In contrast to the retail jewellery trade, changes at the manufacturing level have been relatively slower but as the market continues to develop, organised retail and manufacturing operations are well-poised to see their market share grow.
Somasundaram PR, Regional CEO, India, World Gold Council, commented: “The Indian retail jewellery market has seen several structural changes over the last decade, some driven by regulations and some by shift in consumer behaviour. While mandatory hallmarking, implemented in its final shape as defined, should provide a level playing field, national and regional chain stores are nevertheless set to gain market share in the current trend because of their access to credit and the large inventory they carry. Small players need to become more transparent and adapt technology faster if they have to gain similar access to credit and protect market share.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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