Press release
Middle East and Africa: Navigating Challenges in the Gem Sector
India Gem and Jewellery Market
The Indian gem and jewellery market is experiencing remarkable growth, with its size valued at USD 43.71 billion in 2023 and projected to reach USD 133.96 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 17.35%.
This surge is attributed to cultural significance, rising disposable incomes, evolving consumer preferences, and the prominence of weddings and festive seasons.
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Competitive Landscape and Regional Demand
The industry is characterized by a blend of traditional craftsmanship and modern innovation, with key players such as Tanishq, Joyalukkas, and Kalyan Jewellers expanding their footprints and product portfolios to cater to diverse consumer segments and international markets.
Regionally, the Asia-Pacific market, particularly India, is witnessing significant demand, driven by cultural factors and increasing consumer spending.
United States: Growth, Opportunities, and Trends
The United States gem and jewellery market is undergoing notable transformations, with retailers venturing into the jewellery sector to create high-margin brands. For instance, Watches of Switzerland acquired distribution rights for Roberto Coin in North and Central America, reflecting a trend among retailers to offer unique products and fill market gaps.
Additionally, luxury brands like Boucheron are expanding their presence, with plans to open standalone stores in key U.S. cities, aiming to tap into the substantial U.S. luxury market.
Asia-Pacific: Trends and Consolidation
The Asia-Pacific region, particularly India, is emerging as a significant market for gems and jewellery. India's gem and jewellery industry contributes 7.5% to the country's GDP and 14% to its merchandise exports. Government initiatives, such as allowing 100% Foreign Direct Investment (FDI) under the automatic route and signing the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, are propelling export prospects.
Notably, companies like VietGem and Thai Gold Corporation are engaging in mergers and acquisitions to enhance their portfolios and expand their international footprints.
Europe: Trends and Updation
Europe's gem and jewellery market is witnessing strategic shifts, with companies like Chopard acquiring Bvlgari's gemstone division to expand their product lines and compete more effectively in the high-end luxury market.
Additionally, companies like Gemfields are considering selling assets such as Fabergé as part of cost-cutting measures to streamline operations amidst a challenging luxury market environment.
Middle East and Africa: Opportunities and Trends
The Middle East and Africa region presents emerging opportunities in the gem and jewellery market. Companies like Gemfields are adjusting strategies, including halting non-essential spending and suspending capital expenditures at ruby development assets in northern Mozambique, to navigate operational challenges.
These developments indicate a focus on optimizing resources and exploring new avenues for growth in the region.
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India Gem and Jewellery Market segmentation :
by Stone Type
Emerald
Ruby
Sapphire
Other
by Product Type
Rings
Necklaces
Earrings
Bracelets
Chains and Pendants
Other
The India Gem and Jewellery Market has varying dominance across several product sectors based on product type. Due to its vast appeal and cultural significance in India, rings and necklaces stand out as the most popular categories, holding significant market shares in the country's gem and jewelry business. Due to their cultural significance and ongoing demand, rings-especially engagement rings-dominate the Indian market. These ornaments are firmly ingrained in Indian customs and represent dedication, which helps explain their continued supremacy.
by Distribution Channel
Online
Offline
Due to its adaptability and capacity to go well with a wide range of ensembles, earrings continue to enjoy a significant market share in India. Even if they are not as popular as necklaces and rings, earrings are becoming more and more popular among younger consumers as a result of changing fashion trends. Their wide range of uses, from formal events to daily wear, reflects their adaptability and widespread appeal. It is anticipated that the use of earrings would increase significantly due to creative designs and shifting customer tastes for fashionable, lightweight, and eye-catching accessories.
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Learn about the top players driving innovation in the India Gem and Jewellery Market :
1. Tanishq (Titan Company Limited)(Karnataka)
2. Reliance Jewels (Reliance Retail (Maharashtra)
3. PC Jeweller (Delhi)
4. Malabar Gold & Diamonds (Kerala)
5. Kalyan Jewellers (Kerala)
6. Gitanjali Gems (Maharashtra)
7. Joyalukkas (Kerala)
8. Mellora (Karnataka)
9. Aadinath Exports(Rajasthan)
10. Unique Jewellers (Maharashtra)
11. Bello Jewels Star (Delhi)
12. Haaris Real Estates, & Precious Gem & Jewellery (Maharashtra)
13. Gem Mart (India) Pvt. Ltd. (Rajasthan)
14. Gaya Gem & Jewellerytones Pvt Ltd (Bihar)
15. Arihant Silver & Crafts (Rajasthan)
16. Acute Gem & Jewellery (Maharashtra)
17. Sunrise Jewellers (Rajasthan)
18. Stone Art (Rajasthan)
19. Jindal Gem & Jewellery (Rajasthan)
20. Pdm Gem & Jewellery (Rajasthan)
21. Zaheen Jewels Pvt Ltd (Maharashtra)
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♦ Monoethylene Glycol (MEG) Market https://www.maximizemarketresearch.com/market-report/monoethylene-glycol-meg-market/2018/
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