04 Nov
The Indian gems and jewelry industry is among the fastest-growing sectors in the modern time, contributing around 7 per cent to the nation's Gross Domestic Product (GDP). In fact, the gems and jewelry industry is responsible for India's total merchandise exports, which is nearly 15 per cent, as per the latest report. The sector was initially categorized as an unorganized sector. But, the rapid penetration of new business ideas along with efforts of passionate and enthusiastic entrepreneurs, the industry is now growing into a well-organised sector, seeding opportunities for aspiring investors.
Technology Playing an Upper Hand in Transforming the Industry
There is not a single industry in today's time that has not been affected by technology. Entrepreneurs have been using technology as a major tool for revamping any business industry, including the jewelry industry in India. "The Indian jewelry industry is vibrant and we're seeing a lot of niche designers come to the forefront. Since we have a manufacturing background, we can say that there are new features and upgrades in technology being introduced every year that are giving manufacturers the opportunity to innovate.
Opportunity for Potential Entrepreneurs
"Jewelry is a niche segment and holds potential for aspiring entrepreneurs. But keeping the latest demands along with understanding the mindset of the new-age customers could improve the scenario. Entrepreneurs could focus on personalisation, authenticity, and affordable luxury in order to throttle this industry in the near future. In fact, according to a recent study by the World Diamond Council, 89% of millennial-aged women rank authentic as the key value when they consider making luxury purchases such as diamonds. If you can create a proposition that ticks these boxes, then yes there is a huge potential."
Women: The All-time Jewellery Consumer
"Women are looking for jewelry that's not just a fashion statement but also has an emotional connect and is able to reflect their personality. Even with weddings, women are no longer limited to traditional jewelry that is given to them by their mothers or grandmothers. They are opting for personalized pieces that they can hold onto forever. The customized mangalsutras are a great example of the modern woman moving towards experimentation and greater personalisation".
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