Gold jewellery no longer remains women's domain. Indian men flaunt their passion for gold jewellery; making India, the third biggest jewellery market for men's luxury accessories.
Gold jewellery has always occupied a pivotal position both in the lives of Indians and Indian economy. Indian jewellery market is estimated to have a market size of $40 billion. Gold jewellery comprises 80% of the total Indian jewellery market. Apart from this, India boasts to be the world's major diamond cutting and polishing industry. Jewellery industry in India; is well supported by Government policies and banking sectors providing enough credit for the sector.
India is the biggest consumer of gold; around 800 tonnes of gold, comprising 20% of the global gold consumption. Of the total gold consumed, 600 tonnes are used for making jewellery. India excels in diamond industry as well. 9 out of 10 diamonds sold in the world are cut and polished in India. There are more than 2.5 million jewellery shops in India. Indian shoppers are getting more quality conscious and brand focused. Government allows 51% of FDI in single brand retail stores. This is attracting both domestic and global players to enter the Indian market. Jewellery sales are expected to increase up to USD 37 billion by 2015.
Men's jewellery gets in the spotlight:
Adding to all the excitement, currently men are getting much interested in jewellery shopping than ever before. They are adorning themselves with exquisite jewellery, poised to connect with their creative and aesthetic side. A Euromonitor International research states that, India is quickly overtaking the US to become the third largest market for men's jewellery. Men's jewellery market is estimated to be around `954 crore, and is further projected to have a growth of 36.4% by the next year.
A wide range of men's jewellery is offered in the market with masculine designs capturing a sense of effortless cool. Fancy bracelets, studs, rings, cufflinks, and chains are becoming a fashion statement for men too, and many of India's metro men have already added these in their wardrobes. Light weight gold jewellery is preferred by them. Neck chains, bracelets, and rugged cuffs are seen in stores; uniquely and ornately styled, along with natural, historical, and socio cultural reference.
Economictimes.indiatimes.com reports Dushyanth Ganjam, head of retail at luxury jeweller House of Ganjam, running outlets across Mumbai, New Delhi and Bangalore saying, "There is much more intelligent involvement by men today in choice of design, type of stones or quality of diamonds. Not only do they see it as an investment but want to be seen as gifting something exotic."
Men from the Metros in the age group 20-30, drive this demand. They account to 8-10% of the total jewellery customers. Most of them do the jewellery shopping and take decisions independently. Many of them shop for gifts for their partners as well. A research reveals that 15-20% of gold and platinum jewellery are being purchased by men. Rings and bracelets are the top selling accessories.
Generally women's jewellery gets all the attention. As men's jewellery market gets heated up, more brands are focusing on this sector. Big brands such as Reliance retail, Damas, Dubai based Alukkas, have established their market successfully in India. Many global brands have their men's jewellery sold online. Armenta, the Spanish jeweler immortalizes masculine beauty with their artistic and literary collections. Cartier, the renowned French jeweler makes men discover the inventiveness of luxury jewellery through its admired collections. Meticulously crafted pendants, phone accessories, cuffs, cufflinks, and bracelets of the French jeweller John Hardy prove a perfect accessory for men to express his individuality.
jewellery market is picking up with gold as a preferred mode of investment. Current
trends prove that Indian men are shedding their inhibitions to nurture their