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Jewellery survey pegs market size at Rs 58,000cr

Jun '05
A recent survey conducted by the leading gem and jewellery group Gitanjali carry the famous Gili brand has estimated the jewellery market size at Rs 58,000 crore.

Currently, Indian markets are experiencing boom period, what with the young and trendy middle class and upwardly mobile Indians inching their way to Malls and Super Market. There are over 500,000 retail stores which dispense 10,000 stock diamond jewelry.

Diamond jewellery segment in the group stands at about Rs 15,000 crore, reports the survey.

The Gitanjali Group market survey found branded diamond jewellery having a growth rate of over 20 per cent each year.
The survey also found that there are over five lakh retail stores selling jewellery, of which more than 10,000 stock diamond jewellery.

The survey found Indian retailer segment carrying a huge potential for future growth in this area, as barely three percent jewellery buyers today buy from malls, while about 49 percent shop their friendly neighbourhood jeweller.

Metros topped the list on sales with about 75 per cent of jewellery sales and gold jewellery turning out to be the first preference among consumers.

However, diamonds though dear, are not far from the buyers radar.

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