Despite rising gold prices, demand continues to grow, the country's jewelry market grew by 60 percent in five years

Gold Jewellery Market in India: Indians have been buying gold since ancient times. Even today, gold jewellery is purchased from time to time, even though the prices are skyrocketing. According to a survey, Indians have more than 27000 tonnes of gold. Despite the increase in gold prices in the last one year, the Indian jewellery market is growing continuously.

According to a report by Motilal Oswal, the Indian jewellery market has grown by 60 per cent in the last five years to Rs. 6400 billion (80 billion dollars). Which was Rs. 2503 billion in 2018-19. The reasons behind the growth in the jewellery market include double-digit growth in the per capita income of people, currency of wearing gold jewellery in daily life apart from marriage and investment, increase in product offering, reliability through hallmark and providing better shopping experience through organised retail outlets.

Jewellery market revenue grew at 8%

According to the report, the total revenue of the jewellery market has grown at an annual rate of 8 percent in the last five years. In which the income of the organized market grew at an annual rate of 18-19 percent. The share of top jewellery companies also remained high. The top 10 jewellery companies including Titan, Kalyan and Senko have a 90 percent share in the organized market.

78% share in retail network

The top 10 states account for 78 per cent of the organised retail jewellery network, comprising more than 2,000 stores. These states represent 60 per cent of the total population demand and contribute 68 per cent to GDP. The top five states are Tamil Nadu, Maharashtra, Karnataka, West Bengal and Uttar Pradesh, with 15 per cent, 14 per cent, 10 per cent, 8 per cent and 7 per cent store mix respectively. In Gujarat, the ratio is 4 per cent.