India is a country that is widely known for its rich culture and beautiful collection of jewellery. Here, the market for artificial fashion jewellery is a vibrant and dynamic sector that has seen significant growth in recent years.
With the rising prices of gold and other precious metals, the demand for affordable and stylish alternatives has also surged. This leads to an expansion of the artificial jewellery market in India.
Artificial Fashion Jewellery Market in Current Landscape
The artificial fashion jewellery market in India is registering high growth rates. It has been driven by the globalization of brands, the rising cost of traditional jewellery, and also an increase in fashion-conscious consumers.
This market is not just limited to female consumers; there's a growing demand for male costume jewellery as well.
Market Analysis of Indian Jewellery Market
- According to Statista, an online statistics, market research, and business intelligence portal, “the revenue in the jewellery market in India is projected to reach a staggering amount of US$81.26 Billion.”
Also, “this market is expected to witness an annual growth of 4.59% from 2024 to 2028, according to the compound annual growth rate (CAGR).”
- According to Allied Market Research, a global market research and business consulting platform, “The India costume jewellery market value is estimated to account for $1,788.6 Million in 2019, and is expected to grow at a CAGR of 7.0% to reach $2,126.3 Million by 2027.”
Notably, this growth is influenced by various factors such as rising income levels and the expansion of online jewellery stores.
Trends that Influenced the Jewellery Market:-
Several trends are shaping the future of artificial fashion jewellery in India, such as:
Online Retail Businesses:-
In this digital world, almost everything is available online. The rise of e-commerce platforms has made it easier for consumers to access a wide range of products and artificial jewellery is also included in that.
Growing Fashion Trends:-
With the influence of Bollywood and different social media platforms, fashion trends are rapidly changing. That’s why artificial jewellery manufacturers are also quickly adapting and offering contemporary designs at competitive prices.
Urban Growth:-
The rapid urbanization and increase in disposable income among the middle class have led to a surge in demand for fashion jewellery.
Major Challenges and Opportunities
The jewellery market is no doubt facing certain challenges, such as strict regulations on imports and exports and concerns about the durability of products. However, it can be said that such challenges also present opportunities for local manufacturers. As they can innovate and improve their product quality and eventually increase their product sales.
Growing Competition in Jewellery Market
The artificial jewellery market in India is progressing towards competition in the sector. The Herfindahl Index, which measures market competitiveness, showed a decrease from 7150 in 2017 to 4573 in 2022.
It indicates that a large number of industry players are entering this market. However, this growing competition is fostering creativity and pushing the brands to offer more unique and high-quality products.
Major Benefits of Artificial Jewellery and its Popular Types in India
Artificial jewellery or costume jewellery has several benefits that make it a popular choice in India, such as:
Affordable for All:-
One of the most significant advantages of artificial jewellery is its cost-effectiveness. This jewelleries allows any individual to enjoy the luxury of various styles without the financial burden associated with precious metals and gemstones.
Versatility with Variations:-
Artificial jewellery comes in plenty of designs, colours, and patterns which makes it suitable for a wide range of outfits as well as occasions. This versatility means you can find pieces for everyday wear or special events.
Innovation with Designing:-
Designers can experiment with different materials and styles that lead to innovative and trendy pieces that keep up with fashion movements.
Less Fear of Theft:-
As we all know artificial jewelries are affordable as compared to precious metal jewellery. Thus with its lower costs, the risk of loss or theft is significantly reduced. So you can wear these anywhere without any fear or keep your style trendy and up-to-date.
High Durability:-
Advances in manufacturing have improved the longevity of artificial jewellery. This will allow it to be worn multiple times before showing signs of wear.
Furthermore, here are some of the most popular types of artificial jewellery:
Jhumka Earrings:-
Jhumkas, studs, hoops, and Chandbali jhumka earrings are widely favored for their versatility and range of designs.
Necklace Sets:-
From intricate Kundan sets to modern layered long necklace, these are essential for weddings and festivities.
Bangles and Bracelets:-
Oxidized metal bangles, Kadas, and charm bracelets are popular for adding a touch of elegance to any outfit.
Rings:-
Statement rings and stackable designs are trendy for both casual and formal looks.
Mangalsutras and Maag Tikkas:-
These traditional pieces have modern interpretations that are both stylish and symbolic.
Want to Shop for Artificial Fashion Jewellery?
Well, if you want to shop for trendy artificial fashion jewellery then shop smartly with Jewelsmart. From our online jewellery store, you can shop for the best and most affordable jewellery pieces, perfect for all occasions.
You don’t need to visit multiple stores, instead, just sit at your place and order what you like from our online store. You can explore our jewellery collection from our category which includes long necklace, gold-plated jewellery, silver-plated jewellery, temple jewellery, devotional items, bridal jewelry sets, and more.
So pick your favorite design and shop with us for the best quality products.
Final Thoughts!
Finally, I must say that the Indian market of artificial fashion jewellery is marking its continuous growth. Along with many opportunities for new entrants and established players, the market has everything for everyone.
As consumer preferences evolve and the market adapts to the digital age, the sector is expected to flourish. This further makes it an exciting time for stakeholders in the artificial jewellery industry.