Jewelry Exporters all set for Christmas Carnival
Jewelry Exporters all set for Christmas Carnival
"India is no longer a rising power but has already risen! "
Many wonder, what made US president Barack Obama make such a huge statement. Economists back home feel, a big consumption market and the ever increasing high disposable income of our young generation could be the key factors.
Just as I am writing this article, news have poured in that WGC (World Gold Council) has confirmed the recovery in the jewellery market due to record sales in India and China. The third quarter report confirms a growth of 12% Y-o-Y. This report has based its findings on the figures that India bought nearly 50 tonnes, or 36 per cent, more gold jewellery in the third quarter than in the same period of the previous year, while China lifted its gold consumption by 16 per cent. It further reveals that - "The Indian diamond jewellery market has grown seven and a half fold in the past 15 years, rising from $400m in 1995 to an estimated $3bn, with gold sales rising by $20bn."
The Indian jeweller's success story has just begun. Indian jewellery retailers have scaled up and have become more professional. Tata Group purchased TanishQ in 1994, opening 150 stores in a 15-year period, while Reliance Jewels, with 24 stores, has plans for a further 100 by 2012. Market analysts further observes that many international brands including Cartier, Bulgari, De Grisogono and Harry Winston have joined the bandwagon by opening up their stores in India .
A fast growing middle class is a testament of India's growing economic stature in the world market. Experts says, the best indication of India's growing impact on the global jewellery scene is the increased number of Indian exhibitors and visitors at all the reputed trade fairs across the globe.
It is not just the jewelry manufacturers who are minting money, the Indian jewelry exporters too have joined the party. Christmas is round the corner and the buyers in US have begun to stock gold and silver jewelry. The upcoming shopping carnival will surge the demand for jewelry by 15-20 percent.
The US festive season begins with Thanksgiving, reaches its zenith during Christmas and New Year and slows down after Valentine's Day in February. Industry observers say that this season accounts for over 40 per cent of the country's annual jewellery sales. Indian fashion jewelry makers make 40-45 per cent of their annual sales in this season (which would further increase this year). It seems like finally the Indian jewelry juggernaut is on the roll !
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