The gems and jewellery industry plays a vital role in the Indian economy. It contributes about 6-7 percent of the GDP and employees over 2.5 million workers, according to FICCI. The Government of India recently declared the gems and jewellery industry as a focal point for exports. India is considered a global hub for low costs and inexpensive skilled labour. Government policies support the polishing and gem cutting industry, making it the world's largest.
During the pandemic and after, the Government has continued to support the industry. The gold prices soared during the lockdown period and saw a rise in sales. Gold picked up momentum in the festive season and continued to show promise. The gradual growth in the gold market is testimony that the industry is making a steady recovery.
Experts have predicted that the industry will soon shine like a star and will sparkle like a precious diamond in the near future.
Festivals and weddings in India are seasons when the industry recovers from any slowdown. We expect that the oncoming festivals and the consequent wedding season will rush the growth positively. According to the changing trend, lightweight classic designs are preferred for heavy jewellery. The wave of new fashion is going to be the trend for the coming years. It has increased the demand for solitaire diamonds and svelte gold pieces of jewellery. There will be a new bridal trend where lightweight jewellery pieces and elegant gold jewellery will rule the fashion accessories industry.
As the fashion accessories industry changes the trend, the preferred designs will also be different. The jewellery that is in demand is simple and chic pieces. People want to look sophisticated without heavy jewellery. They want to be posh and, that kind of style only comes with conservative, classy designs. Many prefer to shop within the price budget of Rs 5,000-25,000 per piece.
Light jewellery has become popular over the past few years. It is because of the rise in digital shopping and social media. A maximum number of people shop online, making jewellery shopping convenient. Heavy jewellery pieces are not easy to shop online because it requires the consumer to visit a shop to see the work for themselves. Shopping for heavy jewellery is an appreciation of art - the craftsmanship of the design, the authenticity of the gemstones and the quality of gold bind the glorious piece. It is also a notable investment compared to lightweight jewellery.
Many commercial and local jewellers are training their staff members in sales and customer services. Staff members are taught to charm the consumers and sell a jewellery piece in a skilled manner. The consumers' shopping experience is also now considered in the entire shopping process. There is stress on the comfort and uniqueness of the consumers' shopping experience. Because of the digital era, customer service is taken to a heightened level. The shopping experience is evolved to delight the consumer after buying by offering various facilities. Jewellery care tips and home deliveries are some of how stores are keeping their customers satisfied.
The export business of gems and jewellery in India brings in the most foreign exchange. There is a 100 percent Foreign Direct Investment (FDI) allowed by the Government. It is encouraging that the borders have gradually begun to open for business, and the export industry is also making a comeback firmly.
We are optimistic that the coming years will be vital in making economic growth in India stable. The gem and jewellery industry will bounce back and stay bright for the future.