Indian branded jewellery segment to grow 40% p.a: McKinsey report

There are over 50 players in this segment
Indian branded jewellery segment to grow 40% p.a: McKinsey report

Analysts have pegged good hope for the branded jewellery market in India, which accounts for around less than 10 percent of the entire domestic jewellery market pie according to Credit Analysis and Research Limited (CARE). According to a report by McKinsey, the same is likely to witness a growth rate of 40 percent per annum to touch Rs. 10,000 crores this year. The report predicts sales of non-branded jewellery products to grow at around 12 percent. CARE pegs the domestic jewellery market at US$ 16 billion. It is estimated that the domestic jewelelry pie id sliced as about 96 percent being unorganized (representing 300,000 traditional retailers or ‘family jewelers present only in one town, while 4 percent comprise of the organized sector.

The branded jewellery segment offers around 50 brands today from 30 players six years ago. Many players are reporting close to 80 percent growth rate. With names like Tanishq, Nakshatra, Gili, Cygnus, Sangini, Asmi, D'damas, and more, the domestic market has also seen some penetration of international luxury brands, like Tiffany, Dolce Vita, Bvlgari, Chopard, Cartier, Harry Winston, Damiani, Di Modolo, Pranda Jewelry and Christian Dior ( are expected to venture into Indian domestic jewellery market). The McKinsey study has pegged the Indian luxury market size at $3.5 billion with a growth upto $30 billion by 2015.

The Gem and Jewellery Export Promotion Council (apex body for the Indian G&J industry) has been making efforts to promote ‘Brand India’ in the global jewellery market, with concepts like ‘Anant’, India International Jewellery Week, and such other events, and representing the sector to the government for ‘friendlier policies’ for the sector.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

Diamond World