Jewelry and Gems Industry: An economic overview
In the economy of any country, the gems and jewelry industry plays a very significant role. As far as the Indian economy is concerned, this industry contributes to around 6—7% of the gross domestic product. According to the Federation of Indian Chambers of Commerce and Industry (FICCI) , this industry employs over 2.5 million people.
The Indian Government announced recently, that the gems and jewelry industry would be in focus, as far as exports are concerned. India is known for the availability of skilled labor at lower wages and lower manufacturing costs. The policies made by the Government favor the gems industry which involves the polishing and cutting of precious stones. India has the biggest gems polishing and cutting industry.
The Government continued its support to this industry throughout the pandemic and afterwards also. During the lockdown, the prices of gold increased considerably but the sales were on the rise too. During the festival time, gold shopping was on an increasing trend and looked to be promising. The slow and steady growth trend in the gold market proves that this industry is on the path of recovery.
Experts in this field say that this industry would shine brightly very soon and prove to be a sparkling one in the times to come.
Occasions for gold shopping: festivals and weddings
During the festival time and the wedding season, this industry gets the chance to recover well if there is any slowdown in its growth. In the times to come, the festival time and the wedding season to follow after that, will give a sudden jump to the growth of this industry.
Current trends
The trends in this industry are also changing, people do not wish to buy heavy jewellery anymore, but they prefer buying delicate and lightweight classically designed jewellery. A fresh wave of this new trend has struck the fashion industry and may prove to be a trendsetter for the jewellery industry in the times to come. The demand for solitaire diamonds has gone up and sleek and delicate gold jewellery is becoming more popular. As far as the industry of fashion accessories is concerned, the bridal gold jewellery which is lightweight and has an elegant look is being preferred.
Being simple is the mantra
As the trends in the fashion industry keep changing, the preference of the people also varies accordingly. Stylish and simple designs are in high demand currently. Looking cool and cultured with chic jewelry is what people look for. This kind of jewelry is budget friendly too.
Online Shopping: A major factor
Lightweight jewellery has been in demand in the last few years. Exposure to social media and increased online shopping is responsible for the major shift to the current jewellery trends. A major chunk of the population shops online these days and therefore lightweight jewellery is an easy buy instead of the heavyweight one, which can be bought after carefully checking it at the jewellery shops.
Investing in heavy jewelry requires checking the originality of gemstones, appreciating the craftsmanship and art of design, and a considerable amount of money whereas buying lightweight jewelry is much easy.
An online advertisement for jewellery sales promotion
Image Source:shopickr.com
A number of local jewellers have trained their employees and staff members for selling and after sales service. They also train their employees to skilfully lure a customer to buy a jewellery piece. The customers’ feedback and the shopping experience are also taken into consideration.
There is increased importance on customer convenience and comfort level during the entire shopping process. Due to the increased online shopping, customer service has reached a very high level. Customer satisfaction is of prime importance and they are given various facilities to maximize sales. Some local jewelers provide home delivery of good and useful tips to keep the jewelry in the utmost condition.
Revival in Exports
Most of the foreign exchange in India is brought by the gems and jewellery industry. The Government allows a 100% FDI(Foreign Direct Investment) and because of this, the export industry is making a comeback and the business volumes have increased.
This industry is looking up and is surging ahead with optimism with signs of stable growth. A shining future is on the cards, a very good bounce back by the jewelry industry.
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