India is well-positioned to maintain its position as the world’s leading producer of jewelry. Industry experts examined the causes driving India’s rise in the global jewelry market during the most recent Almus Monthly Market Webisode, which was chaired by Maulik Shah, Co-Founder & CEO of Almus.
Mr. Bobby Kothari, Director of Jewelex Group India Pvt. Ltd., and Mr. Sabyasachi Ray, Executive Director of GJEPC, outlined a number of important elements influencing India’s development path. The nation is one of the biggest consumers of gold in the world due to its sizable population and growing middle class, which supports the local market. They found that although the medium section of the Indian jewelry business now dominates the market, there is a lot of unrealized potential in both the high-value and low-price segments.
Investing in cutting-edge technology is essential to maintaining long-term growth. While smaller and mid-sized businesses can prosper by concentrating on their own capabilities and particular markets, larger organizations might benefit from strategic alliances and hiring people from overseas enterprises.
The smooth flow of labor, services, and investments will also be made possible by India’s transition to comprehensive Free Trade Agreements (FTAs), which would further support the industry’s growth potential. The speakers clarified that India is in a strong position to enthrall the globe with its classic designs and exquisite craftsmanship as long as it maintains its embrace of innovation and strategic alliances, thereby securing its place as a major player in the global jewelry manufacturing industry.