According to the recent report by Technavio, the jewelry market in India is set to grow by USD 21.54 billion between 2022 and 2027 and register a CAGR of 5.54%, according to Technavio‘s latest market research report estimates. The market is driven by the cultural significance of jewelry. India is the second largest importer of gold globally. Jewelry made of gold is considered a symbol of prosperity and wealth in India.
This has increased its cultural significance, especially during events and celebrations such as marriages, festivals, and various other auspicious occasions. The Indian wedding industry is worth USD 50 billion, with jewelry making up an important percentage of this total value.
In addition, festivals such as Diwali, Dussehra, and Akshaya Tritiya are regarded as auspicious occasions to buy gold, which leads to a surge in demand as well as the prices of gold during such events. Many such factors are leading to a continuous demand for jewelry in India, thereby driving market growth.
With a focus on identifying dominant industry influencers, Technavio‘s reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.