01. Rise of organised retail
Banking on growing consumer awareness of quality and purity standards, evolving consumer sensibilities and increasing brand-consciousness, the organised jewellery retail segment continues to increase its market share. Organised retail makes up 36–38% of the market, according to a report released by Motilal Oswal Financial Services in June 2024.
02. Responsible sourcing
Modern consumers—driven by a strong sense of environmental and social responsibility—expect companies to adopt ethical and sustainable practices while conducting their businesses and running their operations. Therefore, jewellers with a progressive mindset are focusing on metals and precious stones that are ethically sourced and free from conflicts or human rights issues.
03. Automation
Automation is redefining efficiency, productivity and precision in jewellery manufacturing. Jewellers need to harness automation to ensure consistent quality. Industrial robots are being used to optimise the manufacturing and polishing processes.
1 November 2024
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04. Gold Recycling
Due to gold price rise, a section of customers will continue to prefer to go for gold recycling to add new designs to their collections. Rising environmental consciousness is another reason which makes gold recycling a responsible and sustainable choice.
05. Gold import duty cut
The Budget proposal to cut the import duty on gold to 6% will benefit the gems and jewellery industry immensely by curbing gold smuggling, spurring demand and increasing employment generation.
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