Brands have been readily acknowledged in all the sectors in India and so also in the jewelry segment too. The branded jewelry segment in India, almost negligible a decade ago, has grown into an estimated Rs. 800-1,000 cr industry today. Branding provides reassurance and builds relationships.
The positive acceptance can be attributed to factors, some of which to mention are lifetime warranty, offers of exchange, polished finishing and price ranges. Thus, by creating sustainable brands, companies can forecast their success not only in the domestic market, but also at the international level, where the problems as well as demands are quite varied and intense.
Jewelry has been an enduring constituent in the tradition, culture and history of human civilization. The buying of jewelry signified auspiciousness, festivity and joy. The intrinsic value of jewelry has attracted the human society traditionally to view it as an investment and also mainly to be worn during festive occasions and marriages. India is one of the first countries to start an exquisite range of making fine jewelry from minerals and metals. The designs are complex, traditional, handmade and chunky in nature, generally designed by the local family jeweler who constitutes approximately 96% of the market.
With the ongoing progress of human civilization, different economic activities associated with gems and jewelry such as mining and polishing, are thereby getting organized, thus, making a paradigm shift. The industry is largely unorganized at present with a small and growing organized sector. Organized players such as Tata with its Tanishq brand has been growing steadily and has captured 4% of the market share. |
