Indian fashion jewelry the industry, a giant of Rs 30,000 crore, has been around for ages. The difference is only in the metal used for making the jewelry, viz. gold for the precious brass v / s, copper among others for fashion jewelry. The category which was previously considered taboo due to its low prices and its “copy” or “replica” or “imitation” of the valuable counterpart, has emerged from the shadow of precious jewelry in the last few years. decade to become the fashion pioneer. to be called “fashion” jewelry now. This has been possible thanks to three major disruptors of the last decade in India viz. changing consumer preferences, technology and electronic commerce.
With the increase in per capita income across the country, disposable income has become available not only for the purchase of basic necessities, but also for fashion accessories. Previously, what was considered a discretionary expense became a daily wear requirement to make a style statement in the micro-community. This has led to spending in the fashion and accessories category over the past decade which has supported the growth of this industry.
The advent of technology, especially CAD, CAM has been a boon for this industry, the quality and workmanship now being far superior with long term durability despite daily use of this jewelry. The advent of e-commerce has been a boon for quality-conscious brands in this space to facilitate penetration deeper into Tier II cities and beyond “Bharat” and not restrict the same to the privileged few. in the cities of “India”. .
The industry, which was highly fragmented due to the localized nature of distribution prior to the previous decade, has now started to evolve into a more nationalized and global game with disruption caused by technology and e-commerce. Many brands have recently emerged in this industry which has customer base, technical support and omnichannel distribution to not only be a nationalized brand but also spread the benefits of Indian fashion jewelry across the world. All this despite being completely consistent in their sensitivities and design quality, ensuring consistency for the 1st as well as the millionth consumer and beyond in terms of design and quality.
Considering the changing consumer preferences towards this industry and the growth of brands in the industry over the past decade itself, the industry is still in its infancy. The shift from the design game to the brand game in the mind of the consumer is still ongoing and is in its infancy. This provides a platform for consumer-focused and quality brands to grow significantly despite competition from other local and unbranded players. As such, this industry has enough opportunities for brands to grow organically.