Costume Jewelry Market in India to grow by USD 904.34 Million (2024-2028), driven by affordable pricing, with a report on how AI is driving market transformation – Technavio

NEW YORK, Jan. 16, 2025 /PRNewswire/ — Report with the AI impact on market trends – The costume jewelry market in india size is estimated to grow by USD 904.34 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.02%  during the forecast period. Affordable pricing of costume jewelry is driving market growth, with a trend towards increased demand from millennials. However, low durability of costume jewelry  poses a challenge. Key market players include Anuradha Art Jewellery, Drip Project, GBL Altair Pvt. Ltd., GIVA Jewellery, Indian Imitation Jewellery, Isharya, Kushals Retail Pvt Ltd., Manek Ratna, Mangalmani Jewellers, Natura and Co Holding SA, Nykaa Fashion Pvt. Ltd., Padmavati Jewellery, ROMOCH, Rubans Accessories, Sia Jewels Pvt. Ltd., Sukkhi Online Pvt. Ltd., TBA Jewels Pvt. Ltd., Violet and Purple Designer Fashion Jewellery, YouBella Jewellery and Lifestyle, and Zariin.

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Market Driver

Millennials, aged 26-41 in India, make up a significant consumer base for the costume jewelry market. With active social lives and increasing disposable income, they frequently attend social gatherings, requiring various jewelry pieces. Online custom jewelry sales have due to Millennials’ preference for shopping online. Brands like Nykka Fashion and GIVA, offering user-friendly e-commerce platforms, have gained popularity. Social media influence and quality consciousness drive Millennials’ demand for costume jewelry. Manufacturers respond with innovative designs to cater to this generation’s preferences, fueling market growth. 

The costume jewelry market in India is thriving with trends, featuring a wide range of products. Fashion jewelry, falls, flatters, and fascinates consumers with its variety. Gold and silver are popular choices, with precious stones adding value. Prices are affordable, making it accessible to a large audience. Pendants, rings, bracelets, earrings, and necklaces are common categories. Precious metals and stones are sourced domestically and imported. Workmanship is prized, with intricate designs and personalized pieces in demand. Trends include statement pieces, minimalist designs, and fusion styles. Customization is a key selling point. The market is growing steadily, with increasing demand from both domestic and international consumers. 

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Market Challenges

• The Indian costume jewelry market faces challenges due to the lack of durability and warranty for these products. Affordable options from the unorganized sector may contain unsafe chemicals, leading to health concerns and reduced demand. Conversely, fine-quality precious jewelry, with its long lifespan and warranty, remains popular. Some consumers opt for premium costume jewelry from trusted brands, yet issues surrounding maintenance and quality continue to hinder market expansion.
• The costume jewelry market in India faces several challenges. Online stores, such as those for Necklaces, Brands, and Aluminum Jewelry, struggle with competition from physical stores. Consumers prefer to touch and feel the product before purchasing. Additionally, the market for Female Fashion Jewelry, Retail Sales, and Platinum Jewelry faces the challenge of increasing costs due to raw materials like Diamonds and Gold. Cadmium and Lead, used in some jewelry, pose environmental concerns. Consumers seek Sustainable and Ethical practices. The market for Studs, Pearls, and Rings also faces the challenge of counterfeit products. Overall, the Costume Jewelry industry in India requires innovative solutions to overcome these challenges and thrive in the market.

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Segment Overview 

This costume jewelry market in India report extensively covers market segmentation by  

1. Product 
• 1.1 Necklaces and chains
• 1.2 Earrings
• 1.3 Rings
• 1.4 Bracelets
• 1.5 Anklets and others
2. End-user 
• 2.1 Female
• 2.2 Male
3. Distribution Channel
• 3.1 Offline
• 3.2 Online
4. Geography 

1.1 Necklaces and chains-  The necklaces and chains segment in India’s costume jewelry market is experiencing substantial growth in terms of revenue. This expansion is driven by the innovation in necklace designs and the rising demand among females due to personal grooming, fashion consciousness, and higher living standards. The male consumer base for necklaces and chains is also expanding due to their general designs and minimal customization requirements. These factors are anticipated to boost the growth of the necklaces and chains segment, contributing significantly to the overall market expansion in India during the forecast period.

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Research Analysis

The Costume Jewelry Market in India caters to a diverse demographic, including women and young people from the working population. This segment encompasses various categories such as Trinkets, Fake Jewelry, Fashion Jewelry, Fallalery, and Junk Jewelry. These accessories are often made from materials like Glass, Necklaces, Chains, Earrings, Rings, Cufflinks, Studs, Bracelets, and are adorned with Diamonds, Platinum, Stones, Pearls, and Imitation Jewels. Television celebrities and fashion influencers significantly impact the trends in this market. Authentic Jewelry, on the other hand, is a separate category with its unique appeal and value proposition. Gold and Silver, being precious materials, also have a substantial presence in the Indian jewelry landscape.

Market Research Overview

The Costume Jewelry Market in India is a thriving industry, characterized by its rich diversity and affordability. Fashion jewelry, falling under this category, finds a significant place in Indian culture, with its intricate designs and vibrant colors reflecting various traditions. Gold, precious stones, and pearls are commonly used materials in creating these pieces. The market is segmented into various categories, including men’s jewelry, women’s jewelry, and children’s jewelry. The demand for costume jewelry is driven by factors such as increasing disposable income, growing urbanization, and changing fashion trends. The industry is also witnessing a shift towards online sales channels, with e-commerce platforms offering a wide range of options to consumers. The market is expected to grow steadily in the coming years, driven by these factors and the growing popularity of Indian jewelry designs globally.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product

• Necklaces And Chains
• Earrings
• Rings
• Bracelets
• Anklets And Others

• Female
• Male

• Offline
• Online

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio