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Why the year 2023 holds promise for India’s jewellery sector?

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In recent years, the sector has faced several challenges, including a decline in consumer demand and a decrease in exports. Despite these challenges, the year 2023 holds promise for India’s jewellery sector for several reasons

Mumbai: India’s growing middle class is expected to drive demand for jewellery. With a growing population of young, urban consumers, the jewellery sector is poised to benefit from an increase in disposable income and a desire for luxury items. 

The jewellery sector in India has long been a vital part of the country’s economy, with a rich cultural and historical significance. However, in recent years, the sector has faced several challenges, including a decline in consumer demand and a decrease in exports. Despite these challenges, the year 2023 holds promise for India’s jewellery sector for several reasons. 

First, the Indian government has announced plans to reduce import duties on gold, which is expected to boost consumer demand. Gold is a significant component of the jewellery sector, and a reduction in import duties will make gold jewellery more affordable for consumers, thereby increasing demand. 

Second, India’s growing middle class is expected to drive demand for jewellery. With a growing population of young, urban consumers, the jewellery sector is poised to benefit from an increase in disposable income and a desire for luxury items. 

Third, the Indian government’s ‘Make in India’ initiative is expected to boost the domestic manufacturing of jewellery. The initiative aims to promote the growth of domestic manufacturing in various sectors, including the jewellery sector. This is expected to lead to the creation of jobs, an increase in exports, and a boost to the country’s economy. 

Fourth, the Indian government has also announced plans to establish a national jewellery policy, which is expected to provide a framework for the development of the sector. The policy is expected to address issues such as quality control, branding and marketing, and the development of human resources. 

Fifth, The Indian government has also announced plans to increase the foreign direct investment (FDI) in the sector which will boost the sector as well. This will also help the sector to be more organized and formalize the industry. 

Finally, the Indian jewellery sector is expected to benefit from the rising popularity of e-commerce. With an increasing number of consumers turning to online platforms to purchase jewellery, the sector is expected to see significant growth in the coming years. 

In conclusion, the year 2023 holds promise for India’s jewellery sector due to a combination of factors, including the government’s plans to reduce import duties on gold, the growing middle class, the ‘Make in India’ initiative, the national jewellery policy, increasing FDI and the rising popularity of e-commerce. While the sector has faced challenges in recent years, the future looks bright as it continues to grow and evolve.

This article first appeared in Images Group’s Business of Fashion magazine February 2023 issue

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