Jewellery in India

JEWELLERY IN INDIA
Euromonitor International
September 2016
JEWELLERY IN INDIA
Passport
LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 3
Category Data .............................................................................................................................. 4
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Table 13
Table 14
Table 15
Sales of Jewellery by Category: Volume 2011-2016 .................................... 4

Sales of Jewellery by Category: Value 2011-2016 ....................................... 4
Sales of Jewellery by Category: % Volume Growth 2011-2016 ................... 4
Sales of Jewellery by Category: % Value Growth 2011-2016 ...................... 4
Sales of Costume Jewellery by Type: % Value 2011-2016 .......................... 4
Sales of Fine Jewellery by Type: % Value 2011-2016 ................................. 5
Sales of Fine Jewellery by Collection: % Value 2011-2016.......................... 5
Sales of Fine Jewellery by Metal: % Value 2011-2016................................. 5
NBO Company Shares of Jewellery: % Value 2011-2015............................ 5
LBN Brand Shares of Jewellery: % Value 2012-2015 .................................. 6
Distribution of Jewellery by Format: % Value 2011-2016 ............................. 7
Forecast Sales of Jewellery by Category: Volume 2016-2021 ..................... 8
Forecast Sales of Jewellery by Category: Value 2016-2021 ........................ 8
Forecast Sales of Jewellery by Category: % Volume Growth 20162021 ............................................................................................................. 8
Forecast Sales of Jewellery by Category: % Value Growth 2016-2021 ....... 8
JEWELLERY IN INDIA
JEWELLERY IN INDIA
HEADLINES
Jewellery registers retail value growth of 17% in 2016 achieving sales of Rs3 trillion
Jewellery as a fashion statement is increasingly popular among consumers
Costume jewellery registers the fastest retail value growth of 24% in 2016 to reach sales of
Rs160 billion
Titan remains the leading player in jewellery in 2015 holding a retail value share of 4%
Jewellery is set to register a CAGR of 7% in value sales at constant 2016 prices over the
forecast period, reaching sales of Rs5 trillion in 2021
TRENDS
The penetration of branded jewellery brands in India continued during 2016 with an ongoing
shift from jewellery being perceived as an investment to its appeal as aesthetically pleasing
ornamentation. For instance, younger generations continue to be drawn to trendy,
contemporary jewellery and tend to avoid the more traditional and often heavy pieces.
Furthermore, more stores were opened by jewellers, such as Tanishq, Malabar Group and
Gitanjali Gems, with the wider availability of branded jewellery encouraging consumers to opt
for branded jewellery over alternatives from local jewellery stores. Also, branded jewellers
heavily promoted their brands through TV, print and radio advertisements in 2016, increasing
consumer awareness of these brands. These communications also helped to encourage the
perception that branded jewellery is more contemporary and feature designs that are
internationally inspired.
The retail value growth rate of 17% registered by jewellery in 2016 was slightly lower than the
CAGR of 19% seen over the review period. Consumers expected the price of gold to drop
further, with many choosing to delay their purchases. However, gold prices actually rose in
the first six months of 2016, which led to a drop off in demand.
In volume sales terms, costume jewellery remained the largest category within jewellery
during 2016 and also managed to register the fastest value growth with an increase of 24%,
with sales reaching Rs160 billion. The high prices of real jewellery led to consumers opting to
try costume jewellery.
Fine jewellery registered retail value growth of 16% during 2016 with sales reaching Rs3
trillion. Branded jewellery players continued to expand their presence through store openings.
In terms of unit prices, jewellery increased by 1% in 2016. However, the highest growth was
seen in fine jewellery, the unit price of which rose by 10% while costume jewellery saw an
uplift of 4%. Much of this increase in fine jewellery came from the rising unit price of gold
during the year. In costume jewellery, players continued to launch more sophisticated designs
for their collections, leading to higher price tags.
Gold continued to account for the vast majority of sales in terms of metal, holding a 90% value
share in 2016. Much of its strong position stemmed from sluggish gold prices until the
beginning of 2016. Silver increased its popularity over the review period seeing a one
percentage point increase in its share to 6%. Metal combination ranked in third place with a
4% share, with platinum holding less than 1%.
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JEWELLERY IN INDIA
Diamond jewellery gained marginal ground in 2016 to reach a 12% share. This was thanks to
a shift towards special occasion purchases in fine jewellery. Non-diamond jewellery retained
an 88% share.
Jewellery sales in India are largely skewed towards women. Women wear more jewellery than
men, including earrings, wristwear and neckwear. Moreover, they are always interested in
new collections and product types. Indian women also buy jewellery as a safe investment
option. Demand for real jewellery continues to be driven by the trend among women to keep
gold jewellery in case they need to exchange it urgently for cash. However, couple rings in
platinum are becoming very popular in India and brands, such as Tanishq and Gili, offer many
options in couple rings.
In India, the majority of fine jewellery sales occur through jewellery and watch specialist
retailers, with this channel accounting for a 95% share of fine jewellery in 2016. This is
because Indian consumers prefer to put their trust in specialists when spending large sums of
money. Nonetheless, internet retailing is becoming popular in real jewellery. Retailers, such
as Caratlane, Bluestone and Tanishq, operate in this space and are experiencing fairly strong
growth.
Jewellery sales in India are mainly season-centric. Sales of jewellery are high during the
festive seasons of Diwali, Dasara and Ramzan, as well as during the wedding season. Sales
of jewellery in India are usually higher in the second half of the year as the festive and
wedding seasons fall during this period.
COMPETITIVE LANDSCAPE
Titan, which experienced one of the steepest declines in value share in 2013, recovered in
2014, a position it maintained in 2015. This recovery was mostly because of weak demand for
gold jewellery. Titans jewellery business has also been affected by regulatory measures,
such as strict control on gold imports and a ban on leasing gold. According to company
sources, the drop in gold jewellery demand stemmed from many customers bringing forward
their purchases when the price of the metal had slumped to a record low.
The shares of all the leading companies remained steady in 2015 over the previous year, with
relatively little change. As a result, none of the rankings changed in 2016.
The presence of international brands is negligible in the category as Indian consumers prefer
local designs, with India also being a major exporter of fine jewellery. Local designers are
quite popular in India and can be found in key cities across the country.
Kalyan Jewellers has been at the forefront of pioneering efforts to educate the public about
cheating and malpractices in gold quality and pricing through a marketing campaign, Fight
against Impure Gold, which featured Amitabh Bachchan as the spokesperson. Amitabh
Bachchan and Aishwarya Rai Bachchan represent Kalyan Jewellers nationally. Representing
the company regionally are other celebrities, such as Nagarjuna in Andhra Pradesh, Sivaraj
Kumar in Karnataka, Prabhu in Tamil Nadu and Dileep in Kerala.
Costume jewellery is a highly unorganised category characterised by unbranded and regional
players. Indians prefer real jewellery because it is seen as a symbol of wealth and status.
Hence costume jewellery sales are a poor second to those of fine jewellery. However, 1g
coating jewellery, which looks like real jewellery, is becoming very popular.
The influence of luxury brands continued to be negligible over the review period. Furthermore,
in gold and silver jewellery, there is little difference between price segments as these are
guided by the gold or silver rate based on the commodity market rate in India. However,
different price segments can be found in diamond and platinum jewellery as branded players
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JEWELLERY IN INDIA
compete in the premium and standard segments, while unbranded and local players compete
in the economy and standard segments.
Branded jewellery is still not growing to a large extent in India. Hence counterfeit sales of
designs are still not a big concern.
Towards the end of the review period, Tanishq rolled out a TV advertisement to announce its
latest diamond jewellery collection Zuhur. The advertisement mainly targets women and
encourages them to opt for Zuhur by Tanishq for social occasions or get-togethers, and not
just for traditional occasions or family get-togethers.
Multi-brand retailers remain less popular in jewellery. However, Gitanjali Gems is one of the
stronger players in India thanks to the variety of brands in its portfolio. Sangini, Nakshatra,
DDamas, Asmi and Diya are some of Gitanjali Groups most popular names.
PROSPECTS
The prevailing high prices of gold and increasing incidents of snatching have negatively
affected gold jewellery sales with consumers rapidly shifting to artificial jewellery, as the latter
is well within their purchasing power. Although there was a decrease in gold prices towards
the end of the review period, prices rose again and remain outside the reach of middleincome consumers. This trend will drive sales of costume jewellery over 2016-2021 while
value sales of fine jewellery at constant value terms are unlikely to grow by as much.
Jewellery is set to record a CAGR of 7% in value sales at constant 2016 prices over the
forecast period. This growth will mainly be driven by consumers strong desire for gold as an
investment. Most Indians will continue to prefer gold jewellery to other metals over the
forecast period as it is seen as a safe investment, which can be sold during more difficult
financial times.
Costume jewellery is expected to achieve a CAGR of 16% in value terms at constant 2016
prices over the forecast period, while fine jewellery is anticipated to see a CAGR of 6%. The
higher growth of costume jewellery will mainly be stimulated by an increasing number of new
designs and metals and the fact that costume jewellery is cheaper than real jewellery and
therefore accessible to a wider consumer base.
Over the forecast period, Kalyan Jewellers plans to invest Rs10 billion in the expansion of its
presence in India and overseas as part of its overall growth plan. The company has 52
showrooms in India and six in the United Arab Emirates. It is set to add three more stores in
New Delhi with an investment of Rs1.5 billion. The company has plans to open 19 new
showrooms, of which 10 will be in India and nine abroad.
Many Indians will continue to prefer gold jewellery to other metals over the forecast period as
it is seen as a safe investment. Gold has high liquidity and is portable as a security or asset. It
can be converted to cash anytime an emergency arises. Hence gold is expected to remain the
best investment option as well as a status symbol for many people.
Online sales of jewellery are performing very well, especially in real jewellery. Buyers start out
with small purchases of around Rs5,000, perhaps as a gift. As their trust builds up, they buy
even more expensive items. Moreover, appropriate certificates for purity, as well as return and
buy-back policies, are helping to drive higher sales. Customers realise they are can buy
goods at a cheaper price online and can avoid the hassle of having to visit a store. All these
aspects are expected to lead to stronger growth in online sales in the forecast period.
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JEWELLERY IN INDIA
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CATEGORY DATA
Table 1
Sales of Jewellery by Category: Volume 2011-2016
'000 units
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2011
2012
2013
2014
2015
2016
70,463.5
60,375.8
130,839.3
87,374.8
59,289.0
146,663.8
107,471.0
63,142.8
170,613.8
131,114.6
67,089.3
198,203.8
156,026.3
71,114.6
227,140.9
187,231.6
75,168.1
262,399.7
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2
Sales of Jewellery by Category: Value 2011-2016
INR bn
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2011
2012
2013
2014
2015
2016
52.6
1,414.1
1,466.7
65.7
1,654.5
1,720.3
82.8
2,026.8
2,109.6
105.0
2,389.4
2,494.4
129.2
2,818.3
2,947.4
160.4
3,276.8
3,437.2
Table 3
Sales of Jewellery by Category: % Volume Growth 2011-2016
% volume growth
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2015/16
2011-16 CAGR
2011/16 Total
20.0
5.7
15.5
21.6
4.5
14.9
165.7
24.5
100.6
Table 4
Sales of Jewellery by Category: % Value Growth 2011-2016
% current value growth
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2015/16
2011-16 CAGR
2011/16 Total
24.2
16.3
16.6
25.0
18.3
18.6
205.1
131.7
134.3
Table 5
Sales of Costume Jewellery by Type: % Value 2011-2016
% retail value rsp
Earrings
2011
2012
2013
2014
2015
2016
9.1
9.0
9.1
9.2
9.3
9.5
JEWELLERY IN INDIA
Passport
Neckwear
Rings
Wristwear
Other
Total
Source:
44.5
7.7
37.7
1.0
100.0
44.6
7.9
37.4
1.1
100.0
44.8
8.0
37.1
1.0
100.0
45.0
8.1
37.0
0.7
100.0
45.0
8.3
36.8
0.6
100.0
45.0
8.4
36.5
0.6
100.0
Table 6
Sales of Fine Jewellery by Type: % Value 2011-2016
% retail value rsp
Earrings
Neckwear
Rings
Wristwear
Other
Total
Source:
2011
2012
2013
2014
2015
2016
11.5
42.1
8.4
37.8
0.2
100.0
11.4
42.0
8.6
37.8
0.2
100.0
11.4
42.1
8.6
37.8
0.2
100.0
11.5
42.2
8.7
37.5
0.2
100.0
11.5
42.3
8.8
37.2
0.2
100.0
11.5
42.4
8.9
37.0
0.2
100.0
Table 7
Sales of Fine Jewellery by Collection: % Value 2011-2016
% retail value rsp
Diamond
Non-Diamond
Total
Source:
2011
2012
2013
2014
2015
2016
9.5
90.5
100.0
10.6
89.4
100.0
11.9
88.1
100.0
12.0
88.0
100.0
12.2
87.8
100.0
12.3
87.7
100.0
Table 8
Sales of Fine Jewellery by Metal: % Value 2011-2016
% retail value rsp
Gold
Metal Combination
Platinum
Silver
Other
Total
Source:
2011
2012
2013
2014
2015
2016
90.0
4.5
0.0
5.4
100.0
89.8
4.7
0.0
5.4
100.0
90.0
4.2
0.0
5.8
100.0
90.1
4.0
0.0
5.9
100.0
90.2
3.9
0.1
5.9
100.0
90.2
3.7
0.1
6.0
100.0
Table 9
NBO Company Shares of Jewellery: % Value 2011-2015
% retail value rsp

Company
Titan Co Ltd
2011
2012
2013
2014
2015
4.4
4.9
4.5
4.5
4.4
JEWELLERY IN INDIA
Passport
Kalyan Jewellers India

Pvt Ltd
Gitanjali Gems Ltd
PC Jeweller Ltd
Malabar Group
Joyalukkas Holdings
Rajesh Exports Ltd
Tribhovandas Bhimji
Zaveri Delhi Pvt Ltd
Sia Lifestyles Pvt Ltd
Reliance Retail Ltd
Bhima Jewellery &
Diamonds Pvt Ltd
C Krishniah Chetty &
Sons Pvt Ltd
Kirtilal Kalidas & Co
Orra Diamonds Ltd
D'Damas Jewellery India
Pvt Ltd
Normak Fashions Pvt Ltd
Carbon Accessories Ltd
Tara Jewels Ltd
Shree Ganesh Jewellery
House Ltd
Others
Total
Source:
2.1
2.6
3.0
3.4
3.5
2.4
1.5
0.8
1.1
0.6
1.0
2.8
1.7
1.0
1.2
0.8
1.0
2.3
1.9
1.2
1.2
0.8
0.9
2.1
1.9
1.3
1.3
0.9
0.8
2.1
2.0
1.4
1.3
1.2
0.8
0.2
0.3
0.1
0.2
0.3
0.1
0.2
0.3
0.1
0.2
0.2
0.2
0.3
0.2
0.2
0.1
0.2
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.4
0.1
0.1
0.1
0.4
0.1
0.1
0.1
0.3
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.0
84.3
100.0
81.9
100.0
82.2
100.0
82.0
100.0
81.5
100.0
Table 10
LBN Brand Shares of Jewellery: % Value 2012-2015
% retail value rsp

Brand (GBO)
Tanishq
Kalyan Jewellers
PCJ
Malabar Gold
Joyalukkas
Shubh
TBZ
Gili (Gitanjali
Group)
Nakshatra
(Gitanjali Group)
Asmi (Gitanjali
Group)
GoldPlus
Sia
Reliance Jewels
(Reliance
Industries Ltd)
Bhima Jewellery
C Krishniah Chetty
& Sons
Kirtilals
Company (NBO)
2012
2013
2014
2015
Titan Co Ltd
Kalyan Jewellers India
Pvt Ltd
PC Jeweller Ltd
Malabar Group
Joyalukkas Holdings
Rajesh Exports Ltd
Tribhovandas Bhimji
Zaveri Delhi Pvt Ltd
Gitanjali Gems Ltd
4.7
2.6
4.2
3.0
4.2
3.4
4.1
3.5
1.7
1.0
1.2
0.8
1.0
1.9
1.2
1.2
0.8
0.9
1.9
1.3
1.3
0.9
0.8
2.0
1.4
1.3
1.2
0.8
0.9
0.7
0.7
0.6
Gitanjali Gems Ltd
0.8
0.7
0.6
0.6
Gitanjali Gems Ltd
0.9
0.7
0.6
0.6
Titan Co Ltd
Sia Lifestyles Pvt Ltd
Reliance Retail Ltd
0.2
0.2
0.3
0.2
0.2
0.3
0.3
0.2
0.2
0.3
0.3
0.2
Bhima Jewellery &

Diamonds Pvt Ltd
C Krishniah Chetty &
Sons Pvt Ltd
Kirtilal Kalidas & Co
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
JEWELLERY IN INDIA
Passport
Orra (Rosy Blue

Group)
D'Damas (Gitanjali
Group)
Estelle (Normak
Fashios Inc)
Carbon
Tara Jewellers
Gaja
Laabh
Others
Total
Source:
Orra Diamonds Ltd
0.2
0.2
0.2
0.2
D'Damas Jewellery India

Pvt Ltd
Normak Fashions Pvt Ltd
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
Carbon Accessories Ltd

Tara Jewels Ltd
Shree Ganesh Jewellery
House Ltd
Rajesh Exports Ltd
Others
Total
0.1
0.1
0.4
0.1
0.1
0.3
0.1
0.1
0.1
0.1
0.1
0.0
82.1
100.0
82.5
100.0
82.3
100.0
81.8
100.0
Table 11
Distribution of Jewellery by Format: % Value 2011-2016
% retail value rsp
Store-Based Retailing
- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt retailing
--- Supermarkets
--- Hypermarkets
--- Traditional Grocery
Retailers
- Non-Grocery Specialists
-- Apparel and Footwear
Specialist Retailers
-- Health and Beauty
--- Chemists/Pharmacies
--- Optical Shops
--- Drugstores/
parapharmacies
--- Other Health and
Beauty Specialist
retailers
-- Leisure and Personal
Goods Specialist
Retailers
--- Bags and Luggage
--- Jewellery and Watch
--- Stationers/Office
Supply Stores
--- Other Leisure and
Personal Goods
- Mixed Retailers
-- Department Stores
-- Mass Merchandisers
2011
2012
2013
2014
2015
2016
99.3
0.0
0.0
99.2
0.0
0.0
99.1
0.0
0.0
98.7
0.0
0.0
98.6
0.0
0.0
98.4
0.0
0.0
0.0
-
0.0
-
0.0
-
0.0
-
0.0
-
0.0
-
98.2
0.4
97.6
0.4
97.0
0.4
96.1
0.4
95.5
0.4
95.0
0.5
96.1
95.3
94.7
93.6
92.9
92.2
96.1
95.3
94.7
93.6
92.9
92.2
0.0
0.0
0.0
0.0
0.0
0.0
1.1
1.1
-
1.6
1.6
-
2.1
2.1
-
2.6
2.6
-
3.1
3.1
-
3.4
3.4
-
JEWELLERY IN INDIA
Passport
-- Variety Stores
-- Warehouse Clubs
-- Other Non-Grocery
Specialists
Non-Store Retailing
- Direct Selling
- Homeshopping
- Internet Retailing
- Vending
Total
Source:
1.8
1.9
2.0
2.1
2.2
2.4
0.7
0.0
0.0
0.7
100.0
0.8
0.0
0.0
0.8
100.0
0.9
0.0
0.0
0.9
100.0
1.3
0.0
0.0
1.2
100.0
1.4
0.0
0.0
1.4
100.0
1.6
0.0
0.0
1.5
100.0
Table 12
Forecast Sales of Jewellery by Category: Volume 2016-2021
'000 units
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2016
2017
2018
2019
2020
2021
187,231.6
75,168.1
262,399.7
222,805.6
79,302.4
302,108.0
262,910.6
83,901.9
346,812.5
307,605.4
88,936.0
396,541.5
356,822.3
94,450.1
451,272.4
410,345.6
100,589.3
510,935.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 13
Forecast Sales of Jewellery by Category: Value 2016-2021
INR bn
Costume Jewellery
Fine Jewellery
Jewellery
Source:
2016
2017
2018
2019
2020
2021
160.4
3,276.8
3,437.2
187.5
3,539.7
3,727.2
218.0
3,804.3
4,022.3
252.2
4,063.6
4,315.8
290.0
4,274.1
4,564.1
331.0
4,465.3
4,796.3
trade sources
Table 14
Forecast Sales of Jewellery by Category: % Volume Growth 2016-2021
% volume growth
Costume Jewellery
Fine Jewellery
Jewellery
Source:
Table 15
2016/17
2016-21 CAGR
2016/21 Total
19.0
5.5
15.1
17.0
6.0
14.3
119.2
33.8
94.7
trade sources
Forecast Sales of Jewellery by Category: % Value Growth 2016-2021
% constant value growth
Costume Jewellery
Fine Jewellery
2016/2017
2016-21 CAGR
2016/21 TOTAL
16.9
8.0
15.6
6.4
106.3
36.3
JEWELLERY IN INDIA
Jewellery
Source:
Passport
8.4
6.9
trade sources
39.5

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LIST OF CONTENTS AND TABLES

Sales of Jewellery by Category: Volume 2011-2016 .................................... 4

Sales of Jewellery by Category: Volume 2011-2016

Sales of Jewellery by Category: Value 2011-2016

Sales of Jewellery by Category: % Volume Growth 2011-2016

Sales of Jewellery by Category: % Value Growth 2011-2016

% current value growth

Sales of Costume Jewellery by Type: % Value 2011-2016

% retail value rsp

Sales of Fine Jewellery by Type: % Value 2011-2016

% retail value rsp

Sales of Fine Jewellery by Collection: % Value 2011-2016

% retail value rsp

Sales of Fine Jewellery by Metal: % Value 2011-2016

% retail value rsp

NBO Company Shares of Jewellery: % Value 2011-2015

% retail value rsp

Kalyan Jewellers India

LBN Brand Shares of Jewellery: % Value 2012-2015

% retail value rsp

Gitanjali Gems Ltd

Gitanjali Gems Ltd

Bhima Jewellery &

Orra (Rosy Blue

Orra Diamonds Ltd

D'Damas Jewellery India

Carbon Accessories Ltd

Distribution of Jewellery by Format: % Value 2011-2016

% retail value rsp

Forecast Sales of Jewellery by Category: Volume 2016-2021

Forecast Sales of Jewellery by Category: Value 2016-2021

Forecast Sales of Jewellery by Category: % Volume Growth 2016-2021

Forecast Sales of Jewellery by Category: % Value Growth 2016-2021

% constant value growth

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