Diamonds are forever; Diamonds are a woman’s best friends.
There would hardly be any single woman on planet Earth who would not loved to get embellished in jewels. Jewellery is something that is required for every occasion, for every excursion and for every celebration. Where urban women are vouching for precious and semi precious jewels, middle and upper middle class women are getting experimental to try on imitation and fashion jewellery more and more.
The fashion accessories is evolving as a completely separate market in itself, raking in substantial investments and thereby increasing its contribution to the Indian fashion industry year by year. The fashion accessories market of India was observed at US$ 3.4 billion in 2014 and is estimated to grow at compounded annual growth rate (CAGR) of 12 percent to reach US$ 10.6 billion by 2024. Though this market is dominated by unorganised players (street markets and flea markets), organised retail is also focussing its efforts to increase its share.
Jewellery has been used by women of all classes and ages to enhance their overall look and has also held a certain social and ritualistic significance. Today, there is a considerable shift towards occasion-specific, fashion jewellery.
Increase in the demand for fashion jewellery can be attributed to factors like changing lifestyles, higher disposable income and more working woman clan. Women today are independent and are taking their own decisions. Where on one hand jewellery buying used to be a long term decision (for real gold, diamond or silver), women are not hesitant to try out funky, chic and elegant pieces in imitation market.
Indian jewellery landscape is largely dominated by unorganised segment. However, organised retail for jewellery is also pacing up its growth. Apart from conventional jewellery stores, companies are foraying into new marketing strategies which include e-portals in a big way. Multi-category marketplaces like Amazon, snapdeal and Flipkart offer a plethora of fashion jewellery options for female shoppers on the go. Meanwhile, there are specific websites that can be checked out for particular jewellery needs like Voylla, caratlane etc.
The wide-eyed fashion conscious Indian woman with financial independence is driving the growth of Indian fashion and imitation jewellery market. The market, currently pegged at more than INR 15, 000 crore, is growing year-on-year at 15 to 20 percent rate and hence offers a great scope for players to create an identifiable brand in a space dominated by small manufacturers. The segment which targets young women and professionals in the 18 to 35 year bracket has seen the emergence of multiple brands in the last two years. Omni-channel strategy and expansion to underserved Tier-2 and 3 cities are certain strategies companies are deploying to clock great revenues.
There are many players who are offering great deals to woo women buyers. For instance: YouShine which started its operations with a kiosk in a mall at Delhi in 2009 continues to focus on offline expansion (along with online presence) in order to build a strong brand and cross-sell to consumers.
Same is the case with players like Ayesha, Voylla, and many other players who are adopting multi-pronged strategy to capture promising Indian market.