Summary
1. Many jewellers and retailers shifted towards Imitation Jewellery. 2. Change is beacuse of High Gold Prices.
Analysis
India one of the largest Consumer of Gold and Diamond Jewellery is facing tough time these days. Gold and Diamond Jewellery sector is going under a heavy recession and on the high gold prices has forced consumer to go for some other options other then Real Gold and Diamond Jewellery thus the manufacturers has also shifted towards Imitation Jewellery.
This all start with the High Gold Prices because of which more then 75% consumer of Real Jewellery didn't have enough money due to Recession to fulfill their hunger of buying Jewellery. It like a addiction for Indian to buy Jewellery on every Occasion as well as in any time.
But as High Gold prices plays its role these consumer has shifted towards to Imitation Jewellery.
It is assumed that till now 50-60% of Manufacturer of Real Jewellery has shifted there business towards manufacturing of Imitation Jewellery and many more were planning to Shift.
In Diamond many of Manufacturing Units in Surat has Shut Down their business is almost Zero and many of them has packed their Diamond Many=manufacturing business and shift either to Imitation Jewellery or towards Textile Industry.
I have seem have manufacturer planning for their business as world Top Diamond Market in Mumbai and Surat is going under a real bad time and all the industry persons are badly affected by it.
This is the condition of a Market who is world largest consumer of Gold and Diamond whose Consumer are ready to pay any amount for Jewellery and Now the market is going with a time which can Vanish it all.
