Summary
Indian Luxury Market has stron future demand. Its a tough time nowadays but it will bounce back soon, prove to be a best luxury sector around the world. To Create best environment for good market conditions.
Analysis
The FICCI International Brand Conclave on Jewellery, Timewear and Accessories organized by FICCI in Mumbai confirmed India’s potential as a strong emerging luxury market. And it also underlined India’s ability to turn its potential into profitable opportunities that will give India a prominent position on the global luxury map. Most importantly, the conclave stated that jewellery, time wear and personal accessories segments will play a key role in establishing India as a prime luxury destination.
In the session discussion is done to create such conditions which support such infrastructure for the growth of Indian Luxury Industry. The gems and jewellery industry examined its today’s position in the global scenario through a panel discussion on ‘Changing face of the Indian Jewellery Industry.’ Panelists including Ashok Minawala, Prasad Kapre, Nirupa Bhat, Rajiv Popley and Rahul Vira felt that there is an urgent need to adopt professionalism, corporatization, transparency and standardization to provide a new identity to the industry. The future of international brands and Indian brands in India was the main focus area.
The diamond industry has lost some of its brilliance, with the U.S. market -- accounting for more than 50 percent of the world's diamonds -- facing a slowdown. But the good news for the Indian industry -- which exports 60 percent of its diamonds to the U.S. -- is that the domestic market is shining, with some of the country's leading jewelry retailers reporting a growth in sales. So, there could well be a glint at the end of the dark tunnel. The organized sector accounts for a total of 15,500 diamond jewelry outlets across India, which collectively comprise the $2.5 billion to $3 billion Indian market. In fact, the Indian diamond jewelry industry is the third-largest consumer of polished diamonds after the U.S. and Japan. The Gems & Jewellery Export Promotion Council (GJEPC) conducted a study last year, which projected a likely jump in consumption by nearly 80 percent by 2010 and over 95 percent between 2010 and 2015. Of course this was a boom-time projection, but it shows the potential of the Indian market for growth. Indians love their jewelry, and wedding-season sales show that retailers have seen no significant cut in their consumers' spending. Typically, a large section of these consumers come from outside the metros, from areas where people do not make large investments in stock markets or speculate in the real estate market. And they are the ones who are putting cash on the table to buy diamond jewelry.
But in these conditions domestic sales of luxury goods haven't fell a lot and it is assumed that the condition will soon improve and Indian Lucury Industry proves to be the best in the World.
