Traditionally, India’s jewellery market has been amongst the largest globally, and dominated by women, who have a strong affinity for gold. As the younger generation of women in the country are mostly working individuals with higher disposable incomes, they have become more aspirational and want to wear luxury jewellery.
Sales of luxury jewellery have traditionally largely been driven by women. Although this is still very much the case in the Indian market, there has been a general shift over the years, and it is noticeable that year-on-year more men are looking at jewellery such as rings, bracelets and chains to accessorise.
In 2018, as part of the “Make in India” initiative promoted by the Modi government to incentivise domestic manufacturing, the federal budget imposed higher customs duties on a range of imports, which also included imitation jewellery and precious stones. This resulted in the basic customs duty increasing from 15% to 20% for imitation jewellery and from 2.
Swarovski India remained the leading player in luxury jewellery in the country in retail value terms in 2017. The company has a strong portfolio of products and a diverse range of offerings, ranging from jewellery and watches, to home decorations and sunglasses, to name a few.
India’s luxury jewellery category is quite different compared with other countries. It is amongst the largest globally, making it highly competitive.
Foreign players have a tough time figuring out local design and style preferences in India. They are also obliged to pay higher taxes to the government compared with local players, due to the customs duties involved.
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