2021 has seen a rise in demand for colourful jewellery in India. As local consumers have spent almost two years experiencing periods of isolation, resulting in increasing anxiety, boredom and mental health concerns, they are therefore valuing the opportunity to leave their homes as restrictions have eased, and are demanding vibrant accessories, pushing up demand for colourful costume jewellery.
Although the pandemic resulted in a strong dip in sales of luxury jewellery, two occasions that were particularly restricted when demand for this type of jewellery is traditionally strong were weddings and Valentine’s Day. Nevertheless, for some major brands such as Swarovski, the pandemic has not deterred consumers from making purchases during the wedding season and Valentine's Day periods.
Leading luxury jewellery brand Swarovski has entered a phase of rebranding, moving towards being an attainable luxury name. Since 2020, the brand has been globally restructuring its business, which has resulted in the consolidation of its five key business segments into a single entity.
Luxury jewellery retailers were known to invest in high-street stores with limited to no online presence pre-pandemic. However, with non-essential stores remaining closed for a considerable period over 2020 and during the first half of 2021 due to COVID-19 waves, companies felt the need to focus on cash preservation and inventory management to optimise operations.
India’s luxury jewellery market has always been difficult for global brands because local tastes can be fairly unique. This is evident in terms of designs that are more traditional and lean towards gold as a metal of choice compared to developed markets where platinum and diamonds fare significantly better.
In a traditional luxury jewellery market such as India which is largely driven by gold, the pandemic has resulted in strong price increases for this precious metal. This has resulted in a shift towards lighter and more delicate designs that look elegant and sophisticated.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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