Jewellery market in India was long an unorganized sector, contributed majorly by the inherited family business. Not less than 96% of the market share was fragmented loosely across local neighbourhood. However, the trend has changed drastically. The factors like urbanisation growth, awareness towards hallmarked jewellery, customer’s choosiness for designs and brands etc has promoted demands for an organised market.
The evergreen fondness for gold jewellery, as well as charm for sophisticated gems and diamonds, among Indians has given these organised players enough confidence towards secure profitability. Their ambitious growth in domestic market is a significant proof.
As the industry is expected to intensify its share, demands for trusted brands tend to foray.
The current phase for the industry observes four to five per cent of share being carved by organised players such as Gitanjali, Nakshatra Diamonds,Sangini, Asmi Diamond Jewellery, to name few. Domestic demands for diversified designs and an uphill competition have stimulated the organised market to expand their presence, with traditional players. Not only are the urban cities, semi-urban parts of India are also emerging as shining destinations for business.
“The domestic gems and jewellery industry had a market size of Rs 2,51,000 crore ($41.61 billion) in 2013, with the potential to touch Rs 5,00,000 to Rs 5,30,000 crore ($82.94 to $87.93 billion) by 2018, according to a FICCI-AT Kearney report. Gold jewellery accounts for about 30 per cent of this market.” according to a news report.
The rising prices of gold have also not barred customers to shop for jewellery. The plus-point of this market is that for Indian customers precious jewellery is not only seen as a wearable ornament, but also a safe investment for future.
The franchise opportunities presented by these jewellery brands also create immense scope for profit-making. Each brand has their own investment plan and required criteria, though, a common motive; to connect future franchisees to their successful path of business.
Observing prospective of the market, for franchisees this would be a lucrative opportunity. The market is expanding with demands in parallel. For would-be entrepreneurs it won’t be difficult to search a trustworthy franchise partner. All you need is an ambitious plan with basic requirement as a go-ahead for your franchise business.