Indian Fashion Jewellery Market Glitters Amidst Wedding Splendour
The wedding season in India is not just a celebration of love and union; it is a spectacle of traditions, grandeur, and exquisite fashion. As the cultural tapestry unfolds, one aspect that takes centre stage is fashion jewellery. In recent times, the Indian fashion jewellery market has witnessed a significant surge, becoming an integral part of the wedding season's allure.
The Indian fashion jewellery market's robust growth during the wedding season is not just anecdotal; it is substantiated by market data. The India Costume Jewelry market, valued at USD 1,788.6 million in 2019, is projected to reach USD 2,126.3 million by 2027, reflecting a Compound Annual Growth Rate (CAGR) of 7.0 per cent from 2019 to 2027. This data underscores the market's consistent expansion, with the wedding season acting as a catalyst for this upward trajectory.
Changing Tastes and Trends
Traditionally, weddings were synonymous with gold and precious stones, but changing times bring evolving tastes. Modern brides and grooms are increasingly gravitating towards fashion jewellery that marries traditional aesthetics with contemporary designs. The surge is not just in demand but in the diversity of styles, with a blend of classic and modern elements becoming the new norm.
Commenting on the trend, Aditi Khandelwal, Co-Owner of Kicky&Perky, says, “Sustainable options thus wonderfully complement the increasing consumer preference for affordable luxury as well. Brides now look for jewellery options that reflect the beauty and quality of pure metals without breaking the bank.
Given this desire, materials such as pure sterling silver have become the go-to choice. Such materials offer the best of both worlds - the quality and durability of pure metals, along with greater affordability than gold and platinum.”
Khandelwal further adds, “Our collections at Kicky and Perky offer pure hallmarked 925 sterling silver to meet this need, allowing for options that blend high-quality with greater accessibility.
Therefore, with this evolution in consumer preferences, the Indian jewellery market has become an exciting realm for brands such as ours. The wedding season also marks a period of significant growth and opportunities and speaks to the altering consumer mindset in India."
Shreyansh Kapoor, Partner & VP at Kashi Jewellers says, “Traditionally, heavy gold jewellery dominated weddings , but today there is a noticeable shift towards lighter and more versatile pieces. As we know the Gold price is at its highest which it has ever been and has already crossed the Rupees 65000 mark. It is expensive for people to pick up jewellery whether small or high weight. One silver lining in the clouds is the pricing for the diamond, kundan and polki jewellery has not gone up and people are converting their purchase into these which are affordable and are a blend of tradition and modern aesthetics. These changing trends in the Indian Fashion Jewellery market is offering a broader range of choices for couples and specially brides celebrating their special day.”
Affordable Luxury and Customisation
One of the driving forces behind the surge is the accessibility of affordable yet luxurious fashion jewellery. With a plethora of options available, individuals can now adorn themselves with pieces that exude opulence without breaking the bank. This democratisation of luxury has transformed how people perceive and embrace fashion jewellery, making it an inclusive part of wedding preparations.
Poonam Soni, Founder and creative director of PSSL says, “The impact of sustainable choices makes the jewellery an affordable luxury and expands the market to a larger producer and consumer base while also protecting the environment. Some popular trends in the wedding market include classic heirloom styles for larger sets In stylish pieces, other experimental stones like kunzite and tanzanite are popular. We also incorporate hand-painted canvas and influences from various cultures, creating a fusion and evergreen look that is highly sought after. The younger clientele tends to be experimental with style statement hoops, chandeliers, cuffs, and cocktail rings.”
Soni says that customisation is the key. “As a brand focusing on customisation, we undertake commissioned work for our clients who are collectors passionate about jewels.”
Lisa Mukhedkar, CEO and Founder, Aukera Jewellery says, “Every woman is unique, deserving a perfectly tailored piece that reflects her distinct taste. She finds inspiration globally, making the customization of jewellery a rich experience for both customers and our brand. Grown Diamond Jewellery takes customisation to the next level, offering fancy rare cuts and expert settings, allowing individuals to bring their unique style to the designs they proudly flaunt every day.”
She further adds that affordability is a key driver in the surge of the Indian fashion jewellery market. Consumers are seeking high-quality pieces that offer a luxurious feel without exorbitant price tags. This democratisation of luxury allows individuals to embrace the latest trends without breaking the bank. This is where Demi-Fine jewellery comes in, with its affordable price and luxurious feel, its futuristic nature is the reason for its increasing potential in the industry.
Anjali Sinha, co-founder at Theaa opines that customisation trends in the Indian wedding season have seen a significant rise in the fashion jewellery market. “People are increasingly opting for personalised jewellery pieces that reflect their individual style and preferences. Customisation allows them to incorporate specific elements like initials, motifs, or gemstones that hold sentimental value, adding a unique touch to their accessories. This trend caters to the desire for exclusivity and personalization, allowing individuals to stand out and make a statement on their special day.”
Online vs. Offline, E-Commerce Fuels Accessibility:
The rise of e-commerce platforms has reshaped the dynamics of the fashion jewellery market. While traditional brick-and-mortar stores continue to thrive, online platforms offer unparalleled convenience and an extensive array of designs. The surge in online sales during the wedding season underscores the evolving consumer behaviour, where individuals prefer the ease of browsing and purchasing from the comfort of their homes.
According to Aditya Modak, Co-founder of Gargi by P N Gadgil & Sons, "The modern Indian consumer is more open to experimenting with jewellery. There is a rising demand for designs that blend tradition with a contemporary twist, reflecting the evolving tastes of the younger generation. The wedding season has witnessed a notable surge in online jewellery purchases, with consumers appreciating the ease of browsing and comparing designs from the comfort of their homes.”
Modak adds that the convenience of online shopping is a major draw for consumers during the wedding season. “Virtual try-ons and easy return policies enhance the online shopping experience for fashion jewellery. The increasing market digitalisation necessitates a strategic approach from jewellery retailers, combining the strengths of both online and offline channels to provide a seamless and satisfying customer experience.”
Dipti Tolani, Founder, SALT Attire says that in the ever-evolving landscape of the Indian Fashion Jewellery Market, consumer preferences are undergoing a dynamic transformation, ushering in a new era of changing tastes and evolving trends. “The dichotomy between online and offline shopping in the Indian Fashion Jewellery Market is an ongoing debate. While online platforms offer convenience and an extensive array of choices, offline shopping provides a tangible, hands-on experience. Striking a harmonious balance between these channels, the market underscores the indispensability of a seamless omnichannel approach for retailers.
Consumers are actively seeking jewellery pieces that resonate with their distinct style and preferences, reinforcing the industry's prowess in tailoring offerings to individual tastes and fostering a profound connection between the consumer and the product,” says Tolani.
Arvind Agarwal, founder Arvino Jewellery says, “When it comes to precious jewellery, offline jewellery is still a go to choice for most people. But now, E-commerce retailers have introduced virtual trials so that people can see how they will look and some even have offered free trials at home service as well. Luxury fashion segment will see a rise in the online space, making people from different parts of the country/ world have access to designs. Canada and the US have emerged as big markets for ethnic fashion jewellery. There has been YoY growth in the sales around the wedding season.”
Impact of Sustainable and Ethical Choices
As awareness regarding sustainability grows, so does the impact on the fashion jewellery market. Couples are making conscious choices, opting for brands that prioritise ethical sourcing of materials and sustainable practices. This shift in consumer behaviour is influencing the market, pushing brands to adopt eco-friendly measures and transparent supply chains.
Dishi Somani, founder of DishiS Designer Jewelry brand says that embracing sustainable and ethical choices has been transformative. “Not only does it align with my values, but it has also proven to be a strategic business move. Incorporating eco-friendly practices into our jewellery-making process not only reduces environmental impact but resonates with an increasingly conscientious consumer base.”
Somani adds, “This changing trend emphasises the need for jewellery designers and manufacturers to stay agile and innovative, creating pieces that resonate with the evolving preferences of the market.”
Pallavi Mohadikar, CEO & Co-founder, Palmonas Fashion says, “The surge in the Indian fashion jewellery market during the wedding season can be attributed to a combination of factors, including changing fashion trends, affordability, and the convenience of online shopping. Brands that successfully integrate these elements into their strategies are likely to capitalise on this upward trend.”
Talking about sustainability, Mohadikar says that As awareness about environmental and ethical issues grows, consumers make more conscious choices in their purchases.
“The demand for sustainable and ethically sourced materials in fashion jewellery is on the rise. Brands incorporating eco-friendly practices are gaining traction, aligning with the values of the socially responsible consumer. Hence, wearing jewellery that lasts longer is desirable and is preferred by consumers.”
Arpan Mahtani, co-founder at Carat Crush says, “Sustainability and ethical practices are important to Carat Crush. We prioritise responsibly sourced materials and ethical production processes. For example, we manufacture our jewellery using recycled gold. We believe in creating jewellery that not only enhances your look but also contributes positively to the environment and communities involved in the crafting process. A slow fashion approach, our fine jewellery pieces are sure to last a lifetime.”
The surge in the Indian fashion jewellery market during the wedding season is a fascinating amalgamation of changing tastes, affordability, and a shift towards sustainable choices. As couples seek to make a statement with their wedding ensembles, fashion jewellery continues to evolve, reflecting the dynamic nature of Indian weddings.
