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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gems-and-jewellery-industry-reflects-on-2024-looks-ahead-to-strong-growth-in-2025/
The Gems and Jewellery industry in India has experienced significant shifts in 2024, showing resilience in the face of changing market dynamics.
With 2024 coming to a close, key leaders from the All India Gem and Jewellery Domestic Council (GJC) are optimistic about the future, outlining a promising trajectory for the sector as it moves into 2025.
Saiyam Mehra, Chairman of the GJC, expressed confidence in the sector’s growth potential. He noted that India’s gems and jewellery industry is poised for substantial expansion, bolstered by domestic demand, export potential, and ongoing efforts in digitalization and sustainability. By 2025, Mehra anticipates that the industry will be a major driver of India’s economic growth, contributing significantly to the country’s GDP and creating millions of new jobs. The industry’s market size is expected to reach $100 billion, with a projected compound annual growth rate (CAGR) of 5-6%. Mehra also highlighted the enduring demand for gold and diamond jewellery, driven by India’s young and expanding middle class, which continues to fuel consumption, particularly in the wedding jewellery segment.
“Despite the potential rise in prices of precious metals, the demand for gold and silver jewellery is expected to remain robust,” Mehra stated. “India’s growing consumer base, particularly the younger generation, will continue to drive demand, making 2025 a period of substantial growth for the sector.”
Rajesh Rokde, Vice Chairman of the GJC, also reflected on 2024, calling it an excellent year for the industry. Rokde observed that there was a significant shift towards affordable and sustainable jewellery options, especially among younger consumers. He noted that while gold prices remained volatile, silver jewellery saw an uptick in demand, driven by both industrial needs and investor interest. Additionally, the rise of lab-grown and sustainable diamonds indicated a shift in consumer preferences, with sustainability becoming a key focus for many buyers.
Looking ahead to 2025, Rokde is optimistic about continued demand, citing increasing consumer awareness about sustainability and responsible sourcing practices. He predicts a 12-15% growth in gold sales and a 15-18% increase in silver sales. The wedding industry, which is expected to surpass 4 million weddings in 2025, will further drive jewellery consumption, making gold a central component of cultural and investment practices.
Rokde emphasized, “Gold in India serves not just as a fashion accessory but as an investment, and this dual role continues to attract younger generations to the market. This trend, along with the increasing focus on sustainable practices, will be a key driver of growth in the sector.”
In conclusion, both Mehra and Rokde agree that 2025 holds great promise for India’s gems and jewellery industry. With a growing consumer base, a strong export market, and increasing demand for sustainable products, the sector is well-positioned to thrive, continuing its transformation and contributing to India’s broader economic goals.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gems-and-jewellery-industry-reflects-on-2024-looks-ahead-to-strong-growth-in-2025/
