Gems and Jewellery - #SectorUpdates
One of the interesting and booming segments under gems and jewellery segment is costume jewellery. The India Costume Jewellery market size was valued at $1,788.6 million in 2019, and is estimated to reach $2,126.3 million by 2027, registering a CAGR of 7.0% from 2019 to 2027. Costume jewellery refers to a diversity of decorative items worn for personal embellishment that are produced as low-cost decorative elements to complement a specific fashionable outfit or garment. The costume jewellery is cost effective in terms of manufacturing and also easy on the pockets of the buyers. Working women, in general, prefer to change their jewellery to match their outfits and costume jewellery suits them best. As gold prices have risen rapidly, the demand of costume jewellery has also increased in parallel. Retail sales accounted for the largest market share in terms of mode of sale in 2019, accounting for more than half of the whole market share. It is anticipated that this segment will continue to dominate in terms of revenue during the predicted period under costume jewellery segment.