By David Brough
MUMBAI – India has the potential to become the world’s biggest jewellery market over the next decade, driven by economic growth and the popularity of jewellery in the country’s culture, the CEO of Titan Company, C K Venkataraman, said.
India is the second largest gold jewellery consumer in the world. In 2021, India bought 611 tonnes of gold jewellery, second only to China (673 tonnes), but comfortably ahead of all other gold-consuming markets, according to the ‘Jewellery Demand and Trade’ report released by the World Gold Council on January 19, 2023.
Crowds packed into the corridors and stands at the IIJS Premiere (India International Jewellery Show) on the first two days of the Mumbai trade show, on August 3 and 4, 2023, auguring for a strong flow of orders for Diwali and the wedding season.
“It is possible that in the next 10 years India will become the largest (jewellery) market in the world,” Mr Venkataraman, CEO and Managing Director of Titan Company, told visitors to IIJS Premiere at an event staged in the Nesco building in Mumbai.
(C K Venkataraman is in the centre of the picture, wearing a blue and yellow checked shirt.)
Titan, owner of Tanishq, is the largest branded jewellery maker in India, with a share of around 6 percent of India’s jewellery market.
In an interview with Jewellery Outlook, Mr Venkataraman said that the market expansion would be driven by growth in demand by the wealthiest segment of India’s population, combined with cultural factors, as Indians tend to spend proportionately more of their incomes on jewellery, relative to other nationalities.