New Delhi, February 5
India, the world’s second-largest consumer of gold jewelry, has experienced rapid change over the last few years due to evolving demographics witnessing growing demand for lightweight and studded jewelry, reported Asian Lite International citing World Gold Council.
“India is a strong pillar of support for the global gold markets as the second-largest consumer of gold jewelry. While weddings and festivals act as important drivers of jewelry demand, our rich cultural heritage and historic status as a major global force in world commerce underpin this strong socio-economic relationship with gold. Over time, we have created countless reasons and joyous occasions to accumulate gold. The bridal jewelry segment alone accounts for nearly half of the market share with rural India being the largest consumer of gold jewelry in the country,” said Somasundaram PR, Regional CEO, India, World Gold Council.
The gold jewelry exports in India have grown from USD 7.6 billion in 2015 to USD 12.4 billion in 2019. Bridal jewelry dominates the gold jewelry landscape, enjoying 50-55 percent of the market share in India, reported Asian Lite International.