Jewellery Business in India: Opportunities & Challenges

Darshit Jain

doi:10.36948/ijfmr.2023.v05i05.7186

Jewellery Business in India: Opportunities & Challenges

Author(s)	Darshit Jain
Country	India
Abstract	This text provides a comprehensive overview of the global gold market, with a particular focus on India and its bustling city of Mumbai. Gold, a precious metal, holds multifaceted significance worldwide, from jewelry to investments. The global gold reserves, distribution, and usage are analyzed, highlighting its dominance in the jewelry industry. India, known as the "Golden Bird," plays a pivotal role in the global consumption of gold, and its gem and jewelry industry is a significant contributor to the nation's economy. The text delves into India's consumption patterns, gem and jewelry exports, and the impact of government policies, including import tax fluctuations. Festivals like Diwali significantly influence gold demand. Mumbai, India's financial capital, stands out as a major consumer of gold, with the historic Zaveri Bazar being a hub for jewelry enthusiasts and artisans. The Gem & Jewellery Export Promotion Council (GJEPC) hosts the prestigious "India International Jewellery Show" in Mumbai, attracting international attention. Government initiatives, including hallmarking requirements and changes in GST rates, aim to regulate and standardize the gold jewelry industry. The text also discusses the establishment of a gem and jewelry park in Navi Mumbai, promising significant investments.
Keywords	Gold market, Global gold reserves, Jewelry industry, India's gold consumption, Gem and jewelry exports, Government policies, Import tax, Diwali festival, Mumbai, Zaveri Bazar, Gem & Jewellery Export Promotion Council (GJEPC), India International Jewellery Show, Hallmarking, GST rates, Gem and jewelry park, Opportunities, Challenges, Virtual Reality (VR), Jewelry buying process, Indian gold industry.
Field	Business Administration
Published In	Volume 5, Issue 5, September-October 2023
Published On	2023-10-05
Cite This	Jewellery Business in India: Opportunities & Challenges - Darshit Jain - IJFMR Volume 5, Issue 5, September-October 2023. DOI 10.36948/ijfmr.2023.v05i05.7186
DOI	https://doi.org/10.36948/ijfmr.2023.v05i05.7186
Short DOI	https://doi.org/gst3s4

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Jewellery Business in India: Opportunities & Challenges

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