India: World’s 3rd largest men’s luxury jewelry market

Tuesday, 08 November 2011
Indian men seem to have no inhibitions in nurturing their metrosexuality. Now, apart from ready-to-wear dressing and cosmetics for grooming, men are looking forward to adorn themselves with light-weight jewelry like fancy bracelets, rings, studs and chains. And this is giving a push to jewelry retailers in India thus making it the world’s third largest men’s luxury jewelry market to be.

According to Rahul Singh, Retail and Marketing Head, Shree Ganesh Jewellery House from Kolkata, the trend of wearing light-weight gold jewelry is catching up rapidly with youngsters. Taking a cue from this increasing demand, the jewelry house launched a men’s jewelry range under the brand name Gaja.

Bangalore-based jeweler C Krishniah Chetty & Sons’ Managing Director Vinod Hayagriv believes that men are probably much more comfortable participating in jewelry shopping now than ever before. He sees a significant number of male customers at his diamond boutique. Researcher Euromonitor International has estimated this fast growing market to be worth $194.4 million which is a whopping Rs 954 crores, in sales. Its growth is projected to be 36.4 per cent by 2012. G R Radhakrishnan, MD, GRT Jewellers is of the opinion that it is a growing niche market that cannot be ignored. The jeweler has 20-25 per cent of its total sales coming from men’s jewelry.

It is not an outcome of men’s interest in fashion only. The jewelry is also being looked at as medium of investment and most men have been buying it as gifts for their partners opines Vijay Jain, Director, Orra. The research mentions that 15-20 per cent of the platinum jewelry is purchased by men unlike three years back when it was 5-8 per cent. When it comes to diamond shopping, men, interestingly, involve themselves more today in choice of design, type of stones or quality of diamonds. Diamond retailer Gitanjali Group is a testimony to this as 42 per cent of its sales comes from men. Radhakrishnan of GRT believes that men don’t lose as much patience as they did at jewelry stores earlier.

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