India: Imitation Jewellery Market 2023

Imitation Jewellery Market Size in India

The Indian imitation jewellery market rose rapidly to $X in 2021, with an increase of 14% against the previous year. In general, consumption continues to indicate a significant increase. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Imitation Jewellery Production in India

In value terms, imitation jewellery production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 87%. Imitation jewellery production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Imitation Jewellery Exports

Exports from India

In 2021, overseas shipments of imitation jewelry were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, faced a abrupt decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, imitation jewellery exports soared to $X in 2021. Overall, exports, however, saw a deep setback. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for imitation jewellery exports from India, accounting for a 24% share of total exports. Moreover, imitation jewellery exports to Bangladesh exceeded the volume sent to the second major destination, Nigeria (X tons), twofold. Afghanistan (X tons) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume to Bangladesh totaled +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-6.5% per year) and Afghanistan (-19.1% per year).

In value terms, the United States ($X) remains the key foreign market for imitation jewellery exports from India, comprising 31% of total exports. The second position in the ranking was held by the UK ($X), with an 8.9% share of total exports. It was followed by Nigeria, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-7.6% per year) and Nigeria (+10.7% per year).

Export Prices by Country

The average imitation jewellery export price stood at $X per ton in 2021, declining by -26.2% against the previous year. Over the period under review, the export price, however, showed buoyant growth. The pace of growth was the most pronounced in 2016 an increase of 53% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+30.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imitation Jewellery Imports

Imports into India

In 2021, imports of imitation jewelry into India skyrocketed to X tons, increasing by 106% on the previous year's figure. In general, imports saw a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imitation jewellery imports soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main supplier of imitation jewellery to India, accounting for a 96% share of total imports. It was followed by Hong Kong SAR (X tons), with a 1.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +13.5%.

In value terms, China ($X) and Hong Kong SAR ($X) constituted the largest imitation jewellery suppliers to India.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of -0.3%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

The average imitation jewellery import price stood at $X per ton in 2021, reducing by -34.1% against the previous year. In general, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2015 an increase of 82%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+16.0%).

Source: IndexBox Market Intelligence Platform

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