According to the World Gold Council (WGC), the gold industry is integral to the Indian economy, contributing 1.3% to Indian GDP. But it is still fragmented - dominated by small and medium-sized enterprises. Over the last decade, the retail jewellery market has undergone a notable shift, driven by changes in consumer behaviour and government regulations designed to encourage the industry to become more organised. The advent of chain stores in the last 10-15 years and their gradual gain of market share at the expense of stand-alone retailers has been notable. And this market share continues to increase up 5% since 2016 and representing a 35% share of the market by 2021. The competition fostered by such rapid expansion has encouraged innovation; jewellers are now focusing on product offerings that provide both value and diversity to India's wide cultural and demographic customer base.
