Jewelry Supplier and supply amidst pandemic

India’s jewellery market contributed 7.5% to India’s GDP in the financial year 2020-2021 and contributed 14% to the total merchandise export of India. With the continuous efforts of jewelry suppliers and jewelry manufacturers, jewellery industry in India is likely to have 8.23 million workforces by 2022, seeing an increase of around 3 million from 2020.

The jewellery industry in India has been witnessing growth and has been a valuable addition to the international market, based on the potential it had the government declared gems and jewellery industry in India as a focus area for export promotion and has taken lots of measures to upgrade technology and skillset to promote the industry like it permitted 100% FDI in the sector.

Impact of COVID 19 on the gems and jewellery industry in India

Pandemic has changed the way all the industries are working, gems and jewelry industry was no exception, it affected not only our lives but industries across the globe in unimaginable ways. Along with the global economic crisis, even the jewellery industry in India slowed down. Though the industry saw its ups and downs, but still it is one of those that remains strong even during the weakest economic crisis. Natural disasters, economic crisis, pandemics, the industry saw it all but jewelry suppliers and jewelry manufacturers, with the help of the artisans have always pushed themselves to keep the industry strong and going.

What lies ahead!

According to Mr. Navrattan Kothari of KGK Group, the jewellery industry in India has got affected by the pandemic but it is a temporary phase that will end soon. “Gems and jewellery were once considered an investment and soon it became a matter of pride to own the precious jewels, trends have changed with passing time but the desire to own jewels have only increased.” Says Mr. Navrattan Kothari

“At KGK we have witnessed the impact of a pandemic but we have also realized that in India the traditional value which gems and jewellery holds is unparalleled. Jewellery makes the wedding, auspicious days and investment a complete affair for Indian families” adds Mr. Kothari

Jewelry as an investment for the right time

History has seen that whenever came the time of adversity kings, politicians and even heads of the family has used precious metal and jewels which they have bought for the time of adversity.

And we always believe in the fact that history repeats itself and so when the pandemic did hit the economy, wherein people used their investment for their survival, there were another lot of people who saw pandemic as a need for creating investment for their future; to be ready for any future calamity. Jewellers like KGK jewelry saw a surge in sales and investment options are opening up like never before and it is a positive sign for the industry.

Smaller celebration, increase in jewelry buying

Mr. Sanjay Kothari, Vice Chairman, KGK Group says “At first we had no clue how the industry will behave during the pandemic, though it did see a downward movement at first after the first lockdown, we at KGK suddenly witnessed a spark in the sale which might have been a result of avenge buying and repressed sale during the first wave.”

The customer demand has moved from heavy jewelry to more minimalistic choices and jewelry suppliers and jewelry manufacturers have acted fast and with their continuous efforts have been able to meet the new demand of the market.