FUTURE OF GEMS , JEWELRY and PRECIOUS METALS INDUSTRY- INDIA AND WORLDWIDE (PART 1)

A quick insight:?

?The worldwide Gems and Jewelry market size is estimated to be worth USD 394 billion in 2022 and is forecast to be a readjusted size of USD 474 billion by 2028 with a CAGR of 3.1% during the review period.?The global precious metal market size was valued at USD 182.1 billion in 2019 and is expected to grow at a CAGR of 9.0% in terms of revenue from 2020 to 2027.

?The industry has undergone digital disruption and end-to-end renovation, a result of ground-breaking efforts to get it resilient and future-ready. This has meant several changes to an erstwhile traditional industry.?

?A new market for affordable & fine jewelry emerged, replacing expensive traditional jewelry. The contemporary, wear anywhere, anytime appeal acted as the perfect finishing touch for an attire. This easy-on-the-pocket luxury range was a hit among consumers especially post the pandemic. Indian brands such as Tanishq, Caratlane, Orra, Jaypore etc apart from numerous budding entrepreneurs on Instagram and Facebook contribute to the growing market.?The global luxury jewelry market was valued at $37.4B 2020 and is?forecasted to grow at a CAGR of 8.2% to $70.2B. International brands such as Boucheron, Harry Winston, Van Cleef Arpels, Chaumet, Cartier, Tiffany, Bvlgari, Swarovski, Graff, Messika, Piaget, Ascot Diamonds, and others are using technology to penetrate into untapped markets on a global scale.

?India's Position

?Indian industry currently employs nearly 4 million professionals in the Gems & Jewelry industry and this number will increase by another 3 million in the near future.

From April 2021-January 2022, India’s overall exports of gems grew at 69.13% YoY to US$ 32.37 billion. It ranks first among the top exporters in cut & polished diamonds, and second in gold jewelry, silver jewelry and lab-grown diamonds.

?Gold Market- India’s gold demand stood at 797.30 tons in 2021.

?In September 2021, Malabar Group invested Rs. 750 crore (US$ 100 million) in a gold refinery and jewelry unit in Hyderabad.

(refer IBEF website)

?Sales continue to soar, and a wide range of skills borrowed from various fields are required in the industry. For example-

?Skilled Professionals ?

Artisans, designers, diamond aggregators, cutters, graders, rough aggregator

?Lab Experts

Lab grown diamonds have several advantages - quick production, cost efficiency, low carbon emissions (6 pounds vs 125 pounds for a mined diamond) are just a few. Positions include catalog associates, customer service associates, quality experts.

?Business Experts

HR professionals, accountants, business development managers, e-commerce managers etc.

?Technical Experts

Technology with advanced functionalities such as AR computer-aided design (CAD) and rapid prototyping (RP), play a vital role in incorporating 3D printing are leveraged.to personalize a purchase by simulating offline experiences, online. Technical experts are in demand.

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Mintly – THE Go To HIRING MARKETPLACE

Mintly is a dedicated marketplace to hire professionals in the Gems, Jewelry & Precious Metals industry. Currently focused on India, one of its goals is to provide much-needed structure in the predominantly scattered multiple-stakeholder?industry environment and thereby improve overall business efficiency.?

Mintly is poised to penetrate into the Middle Eastern, American and European markets in the near future with a wide variety of services to streamline processes and communication.

?Mintly is working with 2100 + Brands in the Industry and 100K+ professionals who are actively using Mintly to find their dream career or upgrading their skills in the industry.