Market Analysis of Precious Metal Chains in India
The relevance of research
The main trend of 2019-2020 is a kind of ""role reversal"" between clothing and jewelry. Jewelry ceases to be a separate, barely noticeable accessory, but is integrated into a fashionable suit as an irreplaceable detail.
In particular, chains and bracelets remain popular along with other types of jewelry, and at the same time can be used not only for their intended purpose, but also as part of a complex accessory or costume element.
Purpose of the study
Analyzing the state of the precious metal chain market, assessing the market size, analyzing competitors, and identifying factors influencing the precious metal chain market
Content
Part 1. Market Overview of Precious Metal Chains (Gold, Silver, Platinum, Palladium) in India
1.1. Main characteristics of the market
1.2. Assessment of factors affecting the market
1.3. Indian production volume
1.4. Share of exports in production
1.5. Market share of imports
1.6. Dynamics of market volume 2016-2018 Potential market capacity
1.7. Market structure:
1.7.1. according to the material of precious metal chains (gold, silver, platinum, palladium)
1.8. Share of precious metal chains (gold, silver, platinum, palladium) in the production and sale of jewelry in India
Part 2. Analysis of exports of precious metal chains (machine-woven) (TN VED Code 7113) from India
2.1. Dynamics of export volume, 2016-2018
2.2. Export structure, 2018
2.2.1. by manufacturing companies (in physical and value terms)
2.2.2. by recipient countries (in kind and value terms)
2.2.3. by types of products (in physical and value terms)
Part 3. Analysis of the TOP-10 manufacturers of precious metal chains (machine-woven) in India
3.1. Major players in the market
3.2. Market shares of the largest competitors
3.3. Geography of presence of the main players in India
3.4. Sales channels of the largest competitors
Part 4. Consumption analysis
4.1. Key consumer trends in India
Part 5. Consumption forecast up to 2024
Part 6. Recommendations and conclusions
Research excerpt
Part 1. Market Overview of Precious Metal Chains (Gold, Silver, Platinum, Palladium) in India
1.1. Main characteristics of the market
Neck chain, body chain, bracelet chain are popular accessories. Chain technology is...
...
According to the analysis of GidMarket on the assessment of the ratio of manual and machine production of chains, the share of machine knitting chains in production is about …%. Handmade chains account for about …% of production. The indicators were evaluated on the basis of …
...
Note that the assessment of this indicator is significantly difficult due to the fact that ...
There are other ways to indirectly estimate chain shares by manufacturing methods. For example, the costs ... For making chains by hand ...
Also …
...
In general, the manufacture of 1 gram of gold chains by machine ..., one workshop offers an average price ... for 1 gram. The cost of the work of a master who manually makes a chain of gold ranges from ...
The cost of equipment for machine and hand knitting also varies greatly: if for the primary organization of jewelry production of chains, the master needs to purchase a minimum set of equipment of about … rupees, then the threshold for the minimum cost of equipment for machine production of chains is …
It is noteworthy that small workshops offer services …
Usually there are 3 main technologies for knitting chains: ...
...
1.2. Assessment of factors affecting the market
Macroeconomic factors affect the dynamics of all sectors of the Indian economy, including the precious metal chain market under consideration. The main groups of factors are: economic, political, social and technological.
Economic
GDP (gross domestic product) is used to determine...
...
Demographic (social)
...
technological
...
Political
...
Table 4 summarizes all the considered factors.
Table 4. STEP Analysis of Factors Affecting the Precious Metal Chain Market
In general, the influence of macro factors on the market of precious metal chains can be assessed as ... ... the influence is exerted by negative and positive environmental factors. They have a negative effect ... A positive effect is exerted by ... The influence of all groups of factors ...
If we consider the indirect influence of only specific macro-factors, then the targeted influence on the LI industry is exerted by: ... Together, these factors have ... an impact on the industry in question.
1.3. Indian production volume
Consider the dynamics of jewelry production (JI) and India.
Diagram 10. Dynamics of jewelry production in India for 2010 - 2018, million pieces
...
Until 2014, inclusive, the dynamics of jewelry production in India had … character – an indicator … However … In 2015, the decline in production was …%, and in kind – …%.
In 2016, the cost of manufactured jewelry …
Further …
At the end of 2018, there was … production by …% in monetary terms and by …% in kind.
Until 2016, inclusive, in India, statistics on goods were kept according to the OKPD classification. In the structure of jewelry production, …
In the period from 2010 to 2014, the share of chain production in the total production of YI ranged from … to …%, averaging …%. In 2015, the share of …
...
In general, the dynamics of the production of chains made of precious metals has ... character ... Differences can only be due to a change ...
In 2010-2014, the indicator in value and physical terms …, according to the results of 2014, the production amounted to … million pieces or … billion Rs. at producer prices. In 2015 and 2016, the production is …% annually. At the same time … However, it should be noted that in physical terms (in units) the volume of production in 2018 reached …, but in monetary terms it was …
1.4. Share of exports in production
Estimation of the share of exports of chains made of precious metals in the total volume of jewelry exported from the country was carried out by GidMarket on the basis of ... The share of chains in YI exports in physical terms amounted to …%, in value terms – …%, the average value – …%. Assuming that this share is...
...
In 2015 and 20016, the share of exports in production exceeded …%, and in 2017 and 2018 it was on average …%. This dynamic is associated with both … and …
1.5. Market share of imports
Detailed statistics on foreign trade operations with the CU countries…
… the analysis was carried out on imports from countries, …
The assessment of the share of imports of precious metal chains in the total volume of jewelry imported into the country was carried out by GidMarket on the basis of … value terms. The share of chains in YI imports among the 100 largest transactions in physical terms amounted to …%, in value terms – ..%, the average value – …%. Assuming that this share...
...
The share of imported products in value terms during 2014-2018 ranged from …% to …%. The average value is …%. In 2016, a high share of imported goods was due to …
Diagram 16. The volume and dynamics of imports of chains of precious metals in monetary terms in 2014-2018, billion Rs.
The dynamics of chain imports in India has … character - in 2015 and 2016 …, also in 2018 there was an excess ... In physical terms (in tons), the value of imports in 2014 was …
...
The unchanging leader in the import of jewelry (and chains in particular) to India is ... In 2018, it accounted for …% of total imports in monetary terms. Further in the structure of imports, in descending order of share, follows ...
Non-CIS countries account for …% of chain imports in monetary terms in 2018.
Relative to the structure of imports in 2014, in 2018 the share of … decreased by …%, …
1.6. Dynamics of market volume 2016-2018 Potential market capacity
Consider the dynamics of the precious metal chain market in India.
...
The dynamics of the market of precious metal chains in value terms has … character. Until 2014 inclusive, the annual … was observed, in 2015 ... Due to the decrease in … in 2017 and 2018, … was observed, at the end of 2018 the volume amounted to about … billion Rs., exceeding the value of 2014 by …%.
One of the main factors behind the dynamics of the market over the past two years is the trend towards …
According to … the growth of interest in jewelry and rare stones is typical for … Nevertheless, the analyst … notes that in order to justify the investment, consumers need …
According to GidMarket, the precious metal chain market is far from …
If in 2014 the ratio of the volume of the market of precious metal chains to the total estimated annual weight of the average wages of the entire working-age population was …%, then in 2018 …
On the whole, according to analysts, the latent demand caused by … the population is not satisfied by at least …%, that is, the potential market capacity is at least … billion Rs.
The key factor in the presence of latent demand is ...
...
According to market experts (…) at the moment, the increase in the debt burden of the population due to unsecured consumer loans is …
...
Despite the measures taken by the Central Bank, PTI reached …%, exceeding the level of …
Increasing leverage trend...
...
By the end of 2019 - the beginning of 2020, inflation should approach ...%, according to ... ...
Thus, the future dynamics of consumer lending and the level of credit burden will largely depend on …
...
On the one hand, the increase in DN in 2018 suggests that buyers could …, and on the other hand, an increase in DN may lead to a decrease in …
Experts … confirm that their role in increasing …
Experts also note that the growth in jewelry sales is partly due to …
… notes that, in general, the protracted crisis and the devaluation of the rupee do not affect …
According to the experts who were present at …, in order to keep customers who have been saved with great difficulty, companies are still …
1.7. Market structure:
1.7.1. according to the material of precious metal chains (gold, silver, platinum, palladium)
According to the new classification …, which has been in force since 2017, the production volumes of JI are made up of the following items: …Among the first three groups of goods, the shares in production in 2018 are distributed as follows: …%, …% and …%. …
...
In 2018, in physical terms, the leading positions were occupied by chains from … – almost …% of the market. In second place are … chains with a share of …%. Platinum and palladium .. - the share is about ...%. The share of palladium can be judged, for example, by the following indicators: ...
1.8. Share of precious metal chains (gold, silver, platinum, palladium) in the production and sale of jewelry in India
...
As noted earlier, the share of chains in the production of chains in India until 2014 inclusive fluctuated around …%, but during the crisis period... types of jewelry...
Part 2. Analysis of exports of precious metal chains (machine-woven) (TN VED Code 7113) from India
2.1. Dynamics of export volume, 2016-2018
...
Diagram 21. Balance of exports and imports in 2015-2018, billion Rs.
From 2015 to 2018, the market of chains made of precious metals has … a trade balance, which means that the import of goods .. At the end of 2018, the trade balance amounted to … billion Rs.
2.2. Export structure, 2018
It should be noted that the procedure for conducting foreign trade operations with the countries of the Customs Union is significantly …
2.2.1. by manufacturing companies (in physical and value terms)
...
Table 10. Number of chain names presented in online stores in Belarus, pcs.
Since the statistics on foreign trade operations with the countries of the Customs Union ...
Of the top 10 (see section 3 of this study) Indian manufacturers, the following companies can be seen most often in online jewelry stores in Belarus: ... The complexity of the assessment lies in the incompleteness ...
In addition to the manufacturers listed in the table, the products of the following Indian manufacturers are also found with a higher frequency: … According to GidMarket, these companies are included in …
...
According to GidMarket, Top 3 exporters to Belarus occupy … export volume.
Table 11 shows the data on the representation of Indian chains in online stores in Kazakhstan.
...
Of the top 10 (see section 3 of this study) Indian manufacturers, the following companies can be seen most often in online jewelry stores in Kazakhstan: ... The complexity of the assessment lies in …
In addition to the manufacturers listed in the table, the products of the following Indian manufacturers are also found with a higher frequency: ... Representation of Indian manufacturers in online stores in Kazakhstan ...
...
According to GidMarket, the leader in deliveries to Kazakhstan is ... Top-3 exporters account for more than ... export volume.
2.2.2. by recipient countries (in kind and value terms)
...
In total, Belarus, Kazakhstan and Kyrgyzstan occupy a share of more than …% in the export of precious metal chains from India. The share of other countries accounts for …% of the volume of exports in physical terms.
Among the countries outside the CU, the largest volume of supplies of chains in 2018 in physical terms was carried out in …
...
In value terms, the CU countries occupy a share of …% (that is, more than …). The export leaders in terms of money in 2018 were: …(…%), …
A significant difference in the distribution of shares of export volumes in value and physical terms between countries is due to …
Among the countries outside the CU, the largest supply of chains in 2018 in value terms was carried out in … (…%), …
2.2.3. by types of products (in physical and value terms)
The diagrams below show the structure of chain exports to countries… The structure in value and physical terms differs…
In both cases, the shares of platinum and palladium chains … – …% in physical terms and …% in value terms.
...
According to GidMarket, based on the data from Table 9 on the representation of Indian manufacturers' chains in Belarus (online stores), the ratio of gold and silver is approximately equal to ... in physical terms and ... in value terms, respectively. Among the reviewed online stores selling platinum and palladium chains, …
According to GidMarket, based on the data from Table 10, on the representation of Indian manufacturers' chains in online stores in Kazakhstan, the ratio of gold and silver is approximately equal to ... in physical terms. Among the reviewed online stores selling platinum and palladium chains, …
Part 3. Analysis of the TOP-10 manufacturers of precious metal chains (machine-woven) in India
3.1. Major players in the market
When determining the market leaders (Top 15 manufacturing companies), the following criteria were used: …
...
The largest manufacturing companies (Top 10) of precious metal chains in India are: ... All companies shown manufacture chains ...
In addition to the Top 15 companies reviewed by GidMarket valuation and calculation, the Top 10 includes: ...
The dynamics of the total revenue of the leading companies (Top-10) of the market has … character. Until 2014, inclusively, the indicator ... In 2015 and 2016, the total revenue ... At the end of 2018, according to the forecast of GidMarket, the total revenue of the Top 10 amounted to almost ... billion Rs., ...% mainly due to ... Nevertheless, the values of 2013 - 2015 …
...
Company ""…""
...
Company ""…""
...
Company ""…""
...
3.2. Market shares of the largest competitors
Chart 29 shows the structure of precious metal chain production in India by leading manufacturers.
The calculation is based on data on revenue ...
Chart 29. Shares of the largest manufacturers of precious metal chains in India in value terms in 2018, %
According to GidMarket, more than … (…%) precious metal chains are produced in India by … (…%) and … (…%). The shares of … companies included in the Top 10 manufacturers range from …%: …Other manufacturers account for about …% of the total production of domestic precious metal chains.
Note that it is extremely difficult to estimate the shares of manufacturers in the total production of precious metal chains for two reasons:
- ...
- ...
The probability of error in the final shares is also associated with a sufficient number of ...
3.3. Geography of presence of the main players in India
The structure of production of articles made of precious metals (and in particular, chains) across the Union Territories is mainly determined by the location of ... 8 of the 10 largest chain manufacturers are located in the ... Union Territories, namely in ... Therefore, the share of this Union Territories is ...%.
Another 2 manufacturers from the Top 10 have production facilities in …
Other Union Territories occupy each …% in the structure of production chains.
In the structure of production of all YI, the leader is undoubtedly …
...
3.4. Sales channels of the largest competitors
...
Common trends in sales channels among all Top manufacturers are as follows:
- ...
Trends in the use of sales channels in most competing companies:
- ..
Individual features of using sales channels:
- ...
So every company has...
Online sales in India as a whole still...
According to … the share of sales via the Internet in the total volume of retail trade turnover in the last 5 years is …%.
From the list of top 100 largest online stores in India according to …
… at the end of 2017 prepared a study …
… provided a forecast for 2018 of … rupees (… by 2017). Online (in case of legalization of distance selling) – …%, offline – …%. But since …
According to …, total jewelry sales in India in 2018 amounted to … rupees (+…% to 2017). At the same time, it was purchased online ...
Expert forecasts …%, in case of ...
In particular, the increase in the share of online sales is constrained ...
Selling jewelry on international online platforms ...
According to …, in 2017 the total volume of the jewelry market amounted to …
...
According to the expert … a promising additional market for jewelry is …
For example, the company itself ... with the help of eConnect performs ...
Thus, the warranty period is longer than the standard ... provide: ... The widest selection of precious metals from which jewelry is made, from .. Products from platinum are present at: ...
Active social media profiles with the highest number of followers are found in…
Part 4. Consumption analysis
4.1. Key consumer trends in India
...
According to the results ... most often jewelry was purchased in ... the Union Territories (... once a year) and ...
The highest average check rates are observed in …
The seasonality of jewelry consumption in India is shown in Table 17 and Chart 32.
...
Chart 32. The volume of purchases of legal entities in India in rupees in 2018 (by months), % of the total annual
The dynamics of the purchase of jewelry in retail outlets in India ...
Diagram 33. Types of UI consumption in federal districts in 2018, %
...
The largest share of purchases of JI in India across all union territories is made by … buyers (not …%). This is a population with an average per capita income of …
...
Part 5. Consumption forecast up to 2024
...
Part 6. Recommendations and conclusions
...
Diagrams
Diagram 1. Dynamics of India's GDP, in 2011-2019 (Q1), % to the previous year
Diagram 2. Monthly dynamics of the US dollar against the rupee, 2014-2018, Rs. for 1 US dollar
Diagram 3. Dynamics of India's IPP in 2014 - 2019 (Q1), % to the previous year
Diagram 4. Dynamics of real income of the population of India, 2011 - 2019 (Q1), % to the previous year
Diagram 5. Dynamics of retail trade turnover, 2013 – 2019 (Q1), % to the previous year
Diagram 6. Population dynamics in India, 2010-2019, million people, %
Diagram 7. Debt burden per worker in 2014-2918, thousand Rs.
Diagram 8. Index of non-ferrous metal ores mining in India, 2014-2018, % to the previous year
Diagram 9. Dynamics of the average interest rate on loans, 2014-2019 (Jan-Feb), years, %
Diagram 10. Dynamics of jewelry production volumes in India for 2010 - 2018, million pieces
11 Chart. Dynamics of jewelry production volumes in India for 2010 - 2018, billion Rs.
12 Chart. Dynamics of production volumes of precious metal chains in India for 2010 - 2018, million pieces
13 Chart. Dynamics of production volumes of precious metal chains in India for 2010 - 2018, billion Rs.
14 Chart. The share of exports of precious metal chains in production in value terms for 2015-2018, %
Diagram 15. The ratio of imported and domestic products in the precious metal chain market in value terms in 2014-2018, %
16 Chart. The volume and dynamics of imports of precious metal chains in monetary terms in 2014-2018, billion Rs.
Diagram 17. Dynamics of the market volume of chains made of precious metals in 2014 - 2018, billion Rs.
Diagram 18. The share of precious metal chains in the production and sale of jewelry in India in 2010-2018,%
Diagram 19. Dynamics of export of precious metal chains in physical terms in 2014-2018, tons
Diagram 20. The dynamics of exports of chains of precious metals in monetary terms in 2014-2018, billion Rs.
21 Chart. Balance of exports and imports in 2015-2018, billion Rs.
22 Chart. Estimation of the share of manufacturers in the export of chains to Belarus, %
Diagram 23. Estimation of the share of manufacturers in the export of chains to Kazakhstan, %
Diagram 24. Structure of exports by countries in 2018 in physical terms, %
Diagram 25. Structure of exports by countries in 2018 in value terms, %
Diagram 26. Structure of exports of precious metal chains to countries outside the CU, in physical terms, by type of product (precious metal) in 2018, %
27 Chart. Structure of exports of precious metal chains to countries outside the CU, in value terms by type of product (precious metal) in 2018, %
Diagram 28. Dynamics of the total revenue of the largest manufacturers (TOP-10) in India, 2013-2018, billion Rs.
Diagram 29. Shares of the largest manufacturers of precious metal chains in India in value terms in 2018, %
Diagram 30. Share of sales via the Internet in the total volume of retail trade turnover in actual prices in 2014-2018,%
Diagram 31. Dynamics of consumption of precious metal chains in monetary terms in producer prices 2014 - 2018, Rs./person
Diagram 32. The volume of purchases of legal entities in India in rupees in 2018 (by months), % of the total annual
Diagram 33. Types of YI consumption in federal districts in 2018, %
Diagram 34. Placement of retail outlets in relation to the consumer in the Union Territories in 2018, by total purchases of legal entities, %
Diagram 35. The share of chain and non-chain outlets by the total volume of purchases of legal entities across the Union Territories in 2018, %
Diagram 36. Forecast of the market volume of precious metal chains in 2019 - 2024, billion Rs.
Tables
Table 1. Estimation of the share of machine production of chains in the total production volume, %
Table 2. The cost of manufacturing chains by machine and by hand, Rs. per 1 gram
Table 3. Weighted average interest rates of credit institutions on credit operations in rupees (% per annum), 2014-2019 (Jan-Feb.)
Table 4. STEP Analysis of Factors Affecting the Precious Metal Chain Market
Table 5. Structure of imports of precious metal chains by importing countries in 2018, %
Table 6. Dynamics of the Debt Burden Indicator (LBR) in India by Union Territories in 2015-2021 (forecast), %
Table 7. Market structure by material of precious metal chains in physical terms in 2018, %
Table 8. Structure of exports of precious metal chains to countries outside the CU, in physical terms, by manufacturers in 2018, units rev.
Table 9. Structure of exports of precious metal chains to countries outside the CU, in value terms by manufacturers in 2018, units rev.
Table 10. Number of chain names presented in Belarusian online stores, pcs.
Table 11. Number of chain names presented in online stores in Kazakhstan, pcs.
Table 12. Key companies participating in the precious metal chain market in 2018
Table 13. Production structure of precious metal chains in 2018 by union territories, %
Table 14. Sales channels of the largest competitors
Table 15. Additional criteria for comparing leading market competitors
Table 16. Key figures for UI consumption in India in 2018, units rev.
Table 17. The volume of purchases of JI across the Union Territories in rupees in 2018 (by months), % of the total annual
Table 18. Distribution of the total volume of purchases of legal entities by locations of retail outlets in the Union Territories in 2018, %
Table 19. Number of purchases of legal entities by income groups across the Union Territories in 2018, % of the total amount
Table 20. Comparative table of the basic and conservative scenarios for the forecast of socio-economic development of India from 2025 to 2036, units rev.
All reports