The market for fashion jewellery has changed significantly — the industry dynamics and consumer behaviour patterns are different than a few years ago. It is one of the few markets that weren’t affected by the downturn last year and is expected to touch Rs 1,500 crore by end of 2009.
India is the world’s second-largest manufacturer of imitation jewellery after China. Indian imitation jewellery enjoys a huge demand and has potential for growth in markets such as the US, UK, Europe, Canada, Australia and many Asian countries.
Imitation jewellery is largely made of brass, casting iron, nickel, plastic beads and stones, instead of precious metals and gems. It does not have resale value and is available at a range of price points — from less than Rs 100 to over Rs 5,000.
The availability of skilled artisans at low cost as also that of base metals, faux gems and stones has encouraged the sector’s growth in India. Rajasthan, Uttar Pradesh, West Bengal, Bihar and Madhya Pradesh are some of the important states known for such products.