The sales of imitation jewelry in India has increased by 85% since the price of gold and silver is roaring to its peak. This 85% of increase in the sale of imitation jewelry in India is during the past 1 year as per ASSOCHAM’s (The Associated Chambers of Commerce and Industry of India) report.
Women Shows More Interest
Women shows more interest in buying imitation jewelries. Because of this it is expected that the sales in the next two years would double increasing from Rs. 8000 crores to Rs. 15,000 crores.
In the last one year the gold price has increased by 12%. The price of gold has increased from Rs. 29,205 (10 gram) to Rs. 32,450. In the same period the price of silver has increased by 10%. The price of silver has increased from Rs. 56,400 (per kg) to Rs. 62,000.
ASSOCHAM has conducted a survey in various cities among 150 imitation jewelry manufacturers, wholesale and retail sellers. Comparing to gold the imitation jewelry cost is very less. The sales people and retailers have said that since there are more designs in multiple colors are available, the sales has been increasing consecutively.
Women could select matching jewelry and can be choosy to their costumes with more options available in imitation jewelries. At times it is also insecure to wear out costly jewelry. Due to all these positive thoughts and notes from the buyers the sales of imitation jewelry in India has been increasing tremendously.
Imitation jewelry is manufactured from the combinations of copper, nickel, and plastic beats. The cost of one imitation jewelry ranges from Rs. 100 to Rs. 30,000. However, an imitation jewel cannot be sold back as we sell a golden jewel.
India is in the Second Place
In the manufacturing of imitation jewelry, India holds the seconds place next to China. There are tremendous demand for Indian imitation jewelry in countries like America, European countries, Canada, Australia etc. So the chances of export are better in future for the imitation jewelries.