Men are probably much more comfortable participating in jewellery shopping now than ever before
India to become the 3rd largest men’s luxury jewellery market in the world
India has overtaken the US to become the third-largest men’s luxury jewellery market in the world this year, according to researcher Euromonitor International. The researcher estimated the country’s men’s jewellery market at $194.4 million, or around Rs 954 crore, in sales and it’s projected to grow 36.4% next year.
Fancy bracelets, rings, studs and chains are fast becoming part of the fashion statement of India’s metro men who have already added cosmetics and fairness creams to their routine.
“Although it’s a niche market, it is growing. Nobody can ignore it now,” says GR Radhakrishnan, MD of GRT Jewellers, which pegs the share of men’s jewellery in its total sales at 20-25%.
It plans to launch a new line of men’s jewellery in collaboration with designers from Italy and Bangkok. Orra, a national diamond jewellery chain with presence in 23 cities, says 6% of its sales come from men’s jewellery.
“The metrosexual man is driving this demand,” says Orra Director and CEO Vijay Jain. Men in their late 20s and 30s are the biggest consumers, say jewellers. More men are independently venturing into jewellery stores today than ever before. And most of them are there to buy gifts for their partners.
The trend, which began picking up 4-5 years back, is becoming more visible as gold gets accepted as a safe haven for investment and the desire to gift exclusive products gets heightened.