Fashion jewellery often called costume jewellery has seen a phenomenal growth in recent years. This can be largely attributed to a growing fashion consciousness amongst all sections of the population and a rise in living standards that have brought fashion jewellery within the reach of the common man. Hence such type of jewellery is much in demand by working women and corporate executives as well as teenagers.
The digital age too has also contributed in large measure to the rise in demand of fashion jewellery. Online marketing of jewellery has helped people know more and more about various designs and creations and their availability in hundreds of online stores and on ecommerce platforms have further fuelled growth.
Additionally, advancement in technologies in creating fashion jewellery has contributed to the success of this sector. A parallel can be drawn in this context with tattoo removal and hair removal. In the past, outdated methods for tattoo removal acted as a block for those who wanted a tattoo but not permanently. Similarly hair removal methods were time consuming, painful and offered temporary measures. Now an advanced and high tech tattoo removal machine can painlessly remove a tattoo within a few sessions and IPL hair removal machine can provide permanent reduction in hair growth that too painlessly. This has given a fillip to the tattoo and hair removal industry with more and more people wanting to have a tattoo and get long-lasting hair removal results. Similarly, advanced designing and manufacturing methodologies have boosted the fashion jewellery industry which now offers stunning and beautiful creations at affordable rates to buyers.
Fashion jewellery is an integral part of the fashion industry. A well designed dress regardless of the occasion is incomplete unless complemented by matching fashion jewellery. As much thought is given to choosing jewellery as it is given to selecting the right dress. So crucial is this aspect that the jewellery market has been categorised into product type, gender, mode of sale and demography.
In the product type, bulk of market share – almost 44% – is held by necklaces and chains and bracelets. This is followed by earrings and cufflinks and studs. Rings are one of the most lucrative and fast growing segments in fashion jewellery. In the mode of sale, customers have traditionally preferred brick and mortar stores to buy fashion jewellery. These stores are further divided into speciality brand outlets, multi-brand stores and boutiques. However, convenience of buying jewellery round the clock and the wide range on offer in online stores have made online shopping for jewellery extremely popular today.
There are other factors too for the growth in sales in fashion jewellery. The rising prices of gold and silver jewellery have made them a low preference option. Instead buying exquisitely designed jewellery made with non-precious metals and colourful stone is the route chosen by the fashion conscious in the modern world.