Jewellery shops in Lucknow have made it one of the prime locations in the country to buy jewellery. India's gold and diamond trade contributed 7.5 per cent to GDP and 14% to total goods exports in February 2021. The gemstone and jewellery business will employ 8.23 million people by 2022, up from 5 million in 2020.
The government identified the gems and jewellery industry as a priority sector for export promotion because of its growth and value addition potential. The government has announced a series of programmes aimed to encourage investment and enhance technology and skills to promote 'Brand India' on a global scale.
The government has allowed 100% FDI in the sector under the automatic route, which does not need prior approval from the Reserve Bank or the Government of India. In FY21, gems and jewellery exports were US$ 25.30 billion. In March 2021, diamond and jewellery exports were US$ 3.42 billion. The Indian government wants to boost jewellery exports to US$ 70 billion over the next five years (until 2025), up from US$ 35 billion in 2020. In fiscal year FY21, India exported diamonds and jewellery worth US$ 25.30 billion.
In FY22 (through October), India exported diamonds and jewellery worth US$ 23.65 billion, up from US$ 11.482 billion in FY21 (until October). In October 2021, India exported diamonds and jewellery valued at US$ 4.17 billion, up from US$ 2.92 billion in October 2020. In FY22 (through September), India exported diamonds and jewellery worth US$ 18.98 billion, up from US$ 8.01 billion in FY21 (until September). In September 2021, India exported diamonds and jewellery worth US$ 3.16 billion, up from US$ 2.4 billion in September 2020.
The GJEPC set an aggressive aim in August 2021 of boosting sector exports to US$ 44 billion in FY22. Export growth is being driven mostly by rebounding import demand in the US export market and the fulfilment of orders received by different Indian exhibitors at GJEPC's Virtual Buyer-Seller Meets (VBSMs). The GJEPC set an aggressive aim in August 2021 of boosting sector exports to US$ 44 billion in FY22.
Major Developments for the Jewellery industry
Several major advancements in this business include the following:
- In Hyderabad, the Malabar Group invested Rs. 750 crore (US$ 100 million) in the establishment of a gold refinery and jewellery factory.
- In May 2021, the GJEPC and the Indian Embassy in Morocco co-hosted the 'India Global Connect' event to get a better knowledge of the present business climate in the gems and jewellery sector and to explore trade prospects for producers, exporters, and importers from both countries.
- The GJEPC will organise its first International Gems and Jewellery Show (IGJS) outside of the country in Dubai from August 14-16, 2021. Additionally, it will organise a five-day physical exhibition in Bengaluru from September 15–19,2021, dubbed the India International Jewellery Show (IIJS-2021). This would be the first time such an event will be hosted outside of Mumbai. According to GJPEC sources, over 250 buyers have registered for the Dubai IGJS 2021, and over 95 booths have been allocated. One hundred fifty booths will display simple gold, gold-plated jewellery, diamond-plated jewellery, silver jewellery, and loose diamonds and gemstones.
- Tanishq experimented with antibacterial jewellery in some markets. The line is currently available in stores across Chennai and Lucknow, with further locations planned in Kolkata and Hyderabad, as well as other major cities. Antimicrobial jewellery is available in a range of forms, including necklaces and rings, and is constructed with special-coated layers that self-disinfect the surface and hinder the growth of more germs.
- The World Gold Council and the Gem and Jewellery Export Promotion Council have agreed to collaborate on promoting gold jewellery in India. The agreement provides for the joint financing of a multi-media marketing campaign aiming at enhancing gold jewellery's awareness, relevance, and acceptability among Indian customers, especially millennials and Generation Z.
Top Jewellery Shops in Lucknow
1. Tanishq Jewellery
Tanishq Jewellery is one of the major Tanishq shops in Lucknow and Northern India, offering a wide selection of Tanishq jewellery. They employ a very skilled goldsmith who creates gorgeous pieces of jewellery. Additionally, the jewellery shop curates one-of-a-kind wedding collections for each ethnic group in India and offers a special discount on selected wedding plans. Tanishq Jewellery provides free shipping across India. They choose each precious stone by hand to ensure the greatest possible quality. Subscribe to their email list to get special discounts and shop updates. They strictly adhere to social distance standards and take all essential procedures to ensure their safety. Additionally, Tanishq Jewellery provides gift certificates. Tanishq Jewellery now has over 180 stores in 109 locations worldwide. Additionally, they provide a number of marriage purchasing programmes.
2. Harsahaimal Shiamlal Jewellers
Harsahaimal Shiamlal Jewellers is a prominent jeweller shop in Lucknow. Since 1893, the business has been functioning in this sector and has earned a high level of notoriety. HSJ has been a well-known and reputed jeweller in Lucknow and Bareilly for over 128 years, specialising in gold, silver, diamond, platinum, and gemstone jewellery. Since then, the brand has grown, including some good changes to its identity and operations. Harsahaimal Shiamlal Jewellers was just selected as one of Retail Jeweller magazine's five Trendsetter Jewellers in India. Each piece of jewellery at HSJ is meticulously created with an eye for detail and quality. Each piece of jewellery is unique and comes with a storey. Each of their products has the HSJ purity mark and adheres to the same fundamental principles.
3. Kalyan Jewellers
Kalyan Jewellers is an established network of jewellery stores in Lucknow and across India. The jewellery business exhibits design influenced by traditional wedding jewellery from Kerala. Kalyan Jewellers was the first to get BIS certification for gold jewellery and always tries to surpass client expectations in terms of quality, variety, value for money, and customer service. Kalyan Jewellers provides free gifts with each purchase and offers alternate exchange buy-back options. They provide free lifetime maintenance. Additionally, Kalyan Jewellers provides gold exchange, jewellery repair, jewellery resizing, and ear and nose piercing in Lucknow. They provide a variety of parking options and reservation services. You may be certain that their services are of top quality and competitively priced.
The gems and jewellery industry's growth in the next few years will be mostly driven by the advent of important retailers/brands. Established brands guide the organised market and create opportunities for expansion. Higher organised player penetration leads to increased product and design variety. By 2021–22, internet sales are expected to account for between 1% and 2% of the fine jewellery industry. Additionally, the industry stands to profit from the relaxation of import restrictions on gold. Increased availability, together with the return of low-cost gold metal loans and the possibility of gold prices stabilising at lower levels, is expected to support jewellers' volume growth in the short to medium term. Recent positive
improvements in the industry are expected to significantly increase demand for jewellery.
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Q. Is Lucknow famous for its jewellery?
Ans. Apart from its chikan artistry, the royal city is well-known for its magnificent jewellery and ittar (perfume). A visit to one of Lucknow's most prominent shopping districts, such as Aminabad, Janpath, Chowk, Gadbadjhala, or Alambagh, is certain to be memorable in several ways.
Q. What does carat mean in relation to Gold?
Ans. A gold karat is 1/24 part, or 4.1667 per cent, of the total, and the purity of a gold alloy is stated in terms of the number of these parts of gold. Thus, an item composed of 16 parts gold and 8 parts alloying metal is referred to as 16-karat gold, whereas pure gold is referred to as 24-karat gold.
Q. What is 24-carat gold?
Ans. A 24 Karat gold bar is 100 per cent pure gold that contains no other metal. It is recognised as 99.9 per cent pure on the local market and has a characteristic brilliant yellow hue. Gold with a 24 karat purity is more costly than gold with a 22 or 18 karat purity. It is soft and malleable, which is why it is not employed in the production of conventional jewellery.
24-karat gold is pure gold and contains no other metal. 24-karat gold is more costly than 22 or 18-karat gold due to its exceptional purity and distinctive brilliant yellow hue. While 224-karat gold is frequently used in the manufacture of gold bars, coins, electrical gadgets, and medical equipment, it is not employed in the manufacture of jewellery due to its soft and malleable character.
Q. What is Gold jewellery usually made of?
Ans. 22 Karat gold is mostly used in the manufacture of jewellery. 22K gold contains 22 per cent gold and the remaining two per cent metals such as silver, zinc, nickel, and other alloys. Additionally, it is referred to as 91.67 per cent pure gold. By combining alloys, the texture of gold becomes tougher, resulting in more durable jewellery.
Q. What is 18-carat gold used for?
Ans. 18-karat gold is composed of 75 per cent gold and 25 per cent alloy metals, making it very robust and resistant to scratch. Because of this, 22-karat gold is extensively used in the production of rings, watches, and other wearable jewellery. Its vivid golden appearance makes it an excellent choice for engagement rings and other related jewellery pieces.