Sales of fashion jewellery soar

CHENNAI: Costume jewellery is all set to have a dazzling future. Demand for imitation jewellery has gone up by over 85% due to a drastic hike in gold and silver prices and an increased interest in gems and stones, as per a survey conducted by ASSOCHAM-Social Development Foundation (ASDF).

Apart from volatile gold prices, other factors contributing to a growing demand for costume jewellery include higher disposable incomes and greater fashion consciousness. Also, such pieces are available in different designs and colours are also ensuring greater acceptability. At the workplace, fashion jewellery had found acceptance among young women who are on the lookout for ornaments that are independent of dress code and are suitable for western wear too.

The imitation jewellery market in India is pegged at Rs 8,000 crore and this is expected to touch Rs 15,000 crore by 2015. Moreover,India is the second largest manufacturer of imitation jewellery after China with an 8.5% share globally. The main factors contributing to this growth is the availability of skilled artisans, base metals and faux gems with Rajasthan, Uttar Pradesh, West Bengal, Bihar and Madhya Pradesh being important sourcing states. Imitation jewellery is largely made of brass, cast iron, nickel, plastic beads and stones, in place of precious metals and gemstones.