Wed in India: Cut the pie for craft-n-curves!

Last year, in the month of December, Uttarakhand, the aspirant state of India held Global Investors Summit 2023. Prime Minister-India, Shri Narendra Modi inaugurated the Summit and in his keynote speech, he initiated the movement, Wed in India! This initiated thought was in the row of Make In India & also in the row of Vocal for Local and Local for Global! Before moving ahead, let’s peep up the current affaires & the wavelength!

Right now, during the 12th to 14th April, GJEPC held 3rd edition of International Gem & Jewellery Show (IGJS) in Jaipur. On the occasion, Vipul Shah, Chairman, GJEPC, “We remain steadfast in nurturing robust international trade relationships between India and global markets. This commitment is demonstrated through initiatives such as IGJS Shows and by actively enabling opportunities for our exporters through participation in international events.” IGJS 2024 witnessed 250 international buyers from 27 countries.

Just ahead of IGJS 2024, our Gem & Jewellery (GJ) industry & trade held the two trade shows that also concluded in the month of April. Both of the B2B shows had focussed on the Akshay Tritiya, one of the biggest festival to sale the entire spectrum of gem & jewellery!

Yet, along with the festivity, both of the shows, IIJS Tritiya & GJS April 2024 also had a wider focus on the Wedding Season 2024! Additionally, the organiser of IIJS Tritiya, the GJEPC said, successfully they have pursued the government to introduce measures to facilitate ease of doing business in the e-commerce for retail exports of jewellery from the country, enabling Indian sellers to seamlessly deliver their products to global buyers!

In the row, GJC said, the GJS April Show assembled jewellery wholesalers and retailers under one roof to exchange their business ideas for boosting sales during the festive and wedding season. Over 200 international buyers attended the GJS April 2024. According to the GJC Chairman, they are focussing to boost exports through the e-commerce for retail exports of jewellery from their platform!

In short, be that the GJEPC or GJC; export promotion body or domestic jewellers’ body, both are on the same wavelength to address global GJ buyer of India!

Now joint the dots, of Wed in India! At the Summit Shri Narendra Modi said, two points; 1: we have to manage our family weddings in India & 2: to call overseas players to wed in India! In the row, the Ministry of Tourism unveiled an ambitious campaign aimed at showcasing, India as a premier wedding destination on the global stage.

India is much known in the world for their big fat weddings in India! According to the Confederation of All India Traders (CAIT), the wedding season of 2023 estimated the worth of Rs 4.25 trillion spent by about 600K weddings and that to boost up nuptial trade & services including gem & jewellery! It is estimated by CAIT that the wedding industry is growing at the rate of 26% Year over Year (YoY).

Now focus on the High Net-worth Individual (HNI), the asset holder of at least US Dollar one million or above, were about 790K in India in the year of 2022. It is estimated to grow the total to 1650K by 2027-28 in India! In the 2023, the HNI class had about 5K destination weddings out of India by spending about Rupees One Trillion.

Up to the point, we talked & focussed about our own big fat weddings in India and abroad. And by understanding Wed in India, means to spend about 7 to 8 trillion of Rupees in India to contribute to the nation’s economy!

Now, looking at the Global wedding Industry, the wedding services market had estimated by the Research & Markets, at US$ 268bn in 2023 and it is estimated to worth about US$ 284.87 billion in 2024. It is expected to grow at a Compound Annual Growth Rate [CAGR] of 7.02%to worth US$ 429.56 billion by 2030! While the Business Research Company’s; Wedding Service Global Market Report 2023- is estimating the global wedding service market is likely to grow at the CAGR of 12%.

Bottom Line: Ministry of Tourism unveiled an ambitious campaign aimed at showcasing India as a premier wedding destination on the global stage. “The campaign begins with profiling about 25 key destinations across the country, exploring how India fits into their wedding aspirations in more than one way.

From breathtaking landscapes to sacred traditions, from tantalising culinary delights to cutting-edge infrastructure, this campaign captures the essence of India’s grandeur, inviting couples to say: I do, against a backdrop that transcends imagination” Ministry of Tourism!

Dead End: The policy of the ongoing government is boosting, the Wed in India, ministries are supporting accordingly, Trade councils are eying and facilitating now, this is the time for the GJ fraternity to cut the pie of their craft-n-curves from the Wed in India!