India's gold market series is the structure of the jewellery industry.

Although small independent retailers still dominate the landscape, the market share of chain stores (national and regional) has increased steadily during the last decade. 

In contrast to the retail jewellery trade, changes at the manufacturing level have been much slower. While manufacturers are becoming more organised, driven by growing demand from chain stores and tighter regulatory requirements (such as pollution licences), artisans still dominate Indian gold jewellery fabrication. 

The jewellery manufacturing landscape in India 

India’s manufacturing industry remains fragmented and unorganised. Only 15-20% of units operate as organised and large-scale facilities; this was less than 10% some five years ago. 55% of manufactured jewellery is handmade by karigars (artisans) who produce intricate pieces, thus sustaining the unique selling point for which Indian gold jewellery is renowned in the global market.

Focus 1: Demonetisation and GST’s impact on the gold industry

Over the last few years, India has implemented several measures to formalise the Indian economy, streamline multiple taxes, improve tax compliance, and reduce dependency on cash transactions. The most notable among these are demonetisation (2016) and the implementation of the Goods and Services Tax (GST) in 2017. 

I believe that the former gave an important push to the cashless economy, catalysing the growth of digital and banking transactions. Even though demonetisation severely hampered the unorganised sector over the short to medium term, businesses and consumers have gradually adjusted to using digital transactions. 

Table 1: Top 10 jewellery stores in India 

Name	Stores	Cities/Towns
Tanishq (including Zoya)	382	209
Malabar Gold and Diamonds	150	111
Cash Your Jewellery	126	85
Kalyan Jewellers	116	87
Reliance Jewels	99	85
Joyallukas	85	67
PC Jewellers	82	68