India’s largest fashion jewelry brand, Voylla, has opened its flagship store in Bhubaneswar, Odisha at the Esplande Mall. The brand retails in both offline and online mediums, the brand currently has over 160 stores across India.
Vishwas Shringi, CEO of Voylla, said, “We opened our store in Bhubaneswar understanding the changing fashion sensibilities of customers, in which accessorizing plays a very important role. With the second store here, we are expanding across the country this fiscal year. As a leader in the fashion jewelry segment, we aim to meet the needs of budding audiences in Tier I, II and III cities.
Launched by Vishwas Shringi and his wife Jagrati Shringi in 2012, Voylla has over 250 stores across India and over 1.5 million visits per month to its online platform.
Besides jewelry for women, Voylla also offers a special segment of accessories for men.
Bring a new collection
The brand not only unveiled a new store but also showcased its latest collection called Indigo Affair and Gwalior. The new collection is inspired by the state’s classic heritage and is handcrafted to perfection. It has a contemporary look and is aesthetic in its look and feel.
The in-store collection will provide Indigo Affair and various other jewelry ranges for bridal and everyday styling. Voylla additionally has a collection of jewelry inspired by the state of Odisha.
jewelry market in india
Jewelry has been an important part of Indian culture since ancient times. Indian love for precious jewelry can be evidenced by the fact that India is the biggest buyer of gold in the world.
In India, the gemstone and jewelry industry is one of the largest in the world, contributing 29% of global jewelry consumption. The size of the gemstone and jewelry market in the country contributes approximately 7% to India’s GDP and has grown at a CAGR of over 14.8% over the past 50 years.
Read also : Fashion jewelry overtakes the market
A major shift from the unorganized to the organized sector
Previously, the jewelry market was largely dominated by local jewelers and unorganized players. However, over time, people have become skeptical about the quality and purity of jewelry made by local players. This has caused consumers to shift more and more from the unorganized to the organized sector.
With the increase in urban population and increase in disposable income, there has been an increase in demand for premium products and established brands.