Mo. Dez 23rd, 2024

India jewelry market was valued at USD 87.82 billion in FY2024, expected to reach USD 195.35 billion in FY2032, with a CAGR of 10.51% for the forecast period between FY2025 and FY2032. The market in India has been dynamic and plays an important role in economic day to day life and culture. It has a wide variety of products such as jewelry made from gold, diamonds, silver, and platinum, with gold dominating the market.

Major players include Kalyan Jewellers India Limited, Malabar Gold & Diamonds, Titan Company Limited (Tanishq), and others. The sector is reliant upon vast domestic expansion fostered by customs such as marriage, ceremonies, and festivities.

Furthermore, branded and scrutinized jewelry has become exceedingly popular as consumers become more aware and concerned about the quality and originality of items they purchase. Moreover, the internet is becoming more common for jewelry trade as the market continues to be impacted by digitization and ease it provides. Additionally, hallmarking regulations and other government programs promote trust and transparency in market among consumers.

However, the market faces challenges in the form of strict government regulations. For instance, in May 2024, the Directorate General of Foreign Trade (DGFT) altered the percentage of wastage by weight in export of plain jewelry from 2.5 per cent to 0.5 per cent for gold and platinum, and from 5 per cent to 0.75 per cent for studded jewelry. Although, in July 2024, the Gem and Jewellery Export Promotion Council (GJEPC) requested the government to put hold on revised wastage norms, due to which the DGFT has put it in place till August 2024.

Despite these uncertainties, the India jewelry market is well-positioned for consistent growth due to substantial local demand and evolving consumer choices.

Shift Towards Unisex Jewelry Spurs Market Growth

India jewelry market is experiencing a remarkable change in direction towards unisex jewelry which is propelling its increase. This change is influenced by varied preferences among shoppers and changing fashion tastes, whereupon former lines of distinct male or female ornaments have been replaced with unbounded designs. Young people particularly favor unisex ornamental items that flaunt contemporary fashion sense and do not conform to prescribed society’s conception of masculinity and femininity. Prominent market players are gradually providing assortments that meet the need with mellow and contemporary themes, pleasing all genders.

On top of that, social media and fashion influencers are increasingly contributing to the popularization of unisex jewelry trends. It makes them more accepted and required. Online retail platforms support this shift through provision of different kinds of unisex jewelry, making it easy for customers to browse around and buy these items. Therefore, the unisex jewelry segment is developing into one of the vital growth engines reshaping the Indian jewelry industry and representing the broader trend towards inclusiveness and contemporary femininity in fashion.

Read More: https://www.marketsandata.com/industry-reports/india-jewelry-market

Aligning with the trend, in June 2023, Melorra, owned by August Jewellery Private Limited, introduced the country’s first gender-neutral fine jewelry collection. At a starting price range of USD 240, the collection includes a wide variety of jewelry pieces in 22 karat, 18 karat, and 14 karat varieties. The new collection is being sold in experience centers located in 12 cities throughout India and through the Melorra app.

Entry of New Brands Accelerate Market Advancement

The rate at which new labels are penetrating the India jewelry market has been multiplying market progress on a high scale. These new entrants offer fresh perspectives, innovative designs, and competitive pricing. The evolving tastes of young people seeking variety and exclusiveness are well met by new brands that come up with distinctive contemporary designs. Due to too many new brands moving in, the leading companies are compelled to seek out new things to maintain their share of market, further adding to its growth.

Additionally, intensified competition leads to a more dynamic and competitive environment which enhances overall market growth rate. Many new brands usually use digital platforms and social media to target wider bases making themselves visible and accessible. This shift towards digital marketing appeals to technophiles but raises benchmarks of consumer participation and comfort in the sector hence creating intense competition in the industry.

Therefore, as new brands penetrate the industry, they speed up the pace of market progression and assist in ensuring greater enthusiasm and innovation in the India jewelry market.

In July 2024, the Aditya Birla Group entered the Indian jewelry market by launching its jewelry brand, Indriya. The company announced the launch of a sizable collection of 15,000 carefully chosen jewelry items featuring more than 5,000 unique designs. Every 45 days, new collections were declared to be released.

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Offline Segment Dominates the India Jewelry Market

The dominance of offline segment in the India jewelry market persists as people prefer to shop physically. In India, buying jewels goes hand in hand with milestones like weddings, festivals, or any event where touching and visually assessing pieces becomes crucial. It allows consumers to assess the jewelry’s workmanship and quality before making their purchase decisions.

Major participants in this industry have set up vast chains of brick-and-mortar shops throughout the nation that help boost their brand recognition and availability. These shops usually offer opulent shopping ambiance which improves the customers’ overall experience. In addition, asking for advice from family members about local jewelers contributing to the superiority of the offline segment.

Brands keep organizing various in-store events, launching exclusive collections and rolling out customer loyalty programs. Therefore, although there is a rise in online sale volumes, the market of jewelry in India still remains reliant on brick-and-mortar stores.

In April 2024, Tanishq, by Titan Company Limited, introduced its latest collection, GlamDays across all Tanishq showrooms. The range features a modern selection of gold and diamond everyday wear jewelry, including necklaces, bracelets, earrings, and rings. The brand aims to offer a fresh appearance every day by accommodating a wide range of style preferences.

Future Market Scenario (FY2025 – FY2032F)

1. E-commerce platforms and online marketplaces will continue to grow, offering a seamless shopping experience with features such as virtual try-ons and personalized recommendations. The hybrid model of offline and online sales will cater to a broader audience, including tech-savvy millennials and Gen Z consumers.

2. Noteworthy shifts in the perception of sustainability and ethics are expected to influence jewelry choices among consumers.

3. A trend in the direction of unisex and gender-neutral jewelry will gain strength, suggesting wider social developments embracing inclusivity and diversity. This will broaden the market segments, adding to the range of items available.

Report Scope 

“India Jewelry Market Assessment, Opportunities and Forecast, FY2018-FY2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India jewelry market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between FY2025 and FY2032. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

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