The India jewellery market reached USD 95.1 Billion in 2025. The sector’s resilience comes from its dual character as both a cultural necessity and a financial asset. Jewellery remains integral to India’s social fabric, deeply embedded in weddings, festivals, and generational wealth creation. As disposable incomes rise, households are diversifying across investment-grade gold, diamond-studded jewellery, and designer ornaments. Gold, in particular, holds unmatched cultural and economic importance, sustaining demand even through economic fluctuations. Recent indicators show how this cultural attachment continues to translate into measurable investment momentum. Gold demand stood at 135 tonnes in Q2 2025, with a full-year forecast between 600 and 700 tonnes. By mid-2025, India’s total gold holdings reached 66.7 tonnes, with two tonnes added in June and nine tonnes in the first half of the year.
On the other hand, the demand for diamond and gemstone-studded pieces has surged as urban consumers seek more contemporary and expressive designs. According to the Gem & Jewellery Export Promotion Council (GJEPC), cut and polished diamonds remain India’s largest export segment, contributing significantly to foreign exchange earnings despite recent price corrections. Pearl and coloured gemstone jewellery are also gaining attention among younger buyers and the luxury segment, blending traditional motifs with modern aesthetics. Meanwhile, silver jewellery—once viewed as a budget alternative, has evolved into a fashionable, artisanal category driven by online platforms and designer collaborations.
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Jewellery plays a central role in Indian celebrations, especially weddings and religious festivals, making demand cyclically robust. Bridal sets, heirlooms, and gifting remain critical purchase drivers across states. In 2024, organized sector jewellery sales captured over 30% of total industry value, signaling that even tradition-driven demand is migrating into branded and certified forms. This evolution reflects how younger generations value authenticity, hallmarking, and after-sales trust as much as aesthetics. Major chains like Tanishq, Kalyan, and Malabar are blending traditional motifs with modern assurance — offering wedding collections backed by BIS hallmarking, lifetime exchange, and transparent pricing.
Festivals amplify this rhythm of buying. Periods such as Akshaya Tritiya, Dhanteras, Diwali, Karva Chauth, and Pongal trigger spikes in gold and diamond jewellery sales, often accounting for the majority of the annual turnover for retailers. All India Gem & Jewellery Domestic Council reported gold sales of about 20–22 tonnes, valued at nearly INR 16,000 Crore, during Dhanteras 2024; and the full jewellery sector saw sales in the range of INR 18,000–20,000 Crore. These occasions sustain a cultural cycle where jewellery purchases are both auspicious and financially prudent. In smaller towns and agricultural regions, jewellery serves as a hedge against inflation and crop uncertainty, reinforcing steady rural participation. The emotional continuity of gifting, mothers passing bangles to daughters or families exchanging coins and pendants during festivals, keeps the market resilient regardless of price volatility.
Rising household incomes and expanding discretionary budgets are pushing consumers toward premium and studded jewellery options. Earnings growth in urban India, growth of dual-income households, and youthful demographics are fueling a shift in purchase behavior.
According to IBEF, India’s gold demand in Q2 2025 reached 135 Tonnes, reflecting the strength of baseline precious metal consumption. FDI policy support has also bolstered investor confidence: cumulative FDI inflows into India’s diamond and gold ornament sector stood at INR 12,337 Crore (USD 1,434 Million) through March 2025. This capital supports capacity expansion, branding, and retail reach.
Consumers are gravitating toward trustworthy brands offering hallmarking, transparency, and store assurance. The adoption of certified diamond verification by Tanishq in December 2024—via in-store devices like SynthDetect XL Plus and DiamondProof—enhances consumer confidence and differentiates branded players. India hosts around 450 organised manufacturers, importers, and exporters, poised to cater to both domestic and international markets. The Gem & Jewellery Export Promotion Council (GJEPC) actively promotes Common Facility Centres (CFCs) to raise manufacturing standards, giving national and regional brands greater capability. As more consumers demand traceability and authenticity, unorganized vendors may struggle to compete on trust, pushing further consolidation toward organized retail.
Emerging Opportunities in the market include:
Buying behaviour is shifting: consumers discover and shortlist designs online, then visit stores to finalize purchases. Mobile apps, virtual try-on, and AR catalogs reduce friction. Leading D2C jewellery platforms like BlueStone and CaratLane are scaling hybrid models that combine e-commerce breadth with offline reassurance. In India’s jewellery exports segment, exposure to global buyers also compels digital maturity in product showcase, quality assurance, and logistics. Domestic retail chains are likewise integrating online and in-store systems to offer consistent pricing, loyalty links, and seamless fulfillment.
Some of the recent developments in the market include:
Regional Dynamics: North, West, South, East India
The regional splits show that while bridal gold demand remains strong in North and South India, West India contributes heavily to value addition and exports, and East India is a frontier for organized chain expansion.
As per IMARC’s estimates, the market revenue is projected to reach USD 151.4 Billion by 2034 at 5.30% CAGR during 2026-2034. Within this expansion, gold jewellery will retain dominance by volume, but growth in studded, diamond, and lab-grown segments will increase share over time. Official government and trade sources also reinforce this trajectory: India’s gold import volumes, policy liberalization (100 % FDI), and increasing exports via GJEPC programs support structural growth. Despite volatility in exports, e.g. polished diamond exports fell 16.8 % in FY 2024–25 to USD 13.3 Billion, a two-decade low per GJEPC, domestic consumption remains a stabilizing force. Large retailers and established jewellery brands are expected to remain the engines of market expansion. Their advantage lies in national-scale networks, transparent pricing, hallmarking compliance, and consistent design innovation. At the same time, leading companies are modernizing manufacturing through automation and traceability systems, aligning production with international quality standards. This movement toward consolidation is improving brand accountability while elevating India’s reputation in global jewellery retail.
Government initiatives and trade policies remain strong pillars supporting this growth. The 100 % FDI allowance under the automatic route has encouraged international capital flow and collaboration in the sector, enabling brands to upgrade technology and expand manufacturing. Bilateral agreements, including the India–UAE FTA and India–Australia ECTA, have enhanced export competitiveness, while the India–UK CETA signed in July 2025 eliminated import duties of 2.5–4 % on plain gold and diamond jewellery, making Indian products more attractive abroad. Additionally, MoUs signed with Thailand at the Bangkok Gem & Jewellery Fair in February 2025 have strengthened cooperation in gemstone standardisation and trade, widening India’s participation in the global value chain and helping both large and mid-sized manufacturers expand capacity, boost competitiveness, and build a more globally integrated jewellery ecosystem.
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