Jewelry in India has always been more than mere ornamentation; it is a heritage, an identity, and an investment woven into gold and gemstones. Today, this centuries-old tradition is entering a transformative era. As consumer aspirations evolve and digital innovation accelerates, the way jewellery is designed, purchased, and experienced is being reimagined.
While gold continues to dominate the market, accounting for a significant share of consumer demand, preferences are shifting. The increasing interest in sustainable materials, personalised designs, and tech-enabled experiences marks a generational and cultural shift. The future of adornment in India is poised to be as emotionally meaningful as it is digitally sophisticated.
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India’s gems and jewellery industry is poised for robust growth, projected to rise from USD 83 billion in 2024 to USD 128 billion by 2029 at a CAGR of 9.5%. This expansion is driven by rising middle-class purchasing power, a growing demand for certified and branded products, and supportive government policies such as hallmarking mandates and reduced import duties. As trust and transparency take centre stage, consumers are increasingly making informed choices backed by quality assurance and ethical sourcing.
Jewellery purchase behaviour is evolving in line with lifestyle shifts, emotional value, and regional preferences. Daily wear demands comfort, subtle elegance, and practical metals, while gifting occasions inspire personalised, meaningful choices. Regional tastes vary—from temple jewellery in the South to lightweight, diamond-accented designs in the East, ornate traditional styles in the North, and minimalist looks in the West. Generational differences are equally distinct: Gen Z favours trend-driven, customizable pieces, while older consumers lean toward culturally rooted, investment-grade jewellery. Across the board, social media, sustainability, and digital convenience continue to shape the modern jewellery buyer.
India’s jewellery ecosystem is powered by specialised regional clusters, each rooted in rich artisanship and cultural identity. Jaipur leads with gemstones and Kundan work, Surat and Mumbai dominate global diamond cutting and exports, and Delhi balances heritage with luxury retail. In the East, Kolkata is renowned for intricate Bengali filigree, while the South boasts hubs like Hyderabad, Thrissur, and Coimbatore, known for pearls, traditional gold, and lightweight machine-made designs. Nellore is emerging as a key centre for affordable, diamond-studded gold. Together, these regions form a vibrant network blending legacy skills with modern manufacturing.
Despite its momentum, the industry faces structural challenges. The shift to omnichannel retail is exposing digital fragmentation, leading to inventory and supply chain inefficiencies. Rising gold prices and labour costs, along with a shortage of skilled artisans, are further tightening margins. Many businesses are also slow to adopt digital tools that can elevate both customer experience and operational decision-making. To sustain long-term growth, the industry must embrace sustainability, invest in technology, and design with the evolving consumer in mind. Those who adapt with authenticity and agility will lead the next chapter of India’s jewellery story.