India Gems and Jewelry Market to Grow with a CAGR of 8.93% through 2030F

The India Gems and Jewelry Market is growing due to rising disposable incomes, strong wedding and festival demand, increasing brand consciousness, expanding digital retail, and growing consumer preference for lightweight, customized, and sustainable jewelry designs.

According to TechSci Research report, “India Gems and Jewelry Market – By Region, Competition, Forecast & Opportunities, 2020-2030F”, the India Gems and Jewelry Market was valued at USD 100.94 Billion in 2024 and is expected to reach USD 168.72 Billion by 2030 with a CAGR of 8.93% during the forecast period. The Indian gems and jewelry market is one of the largest in the world, driven by deep-rooted cultural significance, evolving consumer preferences, and strong economic growth. Gold dominates the market, accounting for a major share of jewelry consumption, with diamonds, silver, and platinum also gaining popularity. The demand for jewelry is closely linked to weddings, festivals, and investment purposes, making it a key part of Indian households. With increasing urbanization and rising disposable incomes, the market is witnessing a shift towards branded jewelry, lightweight designs, and personalized offerings. Additionally, global influences and modern retail formats are shaping consumer choices, making India a key player in the global jewelry landscape.

Consumer preferences in India’s jewelry market are evolving, with a growing inclination towards lightweight, everyday-wear jewelry and sustainable options. Traditional heavy gold jewelry is gradually being replaced by sleek, minimalist designs suitable for work and casual wear. Many brands are launching collections with 14K and 18K gold, which are more affordable and durable compared to 22K gold jewelry. At the same time, sustainability is gaining importance, with lab-grown diamonds and ethically sourced materials becoming popular.

The future of India’s gems and jewelry market looks promising, with growth driven by rising disposable incomes, increasing brand consciousness, and the expansion of digital retail. The government’s focus on strengthening hallmarking standards and boosting exports through trade agreements is expected to enhance the industry’s credibility and global reach. Additionally, the growing popularity of customized and theme-based jewelry, coupled with advancements in technology like 3D printing and AI-driven design tools, will further drive market expansion.

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The India Gems and Jewelry Market is segmented into type, distribution channel, and regional distribution.

Based on type, Gold remains the dominant segment in the Indian gems and jewelry market, driven by its cultural significance, investment value, and widespread consumer preference. It accounts for the majority of jewelry consumption, especially in weddings, festivals, and religious ceremonies. Indian households view gold as a secure financial asset, contributing to its steady demand despite price fluctuations. Traditional 22K gold jewelry remains popular, while contemporary designs in 18K and 14K gold are gaining traction. Additionally, the government’s push for hallmarking ensures quality assurance, boosting consumer confidence.

Based on region, north region of India is emerging as the fastest-growing segment in the country’s gems and jewelry market, driven by rising disposable incomes, urbanization, and increasing brand consciousness. States like Delhi, Uttar Pradesh, Punjab, and Rajasthan are witnessing significant growth due to high wedding-related jewelry demand and a strong cultural affinity for gold and diamonds. The region is home to a mix of traditional family-run jewelers and modern retail chains, with brands expanding their presence in Tier 2 and Tier 3 cities. Additionally, North India’s affluent consumer base is increasingly embracing premium and designer jewelry, boosting the demand for high-value pieces. The growth of online jewelry platforms and omnichannel retailing has further fueled accessibility, making high-quality jewelry more available to consumers.

Major companies operating in India Gems and Jewelry Market are:

• Rajesh Exports Limited
• Malabar Gold Private Limited
• Titan Company Limited
• Bhima Jewellery and Diamonds Private Limited
• Kalyan Jewellers India Limited
• PC Jeweller Limited
• Tribhovandas Bhimji Zaveri Limited
• Joyalukkas India Limited
• Hari Krishna Exports Private Limited
• Vaibhav Global Limited

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“The Indian gems and jewelry market is driven by rising disposable incomes, growing demand for wedding and festive jewelry, increasing brand awareness, expanding digital retail, and evolving consumer preferences. Key trends include the shift towards lightweight and daily-wear jewelry, the growing popularity of lab-grown diamonds, the rise of omnichannel retailing, increasing sustainability concerns, and the demand for customized designs. Digital transformation and social media marketing are reshaping the shopping experience, making jewelry more accessible.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“India Gems and Jewelry Market By Type (Gold, Diamond, Silver, Gemstones, Others), By Distribution Channel (Offline, Online), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of India Gems and Jewelry Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Gems and Jewelry Market.

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