India Jewellery Market (2023-2029) | Industry, Trends, Companies, Analysis, Size, Value, Outlook, COVID-19 IMPACT, Revenue, Share, Forecast & Growth

Topics Covered in the India Jewellery Market

India Jewellery Market report thoroughly covers the market by product and by materials. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Jewellery Market Synopsis

The India jewellery market is expected to gain traction over the years backed by several growing aspects such as increasing disposable income, rising demand for luxury items and growing affinity towards branded jewellery products. Jewellery has been an important part of Indian culture since ancient times and has become a status symbol in recent years. With the changing demographics in the country and with increasing working population, spending power on lifestyle-related products has also increased significantly over the past few years, driving growth in the jewellery sector. Additionally, various e-commerce players are providing customers with a wide variety of options which further increases consumer buying power making this segment lucrative for both domestic as well international players.

According to 6Wresearch, the India Jewellery Market size is estimated to grow at a CAGR of 8% during the forecast period 2023-2029 and it will reach USD 21.56 billion. The market growth is influenced by various aspects such as rising income levels and the expansion of online Jewellery stores.  Additionally, the primary driver for the increase in demand for jewellery is attributed to higher incomes among Indians due to rapid economic development. This has enabled individuals to spend more on luxury items such as gold ornaments and other expensive diamond pieces. Rising investments from NRIs into Indian markets have also added fuel to this India Jewellery Market growth. Consumers nowadays prefer branded jewelry pieces thus leading to increased adoption from traditional unbranded ones among buyers especially those who belong to upper middle class & wealthy segments. Thus, leading companies like Titan, PC Jeweller etc are experiencing sustained sales growth across product categories thanks largely to their strong branding initiatives. On the other hand, the market faces some challenges like Counterfeit Products - The presence of counterfeit goods available at cheaper rates than the original ones reduces the profit margin earned by legitimate businesses operating within a given industry thereby negatively impacting overall revenues generated out of them combining all others fraudulent activities done using fake identity cards or counterfeited documents raises security.

COVID-19 Influence on the Indian Jewellery Market

COVID-19 impacted the India Jewellery Market which is a part of the Asia Pacific Jewellery Market. the pandemic caused a strict lockdown and major restrictions led to the shutdown of all Jewellery retail outlets in the country. Moreover, due to the pandemic, people facing financial constraints resulted in reduced spending on non-essential products, including Jewellery. In addition to this, restrictions on the raw material supply resulted in a reduction in the manufacturing process.  This had resulted in a decline in the market shares.

Key Players of the India Jewellery Market

Some of the leading manufacturers and retailers are mentioned below in the list, who are providing top-notch quality jewellery and varieties of jewellery with sleek and detailed designs.

• Malabar Gold & Diamonds
• Kalyan Jewellers
• PC Jeweller
• GRT Jewellers
• Senco Gold & Diamonds
• Joyalukkas
• PNG Jewellers
• TBZ - The Original (Tribhovandas Bhimji Zaveri)

India Jewellery Market: Government Regulations

The India jewellery industry is subject to a range of government regulations that aim at maintaining transparency, fair trade practices, and consumer protection within the market. One of the key regulatory bodies overseeing the jewellery market is the Bureau of Indian Standards (BIS). BIS sets quality standards as well as specifications for gold, silver, and other metals used in jewellery production. Under these regulations, jewelers need to obtain BIS certification, and ensure that their products meet the prescribed standards.  The Goods and Services Tax (GST) has a central role to play in regulating the jewellery industry. Implemented in 2017, GST has streamlined taxation in this market by replacing a number of indirect taxes. It has also brought greater transparency to transactions as well as decreased tax evasion, benefiting both consumers and businesses. 

Market Analysis by Product

According to Nitesh Kumar, Research Manager, 6Wresearch, earrings have high demand in the market as they are worn by every generation, and even on casual days. They come in various styles, including studs, hoops, jhumkas (dangle earrings), and chandbalis.

Market Analysis by Material

Based on the material, all material Jewellery are gaining traction in the market on the back of, Gold, as both a symbol of wealth and a part of cultural ceremonies, remains a top preference to the customer. However, platinum and diamond jewellery, often seen as luxury items, are gaining traction, especially among the younger population.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Jewellery Market Outlook
• Market Size of India Jewellery Market, 2022
• Forecast of India Jewellery Market, 2029
• Historical Data and Forecast of India Jewellery Revenues & Volume for the Period 2019 - 2029
• India Jewellery Market Trend Evolution
• India Jewellery Market Drivers and Challenges
• India Jewellery Price Trends
• India Jewellery Porter's Five Forces
• India Jewellery Industry Life Cycle
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Necklace for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Ring for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Earrings for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Bracelet for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Material for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Gold for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Platinum for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Diamond for the Period 2019 - 2029
• Historical Data and Forecast of India Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
• India Jewellery Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Material
• India Jewellery Top Companies Market Share
• India Jewellery Competitive Benchmarking By Technical and Operational Parameters
• India Jewellery Company Profiles
• India Jewellery Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Necklace
• Ring
• Earring
• Bracelet
• Others

By Material

• Gold
• Platinum
• Diamond
• Others