The report, titled India Gems and Jewelry Market, By Region, Competition, Forecast & Opportunities, 2020-2030F, highlights a strong compound annual growth rate (CAGR) of 8.93% driving the market’s upward trajectory.

Cultural Significance Fuelling Demand

Jewellery remains deeply embedded in Indian culture, serving as both a symbol of tradition and a financial investment. The wedding sector remains a primary driver, accounting for nearly half of total market demand. Festivals such as Diwali and Akshaya Tritiya also contribute significantly, reinforcing gold and jewellery purchases as auspicious and prosperous investments.

Market Challenges and Economic Influences

Despite the optimistic outlook, the industry faces challenges, including fluctuating gold prices and high import costs for raw materials like diamonds and platinum. The sector’s reliance on imports makes it sensitive to global economic trends and geopolitical factors, while regulatory policies and import duties pose additional hurdles.

Evolving Consumer Trends

Changing consumer preferences are shaping the market, with an increasing demand for lightweight, modern jewellery designs among younger buyers and working professionals. The growing popularity of 14K and 18K gold pieces reflects a shift towards practical and contemporary jewellery styles. This trend is pushing the market towards innovative designs that blend traditional craftsmanship with modern aesthetics.

Future Outlook

India’s jewellery sector remains dominated by established players, including Rajesh Exports Limited, Malabar Gold Private Limited, Titan Company Limited, and Kalyan Jewellers India Limited. These key brands continue to shape market dynamics and consumer trends. With evolving fashion sensibilities and economic growth, the industry is expected to maintain its upward trajectory, solidifying India’s role as a global leader in gems and jewellery manufacturing and export.