India’s jewellery industry is on the brink of a transformative era, driven by economic expansion, rising consumer demand, and a shift towards organized retail
De Beers, a global leader in the natural diamond industry, has joined forces with the Gem & Jewellery Export Promotion Council (GJEPC) to introduce INDRA—a pioneering initiative aimed at strengthening the presence and desirability of natural diamonds in India’s retail market.
The Indian economy has witnessed an impressive upward trajectory, growing from a $3.1 trillion economy in 2022 to an estimated $3.5 trillion today. Forecasts suggest that by 2030, India will reach a staggering $7.9 trillion economy, doubling household incomes and boosting consumer spending across sectors, particularly in jewellery.
With a domestic jewellery consumption projected to reach $250 billion by 2035, India remains the second-largest jewellery market globally, only behind China. However, despite its size, only 40% of the industry falls under organized retail, highlighting a vast opportunity for expansion and modernization.
The jewellery retail landscape in India is rapidly evolving. Major players, including the Aditya Birla Group, are making significant investments—such as a $5,000 crore commitment—to strengthen their presence in the sector. This surge in organized retail is fostering greater consumer trust, demand for advanced manufacturing infrastructure, and enhanced market competitiveness.
While gold has historically dominated India’s jewellery industry, diamonds are emerging as a major growth opportunity. Currently, diamond jewellery constitutes less than 10% of the total market, with natural diamonds contributing approximately $8.5 billion. To unlock its full potential, strategic efforts are needed to enhance consumer awareness and confidence in natural diamonds.
Recognizing these opportunities, De Beers and GJEPC have unveiled INDRA—an ambitious program designed to support and empower jewellery retailers, particularly in Tier 2 and Tier 3 cities.
INDRA’s mission is to educate, equip, and elevate retailers, ensuring they can meet the evolving demands of modern consumers. The initiative focuses on four core pillars:
Industry Insights: Providing business intelligence to help retailers stay ahead of market trends.
Consumer Awareness: Educating buyers on the authenticity, value, and legacy of natural diamonds.
Retailer Support & Training: Enhancing jewellers' confidence in selling diamonds through workshops, resources, and on-ground training.
Technology Integration: Offering state-of-the-art verification tools and merchandising solutions to ensure trust and transparency.
INDRA aligns with De Beers’ broader vision to promote category growth through marketing, trust-building, and brand development. The company has already made strides in this direction through collaborations with leading retailers like Tanishq.
One of the standout initiatives is the “Soulmate Diamond Pair” collection, a luxury range featuring diamonds cut from the same rough stone—symbolizing unity and everlasting connection. Additionally, De Beers is working with Tanishq to implement vertical integration, ensuring traceability and authenticity from rough diamonds to polished pieces.
As India’s jewellery market moves towards greater transparency, organization, and premium retail experiences, INDRA stands as a catalyst for sustainable growth. By equipping retailers with knowledge, technology, and industry insights, the initiative ensures that natural diamonds continue to shine in the evolving retail landscape.
With a strong economic foundation and forward-thinking strategies, India is poised to become a global leader in the jewellery industry. Through initiatives like INDRA, the sector is not just embracing change but shaping a future that is prosperous, ethical, and consumer-centric.
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