India Jewelry Market to Grow with a CAGR of 5.09% through 2031F

The India jewelry market is driven by cultural significance, rising disposable income, evolving fashion trends, and increasing demand for customized, lightweight, and branded jewelry, especially among millennials and urban consumer

According to TechSci Research report, “India Jewelry Market – By Region, Competition, Forecast & Opportunities, 2021-2031F”, the India Jewelry Market was valued at USD 91.09 Billion in 2025 and is expected to reach USD 122.34 Billion by 2031 with a CAGR of 5.09% during the forecast period. The India jewelry market is one of the most vibrant and culturally entrenched sectors in the country’s economy. Deeply rooted in tradition and social customs, jewelry holds immense emotional, financial, and religious value for Indian consumers. From ancient times to the present day, jewelry has not only served as an ornament but also as a symbol of wealth, status, and heritage. In Indian society, it plays a crucial role in various life stages, particularly during weddings, festivals, and auspicious ceremonies. This cultural reverence continues to be a primary driver of demand, making jewelry an essential and enduring part of consumer spending.

The market’s resilience can be attributed to its adaptability and capacity for innovation. Over the years, it has evolved from a largely unorganized sector dominated by family-run jewelers to a more structured and competitive space that now includes large national and international brands. Consumers today are more informed, quality-conscious, and brand-aware. This shift in mindset has led to increasing preference for certified and hallmarked jewelry, pushing the industry toward greater standardization and formalization. Organized players are capitalizing on this by offering a mix of traditional craftsmanship and contemporary designs, backed by reliable certifications, transparent pricing, and improved after-sales service.

Economic development and rising disposable incomes have significantly influenced the growth trajectory of the jewelry industry in India. A growing middle class with enhanced purchasing power and aspirations is fueling demand not just for gold but also for diamond, platinum, and gemstone-based jewelry. This expansion of material preference has encouraged jewelers to diversify their portfolios, catering to a broader demographic. The democratization of jewelry—wherein consumers purchase it for fashion, gifting, or self-expression rather than only investment—is another notable trend shaping the market. Consumers are increasingly viewing jewelry as part of their daily wardrobe, prompting brands to introduce lightweight and wearable collections that blend aesthetics with affordability.

Another key aspect driving the market is the cultural diversity of India, which brings with it a rich variety of jewelry styles, designs, and preferences. Jewelers must constantly innovate and customize their offerings to reflect regional tastes and seasonal trends. Whether it is temple jewelry inspired by South Indian traditions or polki and meenakari from the North, the diversity of craftsmanship presents both a challenge and an opportunity for brands. Collaborations with artisans, designers, and local karigars (craftspeople) are helping businesses retain authenticity while introducing contemporary elements, thus appealing to a wide range of consumers.

Despite these hurdles, the long-term outlook for the India jewelry market remains positive. Demographic trends, such as a large youth population and increasing urbanization, suggest sustained demand in the years ahead. The market is also benefiting from changing social dynamics, including the growing trend of women independently purchasing jewelry for themselves a shift from the traditional dependence on familial gifting. This evolution is encouraging the industry to be more inclusive, offering designs that cater to diverse lifestyles, age groups, and price points.

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The India Jewelry Market is segmented into product type, material type, distribution channel, and region.

Based on distribution channel, online is the fastest-growing segment in the India jewelry market, driven by increasing internet penetration, smartphone usage, and evolving consumer behavior. Tech-savvy millennials and Gen Z prefer the convenience, variety, and transparency offered by e-commerce platforms. Virtual try-on tools, detailed product descriptions, secure payment gateways, and easy return policies are enhancing customer confidence in buying jewelry online. Additionally, online platforms often provide competitive pricing, attractive discounts, and access to curated collections. As brands invest in omni-channel strategies and digital marketing, the online segment continues to expand rapidly, reshaping how Indian consumers discover, compare, and purchase jewelry in the digital era.

Based on region, the South region is the fastest-growing market in the India jewelry industry, driven by rising disposable incomes, increasing urbanization, and evolving consumer preferences. States like Tamil Nadu, Karnataka, Andhra Pradesh, and Kerala are witnessing strong demand for both traditional and contemporary jewelry designs. The region’s deep-rooted cultural affinity for gold and precious stones, coupled with a growing young population and increasing participation of women in the workforce, is boosting jewelry consumption. Additionally, the proliferation of organized retail and digital adoption in South India is accelerating market growth, making it a key focus area for jewelers and brands aiming to expand their footprint.

Major companies operating in India 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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“Technological advancements have further reshaped the market landscape. Digital transformation, particularly the growth of e-commerce, has enabled brands to reach consumers beyond metropolitan areas. Online platforms now offer virtual try-on tools, detailed product information, secure payment options, and customer support, making jewelry shopping more convenient and accessible. This digital shift has not only expanded the customer base but also helped brands understand evolving consumer preferences through data analytics and personalized marketing. Moreover, digital-savvy consumers especially millennials and Gen Z—expect seamless online and offline experiences, prompting retailers to adopt omni-channel strategies and invest in both physical and digital infrastructure” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“India Jewelry Market, By Product Type (Necklace, Ring, Earrings, Bracelet, Others), By Material Type (Silver, Gold, Platinum, Diamond, Others), By Distribution Channel (Online, Offline), By Region, Competition, Forecast & Opportunities, 2021-2031F”, has evaluated the future growth potential of India 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 Jewelry Market.

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