Press Release

India Gems and Jewelry Market to Grow with a CAGR of 8.41% through 2029

India Gems and Jewelry Market is being propelled by a variety of factors such as foundation of cultural tradition, rising disposable income, aspirational buying, and global demand.


According to TechSci Research report, “India Gems and Jewelry Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the India Gems and Jewelry Market stood at USD 80.51 billion in 2023 and is anticipated to grow with a CAGR of 8.41% in the forecast period, 2025-2029. The India Gems and Jewelry Market is a glittering gem within the country's economy, reflecting a rich legacy of craftsmanship, a deep-seated cultural significance, and a promising future marked by evolving consumer preferences and global outreach.

India's relationship with gems and jewelry dates back thousands of years. The country has a storied history of producing, trading, and adorning itself with precious gems and ornaments. Historical records suggest that as far back as the Indus Valley Civilization, which thrived around 2500 BCE, Indians were crafting jewelry and using gems as ornaments.

Throughout history, India has been a global center for gemstone and jewelry production. The Golconda mines, famous for their exquisite diamonds, produced world-renowned stones such as the Koh-i-Noor and the Hope Diamond. India's rich gemstone reserves, including emeralds, rubies, and sapphires, have fueled its reputation as a gemstone hub.

The art of jewelry-making in India is equally ancient and celebrated. Techniques like Kundan, Meenakari, and Jadau, characterized by intricate detailing, enameling, and the use of various gems, have been passed down through generations. Traditional jewelry designs are steeped in cultural significance and are often worn during religious ceremonies, festivals, and weddings.


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In India, jewelry is more than adornment; it carries profound cultural and social meanings. Jewelry is considered an integral part of a woman's identity and is often associated with femininity, prosperity, and well-being. Families pass down heirloom jewelry through generations, and these pieces become cherished symbols of heritage and tradition.

Furthermore, jewelry holds a vital role in rituals and religious ceremonies. For example, during weddings, brides are adorned with traditional jewelry, including the Mangalsutra, a symbol of marital commitment, and elaborate headpieces like the Maang Tikka. Similarly, different regions have their own traditional jewelry styles and ornaments that are worn during specific occasions.

India is home to several manufacturing hubs for jewelry production. The state of Rajasthan, particularly Jaipur, is renowned for its exquisite gemstone and meenakari work. Surat, in Gujarat, is a global diamond cutting and polishing hub. Hyderabad is famous for its Nizam-inspired jewelry, while Kolkata is known for its intricate gold designs.

The presence of these manufacturing clusters has enabled India to cater to a diverse range of jewelry styles and materials. Whether it's traditional Kundan work or contemporary diamond-studded jewelry, the country's jewelry manufacturers offer a wide array of choices to suit various tastes and preferences.

India is one of the world's largest consumers of gold. Gold jewelry holds a special place in Indian culture, and it is often considered a symbol of wealth and prosperity. Gold is traditionally gifted during weddings and other auspicious occasions. South India, in particular, is known for its gold markets, with cities like Chennai and Bangalore being prominent hubs for gold jewelry trade.

Apart from gold, India is also famous for its gemstone trade. The country is rich in gemstone resources, including emeralds, rubies, sapphires, and semi-precious stones. India is one of the leading producers and exporters of gemstones in the world.

The gems and jewelry industry in India has evolved over the years to align with changing consumer preferences and global trends. Here are some key dynamics that shape the modern industry:

Diamond Cutting and Polishing: India is a global leader in diamond cutting and polishing. The city of Surat, in the state of Gujarat, is often referred to as the 'Diamond City' due to its massive diamond industry. The city processes a significant portion of the world's diamonds, making it a vital part of the global diamond supply chain.

Growing Middle Class: The rising middle class in India has led to increased consumer spending on jewelry. With greater disposable income, many Indians are now purchasing jewelry not only for traditional occasions but also for personal adornment.

Online Retail: The advent of e-commerce has transformed the way jewelry is bought and sold. Online jewelry shopping platforms have become increasingly popular, offering consumers a wide range of choices and the convenience of shopping from home.

International Reach: Indian jewelry manufacturers and exporters have a significant international presence. Indian jewelry is exported to countries all over the world, making it a global industry. International markets, especially the Middle East, the United States, and Europe, play a crucial role in shaping the industry's future.

Changing Trends: Jewelry design and preferences have evolved to align with contemporary tastes. While traditional jewelry continues to be in demand, there is a growing market for modern and fusion designs that appeal to a younger and more cosmopolitan consumer base.

Jewelry prices are heavily influenced by the cost of raw materials like gold and gemstones. Fluctuations in these prices can impact consumer demand. The industry needs to manage price sensitivity effectively. Maintaining the quality of jewelry and ensuring that it adheres to global standards is vital for international competitiveness. Quality certification and assurance are areas where the industry can continue to improve. Consumers are increasingly conscious of ethical and sustainable practices in the jewelry industry. Adhering to such practices can be a competitive advantage for Indian jewelry manufacturers.

Embracing technology and digital platforms is critical for the industry to thrive in a digital age. This includes online sales, digital marketing, and even innovations like virtual try-ons. Exploring and expanding into emerging markets can open up new opportunities for Indian jewelry exporters.

India Gems and Jewelry market is segmented into type, distribution channel, and region.

Based on type, the market is segmented into gold, diamond, silver, gemstones, others (pearl, platinum, etc.). Among these, gold have a significant share of the India gems and jewelry market. Gold plays a pivotal role in many rituals and festivals in India. For example, during Diwali, the Festival of Lights, it is customary to buy gold jewelry and coins, as it is believed that acquiring gold during this time brings prosperity. The significance of gold in religious ceremonies and festivals ensures a constant demand for gold jewelry.

Based on region, the market is segmented into north, south, east, and west. Among these, the south has a significant share of the India gems and jewelry market. The southern states of India, particularly Tamil Nadu and Kerala, have earned a reputation as centers for gold and precious gemstone trade. They serve as hubs for sourcing raw materials and gemstones. South India is known for its thriving gold markets, attracting both domestic and international customers.


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 future of the Indian gems and jewelry market is bright. With its rich heritage, skilled artisans, and a growing middle class, India is poised to continue being a global leader in the industry. While the market may continue to evolve in response to changing consumer preferences and global dynamics, the enduring cultural significance of jewelry in India ensures that it will remain an essential part of the country's social fabric. As the industry embraces digital transformation, ethical practices, and global standards, Indian jewelry will continue to shine on the global stage, offering a diverse range of designs and materials to cater to an ever-expanding consumer base.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

India Gems and Jewelry Market By Type (Gold, Diamond, Silver, Gemstones, Others (Pearl, Platinum, etc.)), By Distribution Channel (Offline and Online), By Region, By Competition Forecast & Opportunities, 2019-2029F, 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India gems and jewelry market.



Mr. Ken Mathews

Techsci Research LLC

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New York, United States- 10170

Tel: +1-332-258-6602

Email: [email protected]


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