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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Gems and Jewelry Market”
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.
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