India Gems and Jewelry Market By Type (Gold, Diamond, Silver, Gemstones, Others (Pearl, Platinum, etc.)), By Distribution Channel (Offline and Online), By Region, Competition, Forecast & Opportunities, FY2017-FY2027

India gems and jewelry market is anticipated to project robust growth in the forecast period, FY2022-FY2027, with a CAGR of 8.34% on account of changing lifestyle, rising disposable income, changing consumer preferences of branded jewelry products, and growing urbanization. Other major factors such as product innovation and technological advancements, the introduction of new jewelry segments by market players such as men’s jewelry, costume jewelry, lightweight jewelry, etc., are anticipated to further drive the growth of the India gems and jewelry market in the upcoming five years.

Gold is a significant component of the country's culture, serving as a symbol of wealth and prestige, a store of value, and an essential factor of numerous celebrations. Gemstones such as ruby and others are making a big contribution to the shifting fashion trends, particularly among the elite and upper-middle classes. Moreover, in order to ensure the authenticity of gold and diamonds, jewelry manufacturing companies are investing in a number of technologies. The Jewelry division has pioneered and implemented various innovative technologies in the industry, including 3D wax printing, computerized numerical control, etc. The gems and jewelry industry represents approximately 7% of GDP and 10% to 12% of total goods exports in the country.

The majority of gems and jewelry businesses are selling their products through e-commerce channels as well as coming up with innovative digital features to enhance their presence on the digital platform to further increase their consumer base. For instance, in 2020, Tanishq launched the 'Endless Aisle' concept, which provides customers access to practically all of the company's inventory via video calls, Whatsapp conversations, and virtual meetings. Video calling and an infinite aisle feature have already been implemented at 260 of the company's 330 locations.

Strong Demand for Diamond and Platinum Jewelry

Diamond and platinum jewelry has become a fashion statement among India's rich people to set them apart from others who wear traditional jewelry. India is the world's largest gold and silver consumer. India is also one of the world's major silver importers and the world's largest diamond cutting and polishing center. In India, there is a growing demand for diamond and platinum jewelry due to increased awareness of new exquisite designs and branded items. The nation has become a center for premium jewelry manufacturers and is home to the world's biggest diamond processing center.

Rising Disposable Income Fueling the Market Growth

The rapid increase in family members' combined earnings is resulting in higher disposable income for consumers, significantly increasing their spending power. As a result, an increasing number of consumers nowadays are unwilling to compromise product quality regardless of cost and prefer to purchase various types of authentic gems and jewelry available in the market. Moreover, the rising disposable income levels have increased the purchasing power of consumers, which has resulted in an improved standard of living. Furthermore, the education levels of women have risen in India, leading to an increase in the ratio of women in the workforce and providing them more purchasing power. Such factors are positively influencing the gems and jewelry market of India.

Rising Government Support

The government of India is continuously coming up with various initiatives in order to encourage the growth of the gems and jewelry sector of India. For instance, in 2021, the Ministry of Consumer Affairs, Food & Public Distribution made Hallmarking of gold mandatory to precisely ascertain the proportionate content of precious metals in jewelry. However, the jewelers with an annual turnover of up to Rs 40 lakh will be exempted from mandatory hallmarking. Similarly, in February 2021, the base custom duty on gold and silver was cut from 12.5% to 7.5%. Moreover, in 2021, the World Gold Council and the Gem and Jeweler Export Promotion Council (GJEPC) decided to collaborate to market gold jewelry in India. According to the terms of the agreement, both parties would support a multi-media marketing campaign aimed at increasing gold jewelry awareness, relevance, and acceptance among Indian consumers, particularly millennials and Generation Z. These factors are expected to further propel the growth of the gems and jewelry sector of India.

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Market Segmentation

The India gems and jewelry market is segmented based on type, distribution channel, region, and competitional landscape. Based on type, the market is further fragmented into gold, diamond, silver, gemstones, others (pearl, platinum, etc.). Based on the distribution channel, the market is segmented into offline and online. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among north, south, west & east.

Company Profiles

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, etc. are among the major market players that lead the market growth of the India gems and jewelry market.

Report Scope:

In this report, India gems and jewelry market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• India Gems and Jewelry Market, By Type:
• Gold
• Diamond
• Silver
• Gemstones
• Others
• India Gems and Jewelry Market, By Distribution Channel:
• Offline
• Online
• India Gems and Jewelry Market, By Region:
• South
• North
• East
• West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India gems and jewelry market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).