India's Gem and Jewellery Market Set to Triple by 2030: A Glimpse into the Future

► India's Gem and Jewellery Market Poised for Remarkable Growth

The Indian gem and jewellery market is on an impressive growth trajectory, with its size valued at USD 43.71 billion in 2023 and projected to reach USD 133.96 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 17.35%.

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► Market Overview

India's gem and jewellery industry encompasses the manufacturing, processing, and trading of various gemstones, diamonds, gold, silver, platinum, and other precious metals and ornaments. This sector significantly contributes to the nation's economy, accounting for 7.5% of India's GDP and 14% of its merchandise exports. The industry's growth is driven by factors such as cultural significance, rising disposable incomes, evolving consumer preferences, and the prominence of weddings and festive seasons.

► Competitive Landscape

The Indian gem and jewellery market is characterized by the presence of key players who are expanding their footprints and product portfolios to cater to diverse consumer segments and international markets. Notable companies include Titan Company, Joyalukkas, and Kalyan Jewellers, which are focusing on modern designs, ethical sourcing, and collaborations with international designers to strengthen their market presence.

► Regional Demand

The demand for gem and jewellery products is notably higher in regions with a rich tradition of jewellery consumption and craftsmanship, such as Mumbai, Surat, Jaipur, and Ahmedabad. These areas are renowned for their diamond processing, gold jewellery crafting, and skilled artisans, making them pivotal hubs in the industry.

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► Mergers and Acquisitions

The global gem and jewellery industry has witnessed significant mergers and acquisitions, reflecting the dynamic nature of the market:​

• Vietnam: Consolidation Trends in the Jewellery Market

Vietnam's jewellery sector is experiencing consolidation as local companies merge to strengthen their market positions and expand their product offerings.​

• Thailand: Growth Opportunities through Strategic Partnerships

In Thailand, jewellery manufacturers are entering strategic partnerships with international brands to leverage design expertise and access new markets.​

• Japan: Market Updation with Technological Integration

Japanese jewellery companies are updating their operations by integrating advanced technologies such as AI and blockchain to enhance design precision and supply chain transparency.​

• South Korea: Emerging Trends in Lab-Grown Diamonds

South Korea is witnessing a surge in demand for lab-grown diamonds, prompting local jewellers to diversify their product lines to include these sustainable alternatives.​

• Singapore: Opportunities in Luxury Jewellery Segment

Singapore's luxury jewellery market is expanding, with increased consumer interest in bespoke and high-end pieces, presenting opportunities for both local artisans and international brands.​

• United States: Growth through E-Commerce Expansion

In the United States, jewellery retailers are experiencing growth by expanding their e-commerce platforms, catering to the rising trend of online shopping among consumers.

• China: Trends Towards Sustainable and Ethical Jewellery

Chinese consumers are increasingly favoring sustainable and ethically sourced jewellery, influencing local manufacturers to adopt responsible sourcing practices.​

• Europe: Market Consolidation via Cross-Border Acquisitions

European jewellery firms are engaging in cross-border acquisitions to consolidate their market presence and diversify their brand portfolios across the continent.

► Key Recent Developments

Titan Company's Revenue Surge: Titan Company, a leading Indian jeweller, reported a 25% increase in standalone revenue for the fourth quarter, driven by strong demand for premium jewellery and gold coins. ​

Impact of US Tariffs: India's gems and jewellery exports are facing challenges due to a newly imposed 26% tariff by the United States, affecting a significant portion of the industry's export market. ​

Lab-Grown Diamond Market Dynamics: The lab-grown diamond industry is navigating challenges such as falling prices and oversupply, prompting producers to explore new niches and applications. ​

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► India Gem & Jewellery Market Classifications

by Stone Type

Emerald
Ruby
Sapphire
Other

by Product Type

Rings
Necklaces
Earrings
Bracelets
Chains and Pendants
Other

by Distribution Channel

Online
Offline

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► The following companies are included in the market for India Gem & Jewellery :

1. Tanishq (Titan Company Limited)(Karnataka)
2. Reliance Jewels (Reliance Retail (Maharashtra)
3. PC Jeweller (Delhi)
4. Malabar Gold & Diamonds (Kerala)
5. Kalyan Jewellers (Kerala)
6. Gitanjali Gems (Maharashtra)
7. Joyalukkas (Kerala)
8. Mellora (Karnataka)
9. Aadinath Exports(Rajasthan)
10. Unique Jewellers (Maharashtra)
11. Bello Jewels Star (Delhi)
12. Haaris Real Estates, & Precious Gem & Jewellery (Maharashtra)
13. Gem Mart (India) Pvt. Ltd. (Rajasthan)
14. Gaya Gem & Jewellerytones Pvt Ltd (Bihar)

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