India Jewellery Market Size, Share, Industry Outlook, Growth and Forecast Report 2025-2033

India Jewellery Market 2025-2033

According to IMARC Group's report titled "India Jewellery Market Size, Share, Trends and Forecast by Product, Material, and Region, 2025-2033", the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

How Big is the India Jewellery Industry?

The India jewellery market size was valued at USD 90.40 Billion in 2024 and is expected to reach USD 150.10 Billion by 2033, exhibiting a growth rate of 5.20% during 2025-2033.

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India Jewellery Market Trends:

In India, the jewellery market is witnessing a remarkable transformation driven by evolving consumer preferences, technological integration, and sustainability concerns. The growing popularity of contemporary and customized jewellery is reshaping the sector, with millennials and Gen Z increasingly seeking personalized pieces that reflect their individual style. Brands like Giva and AuGrav are capitalizing on this trend by offering appealing customization options, while Nishani, India's first fully customizable jewellery brand, guarantees superior durability and craftsmanship backed by over 30 years of manufacturing experience. The influence of social media platforms and influencer marketing has further accelerated demand for customized designs that blend classic aesthetics with modern fashion trends. Jewelers are responding by implementing advanced technologies such as 3D printing to deliver unique, statement pieces to fashion-forward consumers.

The expansion of online jewellery retail represents another significant market shift. E-commerce platforms have revolutionized how Indians purchase jewellery, particularly in urban areas where convenience and variety are paramount. Leading online retailers such as CaratLane, BlueStone, and Tanishq have successfully popularized digital jewellery shopping by offering extensive product ranges from traditional gold to contemporary diamond designs. The adoption of augmented reality technology for virtual jewellery trials, improved digital payment solutions, and transparent pricing models have enhanced consumer confidence in online purchases. Gitanjali Gems, a leading diamond and gold jewelry retailer, anticipates a 20% increase in online sales over the next three years, up from approximately 1% in 2024. This digital transformation extends beyond pure-play online retailers, with traditional jewelers increasingly adopting omnichannel strategies to capture the growing segment of consumers who value convenience and doorstep delivery.

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Sustainability and ethical sourcing have emerged as critical factors influencing purchasing decisions, particularly among younger consumers. The market is witnessing heightened awareness about environmental and social impacts associated with jewellery production. Traditional diamond mining generates approximately 57,000 grams of greenhouse gas emissions, produces 2.63 tonnes of mineral waste, and consumes 0.48 cubic meters of water per carat. In contrast, lab-grown diamonds offer a significantly more sustainable alternative with comparable physical, chemical, and optical properties to mined diamonds. This shift toward eco-friendly practices is gaining momentum as India's wealthy middle class increasingly prioritizes environmental responsibility. Jewelers are responding by emphasizing transparency in sourcing, providing certifications for ethical methods, and adopting eco-friendly packaging alongside fair-trade practices. The government's support for lab-grown diamonds as a "sunrise industry," including research grants to IITs and elimination of customs duties on lab-grown diamond seeds, further reinforces this sustainable trend.

India Jewellery Market Scope and Growth Analysis:

India's jewellery market presents immense growth potential, underpinned by deep-rooted cultural traditions, rising disposable incomes, and evolving fashion sensibilities. The sector's expansion is significantly bolstered by government initiatives and policy reforms designed to enhance transparency and competitiveness. Union Budget 2025-26 introduced several industry-friendly measures, including reduction of customs duty on jewellery articles from 25% to 20% effective February 2025, making jewellery more affordable and stimulating domestic demand, especially in the luxury segment. Additionally, the duty on platinum findings was slashed from 25% to 5%, enhancing profitability for manufacturers and retailers while diversifying consumer choices. These fiscal measures reflect the government's commitment to supporting the sector's growth trajectory.

The jewellery industry's formalization is accelerating through mandatory hallmarking requirements and GST compliance. The market share of organized retailers has risen from approximately 31% in FY20 to 38% in FY24, with projections indicating it will exceed 43% by FY28. This shift is reducing the dominance of informal jewellers and enhancing consumer trust through quality assurance. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) has provided Indian jewellers with duty-free access to Gulf markets, with 90% of Indian jewellery exports now enjoying preferential treatment. This trade advantage is helping exporters like RBZ Jewellers and Senco Gold access Gulf and African markets more profitably, positioning India to reach its target of USD 52 billion in gems and jewellery exports.

The MSME segment, which constitutes a substantial portion of the jewellery industry, received significant support through Budget 2025-26, with the turnover limit raised from INR 250 crore to INR 500 crore. This expansion grants more enterprises access to government schemes and credit facilities, enhancing operational efficiency and facilitating technological upgrades. The new tax regime's income tax relief for individuals earning up to INR 12 lakh is expected to boost household consumption and discretionary spending on jewellery. Furthermore, the Indian government has permitted 100% Foreign Direct Investment under the automatic route in this sector, allowing foreign investors and Indian companies to invest without prior approvals. The sector has also received Authorized Economic Operator status from the finance ministry, easing export-import processes with quicker cargo release and 50% lower bank guarantees.

While metropolitan cities continue to account for the bulk of the consumer base, Tier 2 and Tier 3 cities are emerging as untapped markets with substantial growth potential. Improved internet connectivity, rising disposable incomes, and increasing brand awareness in these regions are driving market penetration. Cross-industry partnerships are further accelerating growth, with telecom operators offering specialized data packs for online shopping and hardware manufacturers launching affordable devices to facilitate e-commerce adoption. India's position as a global hub for diamond cutting and polishing, processing over 90% of the world's diamonds, provides a robust foundation for backward integration into lab-grown diamond manufacturing. With favourable government policies, rising domestic consumption, and shifting consumer preferences, the lab-grown diamond jewellery market alone is expected to reach USD 1.2 billion by 2033, growing at approximately 14.8% annually. The synergistic convergence of cultural heritage, technological innovation, government support, and sustainability consciousness positions India's jewellery sector for sustained growth and continued innovation.

India Jewellery Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Product:

• Necklace
• Ring
• Earrings
• Bracelet
• Others

Breakup by Material:

• Gold
• Platinum
• Diamond
• Others

Breakup by Region:

• North India
• South India
• East India
• West India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Recent News and Developments:

• India-Thailand Bilateral Cooperation (February 2025): India and Thailand signed three key Memorandum of Understanding at the Bangkok Gem and Jewellery Fair on February 22, 2025, fostering collaboration in gemstone standardisation, coloured gemstone trade, and silver jewellery to deepen bilateral cooperation.
• US-Based Angara's Market Entry (September 2024): United States-based fine-jewellery brand Angara entered the Indian market in September 2024 with a digital-first, direct-to-consumer model offering customizable, made-to-order gemstone pieces, reflecting the growing demand for personalized jewellery.
• Bharat Ratnam Mega CFC Project: In June 2024, Union Minister of Commerce and Industry Piyush Goyal commended Bharat Ratnam - Mega CFC, a project by the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ, for enhancing the Aatmanirbhar Bharat vision. Prime Minister Narendra Modi inaugurated the commencement of this socio-economic project in January 2024 to drive indigenous manufacturing capabilities.
• Tanishq's Diamond Verification Initiative (November 2024): Tanishq, the jewellery retailer of Tata Group, announced plans to install De Beers machines in its stores on a trial basis to assist customers in verifying diamond quality. These devices include the SynthDetect XL Plus and DiamondProof, designed to enhance consumer confidence and knowledge in diamond verification at retail counters.
• Joyalukkas Digital Expansion (August 2024): Joyalukkas announced plans to launch an online-only jewellery brand by FY26, targeting younger consumers with trendy diamond jewellery. Unlike competitors who expanded through acquisitions, Joyalukkas will focus on organic growth, initially targeting metro and tier-I markets.
• Reliance-BlueStone Partnership (November 2024): Reliance Industries Limited's subsidiary, Reliance Retail Ventures Limited, entered into a strategic partnership with BlueStone.Com, an online jewelry retailer, to expand its e-commerce jewellery segment and enhance operational efficiency.
• Malabar Gold's Manufacturing Expansion: Malabar Gold & Diamonds opened its largest jewellery manufacturing facility in Hyderabad with an investment of INR 1,000 crore (USD 116 million), demonstrating significant confidence in India's jewellery manufacturing capabilities.
• India-UK Trade Agreement (July 2025): The India-United Kingdom Comprehensive Economic and Trade Agreement signed in July 2025 eliminated import duties of 2.5-4% on plain gold and diamond jewellery, giving Indian exporters a competitive edge and expected to more than double India's Gems & Jewellery exports to the UK to INR 21,183 crore (USD 2.5 billion) by 2027.
• Lab-Grown Diamond Sector Growth: India's polished lab-grown diamond exports grew 37.31% to INR 13,466.42 crore (USD 1,679.98 million) for April 2022-March 2023. The government designated lab-grown diamonds as a "sunrise industry" in Union Budget 2023-24, allocating research and development funds to IITs and eliminating customs duties on lab-grown diamond seed materials to boost domestic manufacturing.
• Gold ETF Growth (July 2025): Indian gold ETF Assets Under Management reached INR 64,523 crore (USD 7.5 billion) in July 2025, an 88% year-on-year increase, reflecting growing demand among retail investors with total gold holdings reaching 66.7 tonnes.
• RBI Gold Reserves: The Reserve Bank of India's gold purchases reached 57.5 tonnes in FY25, marking the second-highest purchase in seven years since December 2017, and boosted reserves by 73 tonnes in 2024-more than four times the 16 tonnes acquired in 2023.

Other Key Areas Covered in the Report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

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