India Gems and Jewelry Market Overview, 2028

India's culture of gems and jewelry has deep historical roots, dating back thousands of years. Jewelry was not merely an adornment but held immense cultural, social, and religious significance. It served as a symbol of wealth, status, and spirituality, and its craftsmanship was highly revered. India boasts a rich diversity of traditional jewelry types, each with its unique style and regional variations. Some of the most renowned include Kundan, characterized by uncut diamonds, colored gemstones, and enameling; Meenakari, known for its colorful enamel work; and Polki, featuring uncut diamonds set in intricate designs. Temple jewelry, Navratna pieces, and Thewa jewelry are other examples, each with distinct characteristics and purposes. India's vast and diverse geographical landscape is mirrored in its jewelry. Different states and regions have developed their own unique jewelry styles, materials, and techniques. For instance, Rajasthan is known for its elaborate and vibrant designs, while Kerala's jewelry is characterized by intricate goldwork. Weddings are momentous occasions in India, and jewelry holds a central role in bridal attire. Brides often wear elaborate sets of gold jewelry, including necklaces, bangles, earrings, and nose rings. These pieces are not only stunning adornments but also cherished family heirlooms passed down through generations. Many pieces of Indian jewelry bear religious or spiritual significance. For instance, the Mangalsutra, a black and gold necklace, symbolizes a married woman's status and protection. Rings and pendants often feature religious deities and symbols, signifying devotion and spirituality. Festivals like Diwali and Dhanteras are considered propitious for purchasing gold and jewelry. These occasions witness heightened jewelry sales, reflecting the cultural significance of these precious adornments. According to the research report "India Gems & Jewelry Market Overview, 2028," published by Bonafide Research, the India Gems & Jewelry market is anticipated to grow at more than 6% CAGR from 2023 to 2028. The disposable income of the people in India has been growing steadily in recent years. This is due to a number of factors, including the increasing economic growth, the rise in the middle class, and the growth of the IT sector. The rising disposable income is giving people more money to spend on luxury items, such as jewelry. Gold jewelry is traditionally considered a symbol of wealth and prosperity in India. The demand for gold jewelry is expected to grow in the coming years, driven by factors such as weddings, festivals, and social events. Diamond jewelry is gaining popularity in India, thanks to its association with luxury and status. The increasing number of weddings and other social events is also contributing to the demand for diamond jewelry. The Indian government is supporting the growth of the gems and jewelry industry by providing incentives and subsidies to jewelers. The government is also investing in the development of the gems and jewelry industry, such as by setting up gemological laboratories and training institutes. The upcoming mega events in India, such as the 2022 Commonwealth Games and the 2023 Asian Games, are expected to boost the demand for gems and jewelry. These events will attract tourists from all over the world, who will be looking to buy jewelry as souvenirs or gifts. The increasing urbanization in India is also contributing to the growth of the gems and jewelry market. People in urban areas are more likely to buy jewelry than people in rural areas. The changing lifestyle of the people in India is also driving the growth of the gems and jewelry market. People are now more open to wearing western-style jewelry, and they are also more willing to spend money on luxury items.

Based on material the market is divided into gold, silver, platinum, diamond and other (Gemstones, palladium, titanium, bronze, copper, and brass). Gold has deep-rooted cultural and traditional significance in India. It is associated with wealth, prosperity, and auspicious occasions. Gold jewelry is an integral part of Indian customs, particularly during weddings and festivals. The cultural value attached to gold makes it a preferred choice for special occasions. Owning gold jewelry is seen as a symbol of wealth and social status in India. It is often considered a form of investment that holds its value over time. People buy gold not only for adornment but also as a means of preserving and transferring wealth. Gold is viewed as a safe haven investment in India, especially during times of economic uncertainty and inflation. Many Indians buy gold as a store of value and a hedge against currency fluctuations and economic instability. In addition, one of the primary reasons for the growth of the silver segment is its affordability compared to other precious metals like gold and platinum. Silver jewelry allows a more extensive range of consumers, including those with limited budgets, to own and enjoy precious metal jewelry. Silver is often used in combination with colorful gemstones, creating attractive and affordable jewelry options. These combinations can appeal to consumers looking for unique and vibrant pieces. In term of product the market is divided into rings, necklaces, earrings, bracelets, chains and pendants and others. Rings hold deep cultural and traditional significance in India. They are often associated with rituals, ceremonies, and milestones such as engagements, weddings, and anniversaries. The exchange of rings is an integral part of these occasions, contributing to consistent demand. India is known for its lavish weddings and engagement ceremonies. Rings, especially engagement rings and wedding bands, are essential components of these celebrations. The vast number of weddings and engagements in India drives significant demand for rings. Rings are popular gifts for various occasions, including birthdays, anniversaries, festivals, and graduations. The culture of gift-giving in India contributes to the steady demand for rings. In addition, Earrings are a versatile fashion accessory that can enhance an individual's overall appearance. They come in various styles, sizes, and designs, making them suitable for both daily wear and special occasions. The constantly evolving fashion trends and the desire to stay stylish contribute to the demand for earrings. Earrings are often considered an affordable luxury compared to other jewelry items like necklaces or bracelets. This affordability makes them accessible to a broader consumer base. The market is divided into jewellery stores, multi-branded stores, standalone stores, and online stores based on distribution channels. Traditional jewellery stores offer a wide and diverse selection of jewellery, including gold, diamond, silver, and gemstone jewellery. Customers can find a range of designs and styles, from traditional to contemporary, to suit various tastes and occasions. Established jewellery stores often have a long-standing reputation for quality and authenticity. Consumers trust these stores for the quality of their products and customer service. Trust is essential when making high-value purchases like jewellery. Jewellery stores employ knowledgeable and experienced staff who can assist customers in choosing the right piece of jewellery. They can explain the characteristics of different gemstones and metals, helping customers make informed decisions. For instance, some of the most popular jewellery stores for gems and jewellery in India include Tanishq, Gitanjali Gems, D'damas Jewellery, and more. In addition, India has witnessed a significant increase in digital penetration and internet adoption, especially among the urban and younger populations. As more consumers gain access to the internet through smartphones and other devices, online shopping for jewellery becomes more accessible and popular. Online jewellery retailers often have lower overhead costs compared to brick-and-mortar stores. This can result in competitive pricing, attracting price-conscious consumers looking for value for their money. For instance, some of the most popular online channels for gems and jewellery in India include BlueStone, Amazon, Ebay, Myntra, Snapdeal, and more.

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Manmayi Raval

Research Consultant

Considered in this report: • Geography: India • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • India Gems & Jewelry market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Material • Gold • Silver • Platinum • Diamond • Others (Gemstones, palladium, titanium, bronze, copper, brass)

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By Product • Rings • Necklaces • Earrings • Bracelets • Chains and Pendants • Others (brooches, cufflinks, and hair accessories) By Distribution Channel • Jewelry Stores • Multi Branded Stores • Standalone • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.