In 1960, the average price for such a diamond stood at some ***** U.S. dollars. Since then, the diamond price has increased more than tenfold, to ****** U.S. dollars in 2015. Diamond prices: carats to dollars Diamonds are a carbon-based gemstone coveted by innumerable people worldwide. They are among the hardest materials on Earth (if not the hardest), which makes them very valuable for industrial uses in addition to their wide use in luxury jewelry. Diamonds are also expensive. The cut, clarity, color, and carat (weight and size) are the so-called four 'Cs' that dictate a diamond's price. One carat is equal to a weight of approximately *** milligrams, and cost approximately ****** U.S. dollars in 2015. Diamond prices per carat show a consistent increasing trend, while the annual rough diamond production worldwide has sat between *** million carats and *** million carats between 2009 and 2019. Impact of the diamond demand-supply gap on prices As the known global diamond reserves continue to be mined and depleted while the global demand for diamonds increases, a diamond demand-supply gap is expected to develop in the coming years. By 2050, there is a forecasted supply shortfall of some *** million carats of diamonds worldwide. This will likely cause the price per carat to continue increasing for natural diamonds. The production of synthetic diamonds, also referred to as lab grown diamonds, is a potential solution to the projected diamond shortfall. There was a steady production of between **** and **** billion carats of synthetic diamonds worldwide between 2007 and 2016. Synthetic diamonds also cost between ** and ** percent less than a natural diamond does, but not every consumer is willing to forgo natural diamonds in favor of a diamond that has been created in a lab.

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India Jewelry Market Size 2025-2029

The India jewelry market size is forecast to increase by USD 25.6 billion, at a CAGR of 5.9% between 2024 and 2029.

Major Market Trends & Insights

By Type - Gold segment was valued at USD 46.20 billion in 2022
By Distribution Channel - Specialist retailers segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 64.43 billion
Market Future Opportunities: USD 25.60 billion 
CAGR : 5.9%

Market Summary

The market is a significant player in the global industry, with a substantial contribution to the world's total production and exports. According to industry reports, India's jewelry market size was valued at around USD 35 billion in 2020, representing a notable share of the global market. The sector's growth can be attributed to several factors, including the country's rich heritage in jewelry crafting, a large consumer base, and increasing demand for gold and precious stones. In recent years, there has been a noticeable shift in consumer preferences towards online sales channels. The online the market is projected to grow at a steady pace, driven by factors such as convenience, affordability, and the growing acceptance of digital transactions.
Despite this trend, traditional brick-and-mortar stores continue to dominate the market, accounting for the majority of sales. Gold remains the most popular metal in the Indian jewelry market, with demand driven by cultural traditions, investment purposes, and fashion trends. However, other precious metals and stones, such as silver, diamonds, and precious gems, also hold considerable market share. The Indian jewelry industry faces various challenges, including increasing raw material costs, intense competition, and changing consumer preferences. To stay competitive, players in the market are focusing on innovation, product diversification, and digital transformation. Despite these challenges, the future looks promising for the Indian jewelry market, with opportunities for growth in both domestic and international markets.

What will be the size of the India Jewelry Market during the forecast period?

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The Indian jewelry market exhibits a significant presence in the global industry, accounting for a substantial market share. Currently, the market experiences a steady expansion, with approximately 12% of the global jewelry demand being met from India. Looking forward, the market is projected to witness a continuous growth trajectory, with future expectations indicating a potential increase of around 15%. A notable comparison reveals that India's jewelry market outperforms several other industries in terms of growth. For instance, the market for jewelry in India has grown at a faster pace compared to the global average growth rate of the jewelry industry over the past five years.
This trend is driven by various factors, including increasing consumer disposable income, growing urbanization, and changing fashion trends. Moreover, the Indian jewelry market's diverse product offerings, ranging from traditional to contemporary designs, cater to a broad consumer base, further contributing to its growth. Additionally, the market's competitive landscape is characterized by numerous small and medium-sized enterprises, ensuring a vibrant and dynamic business environment.

How is this India Jewelry Market segmented?

The jewelry in India industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Gold
  Diamond
  Others


Distribution Channel

  Specialist retailers
  Online


End-user

  Women
  Men


Product Type

  Necklaces and chains
  Earrings
  Others


Geography

  APAC

    India

By Type Insights

The gold segment is estimated to witness significant growth during the forecast period.

The Indian jewelry market, with a focus on legal compliance, is a significant sector driven by the continuous demand for gold jewelry. According to recent market trends, gold jewelry demand has experienced a 15% increase, with an estimated 20% of the population purchasing gold for various reasons, including cultural significance and investment purposes. In the near future, industry experts anticipate a 12% expansion in the gold jewelry market due to increasing disposable income and changing consumer preferences. Beyond gold, the Indian jewelry industry is evolving with the adoption of advanced technologies and sustainable practices. For instance, jewelry insurance policies, wholesale distribution, and customer relationship management have become essential components of the market.

Pricing strategies and marketing techniques are also undergoing tra