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India Jewelry Market Size 2025-2029

The India jewelry market size is valued to increase by USD 25.6 billion, at a CAGR of 5.9% from 2024 to 2029. Cultural significance of jewelry will drive the India jewelry market.

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 from 2024 to 2029 : 5.9%

Market Summary

The market, a significant player in the global industry, is characterized by its rich heritage, intricate craftsmanship, and expanding consumer base. This sector's growth is driven by various factors, including the increasing affluence of the Indian population, cultural significance, and the rise of online sales channels. India's long-standing tradition in jewelry production, rooted in ancient techniques and artisanal skills, continues to attract both domestic and international consumers. The country's diverse jewelry styles, from the intricate gold and diamond pieces of the south to the delicate silver jewelry of the north, cater to a broad range of tastes and preferences. Furthermore, the implementation of advanced technologies, such as virtual reality (VR) and augmented reality (AR), significantly enhances the online shopping experience.
High gold prices have also played a role in the market's growth, with the precious metal being a preferred choice for Indian consumers due to its cultural significance in various rituals and traditions. Moreover, the increasing popularity of online sales platforms has made jewelry more accessible, enabling consumers to purchase pieces from the comfort of their homes. However, the market faces challenges, such as increasing competition from international brands and the need to maintain quality and authenticity in a rapidly evolving industry. To remain competitive, Indian jewelry manufacturers and retailers must invest in innovation, technology, and sustainable practices, ensuring their offerings remain desirable to consumers while maintaining the industry's rich heritage.

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

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How is the Jewelry in India Market Segmented and what are the key trends of market segmentation?

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 is a dynamic and evolving industry, with gold continuing to dominate its landscape due to cultural preferences and rising income levels. The demand for gold jewelry has seen consistent growth, reaching approximately 22% of the global gold demand in 2020. However, the market is influenced by various factors, including gold prices, which can be affected by inflation, financial regulations, and international trade. The younger generation's jewelry preferences are also shifting, with alternative materials and designs gaining popularity. Gold jewelry remains a significant investment option and is worn on special occasions. The manufacturing process involves various techniques like jewelry casting, cad design, and 3D printing, while ethical sourcing practices and quality control measures ensure transparency and customer trust.

Customer relationship management, sales conversion rates, and consumer behavior patterns are crucial for businesses, with customer service metrics and social media marketing playing essential roles. The supply chain is managed efficiently with inventory management systems and e-commerce platforms. Precious metal alloys undergo gold purity testing, and jewelry is appraised using established methods. Stone setting, jewelry design software, and polishing techniques add value to the final product. The industry's profitability is influenced by return on investment, precious metal recycling, and diamond grading systems. Jewelry repair services and photography are essential for maintaining the product's longevity and appeal.

Search engine optimization and sales strategies are crucial for online marketing success.

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The Gold segment was valued at USD 46.20 billion in 2019 and showed a gradual increase during the forecast period.

In the evolving India jewelry market, hallmarki

In 2024, wedding jewelry occupied the majority of the share at ** percent of the Indian jewelry market. By contrast, daily wear jewelry constituted ** percent of the share in the market. For this reason, the demand for gold jewelry was *** metric tons across the country in 2022.

India imported more than 3.7 trillion Indian rupees worth of gold in fiscal year 2024. This represented a significant increase in comparison to the previous year. The gold exports from India were valued at 265 million U.S. dollars for the same year. India's place in the global gold industry In 2023, India ranked as the fifth-largest gold importing country worldwide based on value, having amounted to nearly 47 billion U.S. dollars, and accounting for over nine percent of global gold imports. In terms of output, India produced about 780 kilograms of gold in financial year 2023, while the global mine production of gold amounted to 3,100 metric tons in 2022. Accordingly, India's relatively low domestic gold output means that the country needs to import significant quantities to meet demand. The mining industry in India India’s mining industry is essential for the country’s economy, contributing around 2.5 percent to its gross domestic product (GDP) and providing some 700,000 jobs. As of 2023, the number of reporting mines in India was estimated at 1,426, less than half the amount in 2015. Despite its meaningful contribution to the nation’s economy, mining in India is also controversial due to its environmental impact and human rights violations.

The India Jewelry Market size was valued at USD 89.65 billion in 2023 and is projected to reach USD 132.15 billion by 2032, exhibiting a CAGR of 5.7 % during the forecasts period.

In 2024, the market size of gems and jewelry in India was over ************** Indian rupees. The market is projected to grow at a CAGR of eight percent to exceed ** trillion Indian rupees by 2029.

India Costume Jewelry Market was valued at USD 2.07 Billion in 2025 and is expected to reach USD 2.68 Billion by 2031 with a CAGR of 4.45%.

USD 924.22 Million in 2024; projected USD 1732.13 Million by 2033; CAGR 7.28%.

In 2024, the Indian jewelry market decreased by -22.8% to $24.3B for the first time since 2020, thus ending a three-year rising trend. Over the period under review, consumption continues to indicate resilient growth. Jewelry consumption peaked at $31.6B in 2023, and then fell sharply in the following year.

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India Costume Jewelry Market Size 2025-2029

The India costume jewelry market size is valued to increase by USD 1.16 billion, at a CAGR of 11.4% from 2024 to 2029. Affordable pricing of costume jewelry will drive the India costume jewelry market.

Major Market Trends & Insights

By Product - Necklaces and chains segment was valued at USD 310.90 billion in 2022
By End-user - Female segment accounted for the largest market revenue share in 2022
CAGR from 2024 to 2029 : 11.4%

Market Summary

In the dynamic global market for jewelry, the sector dedicated to costume pieces holds a significant position. Costume jewelry, characterized by its affordable pricing and diverse designs, caters to a broad consumer base. The appeal of the costume jewelry market lies in its ability to offer trend-driven, fashion-forward accessories without the hefty price tag of fine jewelry. Key drivers fueling the growth of the costume jewelry market include increasing disposable income, a growing awareness of fashion trends, and the expanding consumer base, particularly among millennials. This demographic is known for their penchant for self-expression and their preference for affordable yet stylish accessories.
The costume jewelry market is not without its challenges, however. One significant issue is the perception of low durability, which can deter potential buyers. To address this concern, manufacturers are focusing on improving the quality of materials and production processes, ensuring that costume jewelry pieces can withstand regular wear and tear. Innovation and trends continue to shape the costume jewelry market. Advancements in materials, such as the use of Swarovski crystals and other high-quality imitation stones, enhance the visual appeal and perceived value of costume jewelry. Additionally, collaborations between fashion designers and jewelry brands have led to the creation of unique, limited-edition collections that cater to the evolving tastes of consumers.
In conclusion, the market and beyond continues to evolve, driven by factors such as increasing demand, innovation, and a focus on improving quality. This market offers a wealth of opportunities for businesses looking to cater to the fashion-conscious consumer seeking affordable, trendy accessories.

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

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How is the Costume Jewelry in India Market Segmented ?

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

Product

  Necklaces and chains
  Earings
  Rings
  Bracelets
  Others


End-user

  Female
  Male


Distribution Channel

  Online Marketplaces
  Retail Stores
  Street Markets


Design Type

  Traditional
  Contemporary


Material Type

  Metal-Based
  Beaded
  Gemstone


Geography

  APAC

    India

By Product Insights

The necklaces and chains segment is estimated to witness significant growth during the forecast period.

The Indian costume jewelry market is a dynamic and evolving sector, with the necklaces and chains segment experiencing robust growth in terms of market revenue. This trend is driven by innovative design developments, which are gaining popularity among consumers worldwide. According to industry reports, the necklaces and chains segment is projected to expand at a faster pace than other jewelry categories, such as earrings, rings, and bracelets. This expansion is fueled by the increasing focus on personal grooming, fashion consciousness, and rising standards of living, particularly among women. Furthermore, men's jewelry demand is also on the rise.

The market is characterized by various production methods, including electroplating, casting, and handmade techniques, as well as sustainable materials and ethical sourcing. E-commerce platforms have emerged as a significant distribution channel, enabling jewelry retail pricing to remain competitive. Quality control measures, such as jewelry authentication, repair services, and appraisal methods, ensure the authenticity and longevity of these pieces. The market also incorporates diverse manufacturing processes, including enameling, metal alloy composition, and finishing techniques. Online marketing strategies and seasonal demand patterns further contribute to the market's vibrant landscape. A recent study indicates that the Indian costume jewelry market is projected to grow at a compound annual growth rate (CAGR) of 12% during the forecast period.

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The Necklaces and chains segment was valued at USD 310.90 billion in 2019 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed t

India diamond jewelry market to grow from USD 18.12B in 2025 to USD 28.15B by 2030 at 9.21% CAGR, driven by culture, premium brands & lab-grown diamonds.

The southern region comprised the highest share of the Indian jewelry market in 2024. In comparison, the eastern region constituted a share of about ** percent of the overall jewelry market. The Titan company was the leading jewelry and diamond company in the country.

In India Jewelry Market , was valued at approximately USD 10.11 billion in 2022 and is projected to reach USD 12.45 billion by 2029,

In 2024, the Indian imitation jewellery market decreased by -24.5% to $96M, falling for the fifth consecutive year after five years of growth. In general, consumption continues to indicate a slight shrinkage. As a result, consumption reached the peak level of $237M. From 2020 to 2024, the growth of the market remained at a somewhat lower figure.

USD 772.85 Million in 2024; projected USD 1746.33 Million by 2033; CAGR 9.4%.

Jewelry is almost an essential in Indian culture, regardless of the region under consideration. The value of this market was over three trillion rupees in 2016 and is estimated to nearly double by 2021. Gold, silver, and gems, including diamonds, are used across the country to create different types of jewelry. Apart from being considered auspicious, the value and size of jewelry a woman wears often represent the socio-economic status of her family at social gatherings, specifically weddings.   Influences from 5,000 years of accessorizing  Much like its other aspects, jewelry in India was and continues to be designed to reflect culture, which varies from region to region. Designs, colors, and themes are often developed to complement an attire. For the women in sarees, jewels and gems adorn the body head to toe, including the hair, nose, neck, hands, waist, and ankles. Gold forms a large part of traditional designs and is often intricately patterned and largely sized. Non-traditional varieties lean more towards a silver and platinum base and tend to be subtler.   Innovation and outlook   Some of the successful players in jewelry retailing were Tanishq, Kalyan Jewellers, and TBZ. What all these companies have in common is their creation and sales of bridal jewelry. Each of these leading players has diversified to include more modern brands under their umbrellas that fit into changing lifestyles and rising disposable incomes. In terms of global markets, Indian fine jewelry was estimated to reach 63 billion U.S. dollars by 2018, second after China but overtaking the United States’ overall retail spending in the same year.

In India Handmade Jewelry Market, The growing interest in customization and personalization, coupled with the rising trend of ethical consumerism, is expected to continue driving the market's expansion.

USD 345.6 Million in 2024; projected USD 905.4 Million by 2033; CAGR 11.34%.

USD 787.91 Million in 2024; projected USD 1658.67 Million by 2033; CAGR 8.52%.

India Artificial Jewelry Market size is valued at around USD 4.98 billion in 2025 and is projected to reach USD 9.73 million by 2032 at 10.04% CAGR during 2026-32.

The Gems and Jewelry Market Report is Segmented by Product Type (Rings, Earrings, and More), Material Type (Precious Metals, Base Metals, and More), End User (Men, Women, and More), Category (Fine and Costume), Distribution Channel (Offline Retail Channels And, More), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).