India Jewellery Market to Reach USD 151.37 Billion by 2034, Growing at 5.30% CAGR

India Jewellery Market Report

According to IMARC Group’s report titled "India Jewellery Market Size, Share, Growth & Report 2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

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India Jewellery Market Overview

The India jewellery market size reached USD 95.1 Billion in 2025. Looking forward, the market is expected to grow to USD 151.4 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period from 2026 to 2034. Growth is driven by rapid urbanization, cultural preferences for gold and precious stones, rising demand for wedding jewellery, expansion of online shopping, and a shift towards branded and modern designs.

Key Takeaways

• Current Market Size (2025): USD 95.1 Billion
• CAGR (2026-2034): 5.30%
• Forecast Period: 2026-2034
• The market benefits from rapid urbanization and strong cultural affinity toward gold and precious stones.
• Increased demand for wedding jewellery and online sales channels are noticeably boosting growth.
• The move toward branded, modern, and customized jewellery styles is shaping market dynamics.
• E-commerce platforms like CaratLane, BlueStone, and Tanishq are expanding consumer reach.
• Sustainability and ethical sourcing are rising trends propelling eco-friendly jewellery demand among younger demographics.

India Jewellery Market Growth

• Rapid urbanization in India is increasing consumer purchasing power and boosting jewellery demand.
• Cultural traditions involving gold and precious jewellery during weddings and festivals heavily influence purchase decisions.
• Sales volumes peak during holiday seasons, accounting for a major share of annual demand.
• Growth of branded jewellery retail enhances consumer trust and is expected to strengthen market growth.
• Online jewellery marketplaces are expanding access and improving convenience for buyers.
• Rising household wealth is increasing demand for luxury pieces and customized statement jewellery.
• Technological innovations, including 3D printing, enable unique and personalized jewellery designs.
• Social media and influencer marketing are shaping modern jewellery trends and fueling interest.

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India Jewellery Market Trends

• Growth in modern jewellery demand from Millennials and Gen Z is driving the rise of customized jewellery.
• Innovative brands such as AuGrav and Giva are leading this shift by prioritizing personalized and unique designs.
• The success of Nishani, India’s first fully customizable jeweller, reinforces the trend toward bespoke, high-quality pieces.
• Social media influencers are promoting the demand for “one-of-a-kind” jewellery by showcasing unique and customizable styles.
• Jewellers are adopting technologies like 3D printing to produce custom-made jewellery and build stronger customer relationships.
• Rapid growth of digital jewellery platforms (e.g., CaratLane, BlueStone, Tanishq) provides consumers easy access to high-quality products online.
• Augmented Reality (AR) tools allow customers to virtually “try on” jewellery, enhancing the online shopping experience.
• Advances in digital payment systems are improving customer confidence in making high-value online jewellery purchases.
• Rising demand for eco-friendly and ethically sourced jewellery is increasing the use of recycled metals, conflict-free diamonds, and lab-grown alternatives.
• Indian jewellery companies are advancing sustainability through fair trade sourcing, ethical production, and product lines aligned with the environmental values of India’s growing middle class.

India Jewellery Market Segmentation

Product Insights:

• Necklace: Includes various styles of necklaces catering to traditional and modern tastes.
• Ring: Covers wedding bands, engagement rings, and fashion rings.
• Earrings: Encompasses a broad range of earrings in various designs and materials.
• Bracelet: Includes traditional and contemporary bracelet styles.
• Others: Comprises additional jewellery products beyond the main categories.

Material Insights:

• Gold: Traditional and widely preferred jewellery material.
• Platinum: Niche luxury segment material.
• Diamond: Popular for wedding and fashion jewellery, including natural and lab-created diamonds.
• Others: Covers other materials used in jewellery manufacturing.

Regional Insights

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

The market is dominated by North India with significant market share driven by cultural jewellery preferences and wedding demand. The overall India jewellery market is forecast to grow at a CAGR of 5.30% during 2026-2034.

Recent Developments & News

• In November 2024, Tanishq, part of Tata Group, announced plans to trial installation of De Beers machines in stores to verify diamond quality, including tools like SynthDetect XL Plus and DiamondProof.
• In August 2024, Joyalukkas revealed plans to launch an online-only jewellery brand by FY26 targeting younger consumers, focusing on organic growth and trendy diamond jewellery for metro and tier-I markets.

Key Highlights of the Report

• Comprehensive analysis of market size, share, trends, and forecasts from 2020 to 2034.
• Detailed segmentation by product type and material.
• Assessment of competitive landscape with company profiles.
• Insight into market growth drivers and challenges.
• Porter’s five forces analysis for competitive intensity and attractiveness.
• Coverage of regional markets including North, South, East, and West India.

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