India Jewellery Market (2023-2029) | Industry, Trends, Companies, Analysis, Size, Value, Outlook, COVID-19 IMPACT, Revenue, Share, Forecast & Growth

Market Forecast By Product (Necklace, Ring, Earrings, Bracelet, Others), By Material (Gold, Platinum, Diamond, Others) And Competitive Landscape

Product Code: ETC021644 Publication Date: Aug 2023 Updated Date: Feb 2024 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

India Jewellery Market Shipment Analysis

India Jewellery Market registered a decline of -12.67% in value shipments in 2022 as compared to 2021 and a decrease of -8.55% CAGR in 2022 over a period of 2017. In Jewellery Market India is becoming more competitive as the HHI index in 2022 was 4573 while in 2017 it was 7150. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Jewellery Market.

India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of the Jewellery Market in 2022 was 0.14 while in 2017 it was 0.27. China, USA, China, Hong Kong SAR, Austria and Italy were among the top players in the market in 2022, where China acquired the largest market share of 65.63% with a shipment value of 10.5 million USD in 2022 China also offered the product above the average market price but remained at the leadership position indicating the trust it holds in the Jewellery Market. In 2017 China had the largest market share of 84.15% with a shipment value of 26.35 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitors in 2017.

India Jewellery Market Competition 2023


India Export Potential Assessment For Jewellery Market (USD Values in Thousand)


Topics Covered in the India Jewellery Market

India Jewellery Market report thoroughly covers the market by product and by materials. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Jewellery Market Synopsis

The India jewellery market is expected to gain traction over the years backed by several growing aspects such as increasing disposable income, rising demand for luxury items and growing affinity towards branded jewellery products. Jewellery has been an important part of Indian culture since ancient times and has become a status symbol in recent years. With the changing demographics in the country and with increasing working population, spending power on lifestyle-related products has also increased significantly over the past few years, driving growth in the jewellery sector. Additionally, various e-commerce players are providing customers with a wide variety of options which further increases consumer buying power making this segment lucrative for both domestic as well international players.

According to 6Wresearch, the India Jewellery Market size is estimated to grow at a CAGR of 8% during the forecast period 2023-2029 and it will reach USD 21.56 billion. The market growth is influenced by various aspects such as rising income levels and the expansion of online Jewellery stores.  Additionally, the primary driver for the increase in demand for jewellery is attributed to higher incomes among Indians due to rapid economic development. This has enabled individuals to spend more on luxury items such as gold ornaments and other expensive diamond pieces. Rising investments from NRIs into Indian markets have also added fuel to this India Jewellery Market growth. Consumers nowadays prefer branded jewelry pieces thus leading to increased adoption from traditional unbranded ones among buyers especially those who belong to upper middle class & wealthy segments. Thus, leading companies like Titan, PC Jeweller etc are experiencing sustained sales growth across product categories thanks largely to their strong branding initiatives. On the other hand, the market faces some challenges like Counterfeit Products - The presence of counterfeit goods available at cheaper rates than the original ones reduces the profit margin earned by legitimate businesses operating within a given industry thereby negatively impacting overall revenues generated out of them combining all others fraudulent activities done using fake identity cards or counterfeited documents raises security.

COVID-19 Influence on the Indian Jewellery Market

COVID-19 impacted the India Jewellery Market which is a part of the Asia Pacific Jewellery Market. the pandemic caused a strict lockdown and major restrictions led to the shutdown of all Jewellery retail outlets in the country. Moreover, due to the pandemic, people facing financial constraints resulted in reduced spending on non-essential products, including Jewellery. In addition to this, restrictions on the raw material supply resulted in a reduction in the manufacturing process.  This had resulted in a decline in the market shares.

Key Players of the India Jewellery Market

Some of the leading manufacturers and retailers are mentioned below in the list, who are providing top-notch quality jewellery and varieties of jewellery with sleek and detailed designs.

  • Malabar Gold & Diamonds
  • Kalyan Jewellers
  • PC Jeweller
  • GRT Jewellers
  • Senco Gold & Diamonds
  • Joyalukkas
  • PNG Jewellers
  • TBZ - The Original (Tribhovandas Bhimji Zaveri)

India Jewellery Market: Government Regulations

The India jewellery industry is subject to a range of government regulations that aim at maintaining transparency, fair trade practices, and consumer protection within the market. One of the key regulatory bodies overseeing the jewellery market is the Bureau of Indian Standards (BIS). BIS sets quality standards as well as specifications for gold, silver, and other metals used in jewellery production. Under these regulations, jewelers need to obtain BIS certification, and ensure that their products meet the prescribed standards.  The Goods and Services Tax (GST) has a central role to play in regulating the jewellery industry. Implemented in 2017, GST has streamlined taxation in this market by replacing a number of indirect taxes. It has also brought greater transparency to transactions as well as decreased tax evasion, benefiting both consumers and businesses. 

Market Analysis by Product

According to Nitesh Kumar, Research Manager, 6Wresearch, earrings have high demand in the market as they are worn by every generation, and even on casual days. They come in various styles, including studs, hoops, jhumkas (dangle earrings), and chandbalis.

Market Analysis by Material

Based on the material, all material Jewellery are gaining traction in the market on the back of, Gold, as both a symbol of wealth and a part of cultural ceremonies, remains a top preference to the customer. However, platinum and diamond jewellery, often seen as luxury items, are gaining traction, especially among the younger population.

Key attractiveness of the report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2019 to 2022.
  • Base Year: 2022.
  • Forecast Data until 2029.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • India Jewellery Market Outlook
  • Market Size of India Jewellery Market, 2022
  • Forecast of India Jewellery Market, 2029
  • Historical Data and Forecast of India Jewellery Revenues & Volume for the Period 2019 - 2029
  • India Jewellery Market Trend Evolution
  • India Jewellery Market Drivers and Challenges
  • India Jewellery Price Trends
  • India Jewellery Porter's Five Forces
  • India Jewellery Industry Life Cycle
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Product for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Necklace for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Ring for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Earrings for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Bracelet for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Material for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Gold for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Platinum for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Diamond for the Period 2019 - 2029
  • Historical Data and Forecast of India Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
  • India Jewellery Import Export Trade Statistics
  • Market Opportunity Assessment By Product
  • Market Opportunity Assessment By Material
  • India Jewellery Top Companies Market Share
  • India Jewellery Competitive Benchmarking By Technical and Operational Parameters
  • India Jewellery Company Profiles
  • India Jewellery Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

  • Necklace
  • Ring
  • Earring
  • Bracelet
  • Others

By Material

  • Gold
  • Platinum
  • Diamond
  • Others
Frequently Asked Questions About the Market Study (FAQs):
Rising income level, availability of latest Jewellery designs, and expansion of online Jewellery stores in the country.
Earrings are often used as commonly wearing Jewellery, generating high sales, contributing to the India Jewellery Market growth.
With the closure of all industries and reduced population spending on non-essential items affected the market growth at a massive rate.
Offering of counterfeiting products and high competition are some major challenges.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
1 Executive Summary
2 Introduction
2.1 Key Highlights of the Report
2.2 Report Description
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3 India Jewellery Market Overview
3.1 India Country Macro Economic Indicators
3.2 India Jewellery Market Revenues & Volume, 2023 & 2030F
3.3 India Jewellery Market - Industry Life Cycle
3.4 India Jewellery Market - Porter's Five Forces
3.5 India Jewellery Market Revenues & Volume Share, By Product, 2020 & 2030F
3.6 India Jewellery Market Revenues & Volume Share, By Material, 2020 & 2030F
4 India Jewellery Market Dynamics
4.1 Impact Analysis
4.2 Market Drivers
4.3 Market Restraints
5 India Jewellery Market Trends
6 India Jewellery Market, By Types
6.1 India Jewellery Market, By Product
6.1.1 Overview and Analysis
6.1.2 India Jewellery Market Revenues & Volume, By Product, 2023 - 2030F
6.1.3 India Jewellery Market Revenues & Volume, By Necklace, 2023 - 2030F
6.1.4 India Jewellery Market Revenues & Volume, By Ring, 2023 - 2030F
6.1.5 India Jewellery Market Revenues & Volume, By Earrings, 2023 - 2030F
6.1.6 India Jewellery Market Revenues & Volume, By Bracelet, 2023 - 2030F
6.1.7 India Jewellery Market Revenues & Volume, By Others, 2023 - 2030F
6.2 India Jewellery Market, By Material
6.2.1 Overview and Analysis
6.2.2 India Jewellery Market Revenues & Volume, By Gold, 2023 - 2030F
6.2.3 India Jewellery Market Revenues & Volume, By Platinum, 2023 - 2030F
6.2.4 India Jewellery Market Revenues & Volume, By Diamond, 2023 - 2030F
6.2.5 India Jewellery Market Revenues & Volume, By Others, 2023 - 2030F
7 India Jewellery Market Import-Export Trade Statistics
7.1 India Jewellery Market Export to Major Countries
7.2 India Jewellery Market Imports from Major Countries
8 India Jewellery Market Key Performance Indicators
9 India Jewellery Market - Opportunity Assessment
9.1 India Jewellery Market Opportunity Assessment, By Product, 2020 & 2030F
9.2 India Jewellery Market Opportunity Assessment, By Material, 2020 & 2030F
10 India Jewellery Market - Competitive Landscape
10.1 India Jewellery Market Revenue Share, By Companies, 2023
10.2 India Jewellery Market Competitive Benchmarking, By Operating and Technical Parameters
11 Company Profiles
12 Recommendations
13 Disclaimer
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