Sparkling success: Renaissance in India's gems and jewellery sector

Deloitte estimates that the Indian jewellery market is valued at approximately US$80 billion to US$85 billion in FY24 and is projected to reach between US$140 billion and US$155 billion, driven by rising disposable incomes, urbanisation and evolving consumer preferences. The organised segment is expected to grow faster, increasing its market share from about 36–38 percent in FY24 to 42–43 percent by FY28.

This report examines the evolving trends and opportunities shaping the Indian jewellery industry. The industry is undergoing a remarkable transformation driven by shifts in consumer behaviour, rising disposable incomes and technological advancements. Key drivers include the growing formalisation of the sector through hallmarking, the adoption of omnichannel retail strategies and increasing consumer demand for luxury brands and sustainable offerings