India’s retail sector is witnessing a marked expansion, and within this broader landscape the jewellery segment has emerged as a significant anchor. The industry is witnessing a decisive transition towards organised retail, branded formats, and experience-driven environments, as consumers are increasingly prioritising transparency, certification, and elevated in-store experiences.

As the jewellery industry evolves, the allure of a gemstone is being complemented by the precision of high-tech innovation. This ‘phygital’ shift reflects a fundamental change in how consumers discover, customise, and value jewellery.

In this context, All That Glitters: Jewellery Brands Recast India’s Retail Footprint, the first edition of CBRE Research’s Retail Deep Dive Series, launched at the Phygital Retail Convention in Mumbai, examines the structural forces reshaping the sector. The report highlights how evolving consumer expectations, the rise of new product categories, and the adoption of differentiated store formats are influencing how jewellery brands plan and expand their physical footprints.

Notably, the sector’s share of organised retail leasing has increased from 2% in 2019 to 8% in 2025, placing jewellery among the top three demand drivers after Fashion & Apparel and Food & Beverage.

The sector’s ongoing transformation is fundamentally propelled by four strategic shifts:

• Organised Retail Shift: Brands are expanding footprint as customers increasingly seek transparency and luxury experiences.
• Experience Over Investment: Consumers now prioritise design-centric, certified, and wearable branded assets.
• The LGD Wave: Lab-grown diamonds offer ethical, accessible luxury for younger cohorts.
• Fashion Jewellery’s Ascent: The category has transitioned into versatile, high-frequency lifestyle accessory than a conventional generational heirloom.