National News
Indian Jewellery market has grown from $50b to $80bn in 6 years: Motilal Oswal
Motilal Oswal Financial Services Ltd (MOFSL) suggest that the size of the Indian jewellery retail sector was close to USD80bn (INR6,400b) in FY24.
Motilal Oswal Financial Services Ltd (MOFSL) suggest that the size of the Indian jewellery retail sector was close to USD80bn (INR6,400b) in FY24.There are multiple drivers in the industry leading to such rapid growth, driven by rising disposable income (higher per capita growth in double digits), an improving mix for regular wear (beyond weddings and investment-led), enhanced product offerings (design, diamonds, etc.), trust-building through hallmarking, and a better buying experience at organized retail outlets Within this landscape, organized retail accounted for about 36-38% and comprised both pan-India and regional players.
The remainder of the jewellery retail sector continued to be dominated by the unorganized/local players, comprising over 500,000 local goldsmiths and jewelers. The total gold consumption in India was attributed to 66% for jewellery and remaining 34% for bars & coins.
India’s gold supply is dominated by imports
The gold market experienced notable fluctuations in imports from FY18 to FY20, reaching 980 tonnes in FY19 before declining to 720 tonnes in FY20. This volatility was led by various factors, including declines in global gold prices, buoyant economic conditions leading to heightened disposable incomes, and substantial demand for gold due to traditional celebrations and weddings. However, in FY20, a significant drop occurred due to escalating import duties and the initial stages of an economic slowdown.
Top 10 states contribute 78% of the organized retail network
We captured the store locator for top 18 organized retailers to analyze the statelevel competitive landscape and market mix of each player. The top 10 states contribute 78% of the organized retail network of over 2,000 stores. These states contribute 60% of the total population and 68% of the GDP. Tamil Nadu, Maharashtra, Karnataka, West Bengal, and Uttar Pradesh are the top 5 states with a store mix of 15%, 14%, 10%, 8% and 7%, respectively.
Gold consumption patterns in India
Jewellery for occasions
Weddings and festivals are the primary reasons for the purchase of jewellery in India. Bridal jewellery still accounts for a significant portion of demand, contributing 55% to the total jewellery demand. Daily wear jewellery accounts for 30-35% of the Indian jewellery market. Players are strategically focusing on manufacturing lightweight pieces to cater to the preferences of younger consumers, especially those who desire daily wear gold jewellery that complements western-style attire. Fashion jewellery, on the other hand, contributes nearly 10% to the Indian jewellery market.
Jewellery by product category
Bangles and chains are the primary contributors to domestic jewellery consumption, accounting for 60-70% of total sales. These are preferred as daily wear by women. Necklaces contribute around 15-20% to the sales volume, with their sales surging during special occasions, such as festivals and weddings. The remaining 5-15% of sales is attributed to rings and earrings.
National News
KISNA Diamond & Gold Jewellery launches KISNA Digital Gold in partnership with SafeGold, expanding its omnichannel gold ecosystem
The launch underscores Limelight’s rapid national expansion as it continues to strengthen its retail presence across India.
- Marks KISNA’s entry into digital gold ownership, strengthening its omnichannel gold ecosystem
- Allows customers to start owning gold digitally from Rs.10 with no lock-in
- Bridges digital gold ownership with physical jewellery redemption across KISNA’s retail network
KISNA Diamond and Gold Jewellery, one of India’s foremost jewellery brands, today announced the launch of KISNA Digital Gold, a strategic move marking its entry into digital gold ownership through a partnership with SafeGold, a product of Digital Gold India Private Limited (DGIPL).
The launch marks KISNA’s entry into digital gold ownership, strengthening its omnichannel gold ecosystem and expanding how customers can engage with gold across digital and physical touchpoints. Through this partnership, KISNA enables customers to buy, sell and redeem digital gold in a safe, transparent and flexible manner, while extending the trust and credibility of its jewellery legacy into a seamless digital-first experience.
KISNA Digital Gold allows customers to begin their gold purchase with an amount as low as Rs.10, significantly lowering the entry barrier to gold ownership. Customers can buy gold in fractional quantities at live market-linked prices, with holdings credited in grams up to four decimal places.
The digital gold purchased is 24-karat gold of 995 fineness or higher purity, stored securely in insured vaults operated by internationally recognised precious metals custodians, with customers retaining full ownership at all times. Customers have the flexibility to sell their digital gold at prevailing prices or redeem it against physical gold jewellery at KISNA stores across India.

Commenting on the launch, Parag Shah, CEO, KISNA Diamond & Gold Jewellery, said: “The launch of KISNA Digital Gold marks a strategic step in expanding how consumers engage with gold. Enabled through SafeGold, the offering allows customers to start with just ₹10 and transact without any lock-in, making gold ownership more accessible and transparent. Over time, we see digital gold becoming a gateway to deeper jewellery relationships, allowing consumers to plan, save and seamlessly convert their digital holdings into physical jewellery through our retail network.”
Commenting on the partnership Rhea Chaterji, COO and Co-founder, SafeGold said: “Our partnership with KISNA brings together trusted jewellery craftsmanship and secure digital gold infrastructure. By combining asset-backed gold ownership, independent trustee oversight and insured custody, we aim to make digital gold a simple, transparent and reliable option for consumers looking to own gold with confidence.”

How KISNA Digital Gold works
- Digital onboarding: Customers register on KISNA’s platform using basic details and a valid PAN card.
- Buy gold starting at ₹10: Gold can be purchased at live prices in flexible amounts.

- Secure custody: Purchased gold is stored in insured vaults with independent trustee oversight to safeguard customer ownership.
- Transparent tracking: Customers can access real-time balances, invoices and holding statements online.
- Sell or redeem: Gold can be sold digitally at prevailing prices or redeemed for physical jewellery at KISNA stores nationwide.
There is no lock-in period, offering customers complete flexibility in managing their gold holdings. The offering is currently available to resident Indian customers with a valid PAN card. While buying and selling is enabled digitally through the platform, customers can redeem their digital gold balance at KISNA’s extensive network of stores, seamlessly bridging digital ownership with in-store craftsmanship.
This launch reinforces KISNA’s long-term focus on accessibility, trust and customer-centric innovation, while adapting to evolving consumer preferences around flexibility, transparency and digital convenience in gold ownership.
KISNA Digital Gold represents ownership of physical gold and is not a regulated financial product or deposit, but a digital method of purchasing gold for personal use.
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