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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.

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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.

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BrandBuzz

Kisna Diamond & Gold Jewellery to open 60+ new showrooms across India in 2025

Kisna is set to surpass 120 exclusive showrooms across India this year with its planned expansion

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 Kisna Diamond & Gold Jewellery, one of India’s leading jewellery brands, has announced an ambitious expansion plan to open 60+ new showrooms across the country in 2025. This strategic move aligns with Kisna’s commitment to making high-quality diamond and gold jewellery more accessible to consumers nationwide.

With this aggressive retail expansion, Kisna aims to strengthen its presence in both metro cities such as Hyderabad, Kolkata, Chennai as well as high-growth tier-2 and tier-3 markets like Guwahati, Vizag, Rajkot, Meerut. The brand will also mark its entry into Faridabad, Bhubaneswar, Assam and Manipur, further solidifying its position as a trusted jewellery brand across India. The new showrooms will showcase an extensive range of exquisite diamond and gold jewellery, ensuring a seamless and luxurious shopping experience for customers.

The jewellery industry in India is witnessing significant shifts, driven by evolving consumer preferences, digital transformation, and the increasing demand for personalization. Trends such as color stone, moderate, pearls, mixing metals, station chains, lightweight trousseau jewellery sets are gaining traction. With rising disposable incomes and a growing preference for branded jewellery, the industry is poised for robust growth. Kisna’s expansion aligns with these market trends, offering contemporary, high-quality designs that cater to both traditional and modern sensibilities.

Despite the surge in gold prices, the demand for gold jewelry remains strong, driven by its cultural significance and timeless appeal. Kisna is well-positioned to cater to this growing demand with its diverse collection that seamlessly blends contemporary trends with traditional craftsmanship. Each piece is thoughtfully designed to reflect elegance, sophistication, and cultural heritage, making it an ideal choice for modern consumers.

Parag Shah, CEO, Kisna Diamond and Gold Jewellery, said, “We are thrilled to embark on this significant expansion journey, reinforcing Kisna’s legacy of trust, craftsmanship, and innovation. As the demand for premium yet affordable jewellery continues to rise, we are committed to bridging the gap between tradition and modernity. Our expansion will not only cater to evolving consumer preferences but also create a world-class shopping experience through cutting-edge retail formats and personalized services. By entering new markets, including Faridabad, Bhubaneswar, Assam and Manipur we aim to bring Kisna’s exquisite craftsmanship to a wider audience, making high-quality jewellery more accessible than ever.”

In addition to gold jewelry, Kisna upholds its commitment to authenticity by offering only naturally sourced diamonds. Kisna’s diamonds are ethically procured from various regions worldwide, ensuring superior quality and brilliance. By prioritizing genuine craftsmanship and responsibly sourced materials, Kisna continues to provide customers with exquisite jewelry that embodies both trust and excellence.

Kisna currently operates 64 exclusive showrooms and 3000 shop-in-shop outlets across India and is renowned for its exceptional quality, contemporary designs, and ethical sourcing. With plans to open over 60 new exclusive showrooms this year, Kisna is on track to surpass 120 showrooms nationwide. The expansion focuses on key business hubs and high-potential markets, ensuring greater accessibility for customers. Each new showroom will feature modern retail elements, including digital interfaces, personalized consultation services, and an immersive in-store experience to enhance customer engagement.

As part of its growth strategy, Kisna is enhancing its Omnichannel Presence to provide customers with a seamless shopping experience across online and offline platforms. Shoppers can explore and purchase from Kisna’s exquisite jewellery collection through the brand’s official online store at www.kisna.com. Reinforcing its commitment to sustainability, Kisna plants a sapling for every piece sold, and its Surat factory runs on Green Energy.

The first phase of showroom launches is set to commence in March, with additional openings planned throughout the fiscal year. Through this expansion, Kisna is reinforcing its vision of becoming a household name in the Indian jewellery industry, bridging tradition with contemporary elegance.

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BrandBuzz

Srinidhi Shetty  unveils Malabar Gold & Diamonds new showroom in Hosapete, Karnataka

By Juan Carlos Artigas
Global Head of Research-World Gold Council

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Malabar Gold & Diamonds, the Responsible Jeweller announces the opening of its new showroom in Hosapete, Karnataka. The latest showroom is crafted to offer customers an exceptional shopping experience, showcasing a wide variety of jewellery that combines timeless elegance with contemporary designs. As part of the grand launch, customers will receive a free silver coin with every purchase, valid from March 15th to 22nd, 2025

The showroom marks the brand’s 39th Showroom in Karnataka the grand opening took place on Saturdays, 15th March further solidifying its leadership in the region. The showroom was inaugurated by, Indian actress Srinidhi Shetty. in the presence of  Filsor Babu, Regional Head – Karnataka, Management Team Members, customers and well-wishers.

The Hospet showroom features a stunning collection of gold, diamond, platinum, and gemstone jewellery, carefully designed to cater to a variety of tastes and preferences. From traditional pieces that celebrate India’s rich cultural heritage to modern, trendy designs, the showroom offers something for every occasion.

In a statement on the occasion, MP Ahammad, Chairman of Malabar Group, shared, “We are extremely delighted to open our new showroom in Hospet. At Malabar Gold & Diamonds, we take great pride in our mastery of delivering beautiful jewellery to our esteemed customers. Our focus on quality, ethical practices, and customer satisfaction drives everything we do. We look forward to welcoming the people of Hospet and providing them with an unforgettable shopping experience.”

Designed with the customer experience in mind, the showroom offers a warm and inviting environment with beautifully arranged displays and a team of knowledgeable staff dedicated to helping customers find the perfect piece of jewellery.

The launch of this new showroom reaffirms Malabar Gold & Diamonds’ vision of becoming the world’s most preferred jeweller, blending traditional craftsmanship with modern innovation to create timeless jewellery pieces while prioritizing sustainability and societal well-being.

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BrandBuzz

Chitrangada Singh unveils PNG Jewellers new showroom  in Talegaon

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 PNG Jewellers, Maharashtra’s most loved corporate family jewellery brand, continues its expansion with the launch of a new store in Talegaon on March 16, 2025. Located at Talegaon Dabhade, the store was inaugurated by Bollywood actress Chitrangada Singh in the presence of Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers; Mr. Parag Gadgil, and members of the PNG Jewellers family.

The large-format store is spread across 4000 sq.ft., and showcases an exquisite collection of gold, diamond, silver, and platinum jewellery, catering to traditional and contemporary tastes. To celebrate the launch, the store has rolled out exclusive offers, such as up to 20% off gold jewellery-making charges and up to 100% off diamond jewellery-making charges.

Dr. Saurabh Gadgil, Chairman & Managing Director of PNG Jewellers, said, “After the successful inauguration of our Chinchwad store, we are further strengthening our commitment to expanding PNG Jewellers’ presence across Maharashtra with the launch of this store in Talegaon. This expansion reflects our commitment to making high-quality, trusted jewellery more accessible to our valued customers. We look forward to welcoming the people of Talegaon and offering them an unparalleled jewellery shopping experience with our exquisite designs and superior service.”

Actress Chitrangada Singh said, “PNG Jewellers has upheld tradition and their commitment to quality and customer trust commendably over the  years, as they strengthen their network and reach out to more markets. With the store in Talegaon, customers now have access to an exceptional range of jewellery that beautifully blends tradition with modern craftsmanship.”

To mark the grand opening, the store will float exclusive inaugural offers and discounts for a limited time. Customers are invited to visit and experience PNG Jewellers’ signature designs and customer service firsthand at the new store in Talegaon.

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