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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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Zi Launches As A Modern Indian Design House Redefining Everyday Luxury

The New Jewellery Brand Makes Its Debut With 925 Sterling Silver, With An Expanding Design Vocabulary Across Titanium, Gold and Lab-Grown Diamonds

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Zi, a new Indian design house, has launched with its debut collection of 925 sterling silver jewellery, bringing contemporary, everyday designs to a category traditionally shaped around occasion and ceremony. Starting at Rs 3,500, the collection marks the first chapter of Zi’s ambition to build a modern jewellery house where luxury is defined by design, material and wearability rather than spectacle.

Zi begins with a simple shift in how jewellery is approached: pieces need not be saved for a particular occasion. Its debut collection is designed to become part of an everyday wardrobe, with clean forms, considered detailing and versatile silhouettes that can be worn repeatedly, styled differently and carried across settings.

The collection is divided into three edits: Staple Edits, featuring everyday essentials; Forever Favourites, comprising versatile pieces designed for repeat wear; and Evening Elegance, bringing a more elevated expression to after-dark and occasion dressing. Across the edits, the pieces are designed to work independently or together, allowing customers to build a personal jewellery wardrobe rather than buy around individual occasions.

925 sterling silver forms the foundation of the launch, chosen for its versatility and as the starting point for Zi’s design language. The collection also incorporates other considered metals across select designs and is finished with premium rhodium plating. The jewellery is nickel- and lead-free, with a focus on material quality, finish and everyday wearability.

But silver is only the beginning for Zi. The brand is developing its next phase around more considered, design-led jewellery, including upcoming collections such as The Classics and The Atelier. These collections will build on the restraint of the debut while introducing greater depth and design expression, expanding the idea of what everyday luxury can look like over time.

The house is also developing jewellery across a broader material palette, including titanium fused with gold and lab-grown diamonds. Each material has been selected for a distinct role: titanium for its strength and lightness, gold for its warmth, and lab-grown diamonds as a contemporary interpretation of an established luxury material. The move reflects Zi’s intent to build a design house with a considered material philosophy, rather than remain defined by a single category or metal.

Beyond jewellery, Zi is exploring future lifestyle categories, with design continuing to anchor the brand’s approach. The long-term ambition is to create a design-led house that evolves across materials, products and categories while maintaining a consistent point of view.

The debut collection is available exclusively through Zi’s online platform from 24 August 2026, with prices starting at Rs 3,500.

With its launch, Zi is introducing a different proposition to India’s jewellery landscape: luxury designed not only for the moments that call for it, but for the everyday ones that make up a life. The debut in silver is the starting point; the larger ambition is to build a house with a design language that can evolve with the way modern India wears luxury.

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