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
Akshaya Tritiya 2026:Indian Consumers Balanced Record-High Prices With Age-Old Traditions
Narrative Of This Season Was One Of Value Over Volume
In the grand tapestry of Indian traditions, few threads shine as brightly as Akshaya Tritiya. Known as the day of “never-diminishing” prosperity, it is a time when the spiritual and the material converge. This year, as the sun rose on April 19, 2026, the festival once again transformed bustling markets into golden corridors of hope and heritage.
Despite the headwinds of record-high prices—with 24K gold touching nearly Rs. 1,56,000 per 10 grams—the Indian consumer’s bond with the yellow metal remained unbreakable. The narrative of this season, however, was one of “Value over Volume,” as buyers navigated a complex landscape of economic prudence and unwavering faith.
A Legacy of Trust and Gratitude
For established houses, the festival was a validation of decades of service. Kishorkumar Jindatta Shah, Chairman of Chandukaka Saraf, noted the profound emotional connection underlying the commercial activity:
“Akshay Tritiya has always been a symbol of prosperity, and this year, we are truly grateful for the overwhelming response from our customers. The strong sales reflect not just festive sentiment but also the trust our patrons place in us. We sincerely thank our customers for choosing Chandukaka Saraf and being a part of our journey.”
Regional Reverence: The Southern Stronghold
Nowhere was the fervor more palpable than in South India, the ancestral heartland of the festival. Accountable for nearly 40% of national sales, the region saw a unique blend of traditional reverence and modern pragmatism.
Surabi Karthik, State Vice President of IBJA Tamil Nadu and President of the South India Bullion Association, offered a candid look at the regional performance:
“This Akshaya Tritiya, it was truly heartening to see our customers keeping their traditions alive. Gold and silver purchases flowed in on this auspicious day. However, we must be honest—the volumes, especially across Tamil Nadu, were lower than expected. There are two primary catalysts for this dip: a surge in heavy buying that had already occurred between October and February, and the restrictive Election Code of Conduct, which dampened market sentiment.”
Dr. Chetan Kumar Mehta, President of JAB-CMD at Laxmi Diamonds, Bengaluru, observed:
“This Akshaya Tritiya witnessed robust jewellery sales across South India, reflecting sustained consumer enthusiasm. With Akshaya Tritiya having its origins in South India, consumers have a strong emotional connection. While the overall volume remained largely in line with last year, the value of purchases saw a noticeable increase, driven by higher gold prices and evolving buying preferences.”
The Shift Toward “Functional Luxury”
The high-price environment of 2026 sparked a creative shift in consumer choice. The trend moved away from heavy, “locker-bound” pieces toward lightweight and versatile designs that offer daily utility.
Dr. Chetan Kumar Mehta highlighted a prominent trend:
“Demand was particularly strong for lightweight jewellery, indicating a shift towards more contemporary designs. Additionally, consumers were actively exchanging old gold for new.”
Ashish Pethe, Partner at Waman Hari Pethe Jewellers, described a balanced market:
“Strong walk-ins throughout the day, balanced traction across gold, silver, and diamond segments, and sustained strength in bullion made this Akshay Tritiya a well-rounded success.”
Resilience Amidst the “Election Environment”
The 2026 season was not without its hurdles. With the nation in the midst of an election cycle, strict regulations on cash movement and the presence of the Model Code of Conduct created a more cautious atmosphere in certain corridors.
Anantha Padmanabhan, CMD of NAC Jewellers, reflected on this unique dynamic:
“Akshaya Tritiya continues to embody prosperity and tradition. This year, we have observed a modest moderation in sales, influenced by the prevailing election environment. However, the intrinsic trust in gold as a timeless asset remains unwavering.”
Gold as Financial Prudence
Perhaps the most significant takeaway from 2026 is the evolving psychology of the Indian buyer. Gold is no longer just an ornament; it is being cemented as a cornerstone of a disciplined financial portfolio.
Dr. B. Govindan, Chairman of Bhima Jewellery, explains this transition:
“The steady demand, despite record prices, reflects a clear shift in customer thinking. Buyers are focusing more on long-term security than short-term price movements. The preference for simple jewellery and investment coins shows that gold is being viewed not just as ornamentation, but as a reliable asset that blends tradition with financial prudence.”
As the doors of the jewellery showrooms closed and the Muhurat ended, one truth remained: whether through a 2-gram gold coin or a contemporary diamond-studded pendant, the spirit of Akshaya Tritiya endured. It is a festival that celebrates not just what we buy, but the enduring legacy of prosperity we hope to leave behind.
Akshaya Tritiya 2026:Indian Consumers Balanced Record-High Prices With Age-Old Traditions
Chandukaka Saraf Expands Retail Footprint with Grand Showroom Launch in Jalna
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AKSHAY TRITIYA 2026 – Healthy Footfalls, Jewellery Sales Across India, Estimated 18–20 Tonnes Of Business Recorded
Akshaya Tritiya 2026:Indian Consumers Balanced Record-High Prices With Age-Old Traditions
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National News20 hours agoAKSHAY TRITIYA 2026 – Healthy Footfalls, Jewellery Sales Across India, Estimated 18–20 Tonnes Of Business Recorded
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National News15 hours agoAkshaya Tritiya 2026:Indian Consumers Balanced Record-High Prices With Age-Old Traditions
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DiamondBuzz18 hours agoMotorsport Meets High Jewellery: Hannah St John Turns Heads with ‘La Velocita’ Diamond Necklace at F1 Event
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