National News
India’s Gems and Jewellery Market Set to Reach USD 168.62 Billion by 2030
A robust 8.93% CAGR drives growth, fueled by cultural significance, evolving consumer trends, and rising demand.
India’s gems and jewellery industry is poised for substantial growth, with projections indicating a market value of USD 168.62 billion by 2030, according to a recent report by Research and Markets. The report, India Gems and Jewelry Market, By Region, Competition, Forecast & Opportunities, 2020-2030F, highlights an impressive compound annual growth rate (CAGR) of 8.93%, which is driving the industry’s rapid expansion.
Jewellery holds immense cultural significance in India, where it is regarded not only as a symbol of tradition but also as a valuable financial asset. The wedding sector remains the largest demand driver, accounting for nearly half of total market sales, with festivals like Diwali and Akshaya Tritiya also playing a vital role in bolstering gold and jewellery purchases as symbols of prosperity.
Despite this growth, the market faces challenges such as fluctuating gold prices and high import costs for materials like diamonds and platinum. The sector’s dependence on imports makes it vulnerable to global economic shifts and geopolitical uncertainties. Additionally, regulatory policies and import duties continue to impact the industry’s dynamics.
Consumer preferences are shifting, with younger buyers and working professionals increasingly opting for lightweight and contemporary jewellery designs. There is a growing demand for 14K and 18K gold pieces, which reflects a trend toward practicality and modernity. This shift is driving innovations that blend traditional craftsmanship with current design trends.
As India’s jewellery sector remains led by established players like Rajesh Exports Limited, Malabar Gold Private Limited, Titan Company Limited, and Kalyan Jewellers India Limited, the industry is expected to continue its upward growth trajectory, reinforcing India’s position as a global leader in the gems and jewellery manufacturing and export market.
National News
India’s Major Retail Jewellery Players Made A Strong Start To FY27
The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.
India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.
Kalyan’s broad-based growth
Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.
The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.
PNG’s premium mix
P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.
PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.
Titan’s steady momentum
Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.
Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.
What it means
The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.
For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.
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