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India’s GJ sector to hit t $128 Billion by 2029: 1Lattice Report

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India’s gems and jewellery market is poised for robust growth, projected to reach $128 billion by 2029, growing at a CAGR of 9.5%, according to 1Lattice’s latest report, Glimmers of Growth. This surge is driven by rising disposable incomes among the middle class, growing demand for certified and branded jewellery, and increased adoption of digital retail platforms. Gold continues to dominate the market, accounting for 86% of the overall share.

The report noted that government initiatives such as reductions in gold import duties and mandatory hallmarking have boosted consumer confidence and affordability. The rise of online retail, with virtual try-on tools and digital marketing strategies, is reshaping consumer engagement, especially among younger demographics.

Lab-grown diamonds (LGDs) have emerged as a key growth driver within the sector. The Indian LGD market is projected to reach $1.2 billion by 2033, growing at a CAGR of nearly 15%. Exports of LGDs have grown eightfold since FY21, and India now contributes around 15% of global LGD production, the report states. However, the lack of domestic HPHT machine fabrication presents an opportunity for investment to establish a full-fledged supply chain. LGDs are increasingly favoured for their affordability, ethical sourcing, and environmental benefits, aligning well with global ESG goals.

The report also maps major jewellery manufacturing clusters across India, including Surat, Mumbai, Jaipur, Thrissur, and Coimbatore, each specialising in distinct styles and techniques. Consumer preferences vary by region, age, gender, and spending behaviour, with a notable shift towards minimalistic, personalised, and sustainable jewellery.

Despite its promising outlook, the industry faces several challenges, including volatile gold prices, high labour costs, fragmented inventory systems, and the slow adoption of advanced retail technologies. Nonetheless, India’s position as a global leader in both natural and lab-grown diamond processing, supported by favourable policy frameworks and rising international demand, sets the stage for sustained growth, 1Lattice said.

To capitalise on this momentum, the report suggests that industry players should enhance transparency through certification, invest in technology, and tap into global trade opportunities while promoting jewellery as both a fashion statement and a long-term investment.

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Abaran Timeless Jewellery Champions Heritage Conservation To Safeguard Traditional Craftsmanship

Support For Hastashilpa Heritage Village Reflects A Commitment To Preserving India’s Architectural and Artisanal Legacy For Future Generations.

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As India’s historic buildings continue to face mounting pressure from urbanisation, redevelopment, and changing lifestyles, concerns are growing not only about the loss of architectural landmarks but also the disappearance of the traditional skills and craftsmanship that created them. Recognising this challenge, Abaran Timeless Jewellery has extended its support to Hastashilpa Heritage Village, reinforcing the importance of preserving cultural heritage and artisanal knowledge.

Through the Abaran Foundation, the philanthropic arm of the Bengaluru-based jewellery house, the company supports a range of initiatives spanning education, healthcare, community welfare, arts, and heritage conservation. Its association with Hastashilpa Heritage Village reflects a deeper commitment to protecting India’s rich cultural legacy beyond the jewellery industry.

Located in Manipal, Hastashilpa Heritage Village is regarded as one of India’s most significant heritage conservation projects. Founded by conservationist Vijaynath Shenoy, the village has successfully rescued and reconstructed traditional homes from across coastal Karnataka, preserving architectural styles and craftsmanship that may otherwise have been lost to neglect or redevelopment.

The conservation process shares many similarities with the art of jewellery making. Every carved beam, decorative element, and handcrafted detail requires meticulous documentation, restoration, and respect for traditional techniques. Much like restoring an heirloom jewel, preserving heritage architecture demands both technical expertise and cultural sensitivity.

For Pratap Kamath, Managing Director of Abaran Timeless Jewellery, the initiative holds personal significance. He noted that the heritage village is located in Udupi, where Abaran was originally founded by his grandfather, Sri Sadanand Kamath. According to Pratap Kamath, the company was inspired by the efforts to preserve heritage homes that might otherwise have vanished as younger generations moved away in search of new opportunities.

His observations reflect a wider concern within the luxury and craft sectors. Whether restoring a centuries-old structure or creating a handcrafted jewel, both disciplines depend on knowledge and expertise that cannot be easily replicated through mass production. Once lost, such skills are extremely difficult to recover.

At the same time, consumers are increasingly drawn to brands that demonstrate authenticity, cultural relevance, and a commitment to preserving heritage. As a result, heritage conservation is evolving from a philanthropic activity into an important reflection of a brand’s values and identity.

Initiatives such as Hastashilpa Heritage Village serve as an important reminder that heritage extends beyond products—it also includes the ecosystems of craft, culture, knowledge, and tradition that make those creations possible.

As India’s architectural treasures and jewellery traditions navigate similar challenges, efforts to preserve one may ultimately help protect the other, ensuring that valuable skills and cultural legacies continue to inspire future generations.

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