JB Insights
Jewellery and watches have remained standout performers in the global personal luxury market
The global luxury industry stands at an inflection point. Following years of vigorous recovery, the personal luxury segment is now entering what experts describe as a “reset” phase. Yet amid this broader slowdown, fine jewelry and watches have distinguished themselves by demonstrating remarkable resilience and sustained momentum—defying the challenges that have tempered growth in other luxury categories.
The latest True-Luxury survey by Boston Consulting Group (BCG) and Italian luxury think tank Altagamma reveals that the personal luxury market—which includes jewelry, apparel, and leather goods—is contending with significant headwinds driven by economic uncertainty and evolving consumer behavior. Despite this, fine jewelry and watches have continued on a stable growth trajectory, with positive projections for the near term.
A major driver behind this resilience is the steadfast loyalty of top-tier clients. This ultra-affluent group, representing just 0.1% of the global population, accounts for an outsized 23% of total luxury spending. Notably, over half of these consumers plan to increase their expenditure on luxury jewelry and watches by 5% to 25% over the next 18 months—providing a solid foundation for continued growth.
By contrast, the aspirational segment—comprising consumers who value luxury but face tighter financial constraints—paints a different picture. Around 35% of aspirational shoppers have cut back or paused luxury purchases in the past year, channeling spending instead toward savings, wellness, and the secondhand market. This divergence underscores a growing polarization within the luxury landscape.
Beyond consumption, fine jewelry and watches hold a distinct allure as tangible assets. The survey found that 34% of high-net-worth individuals view these purchases as investments—valuing them as both symbols of craftsmanship and stores of enduring value.
Looking ahead, Generation Z emerges as a promising growth driver for luxury jewelry and watches. According to the survey, 80% of Gen Z respondents plan to buy premium goods in the next year, and 70% feel represented by luxury brands.
To stay competitive, luxury brands must evolve alongside these shifting dynamics. BCG emphasizes the need to recommit to core values: exceptional quality, exclusivity, and cultivating deep personal relationships with clients. Many jewelry houses are responding by investing in “clienteling”—an approach that builds one-on-one connections and offers highly personalized services—aimed at strengthening loyalty and maintaining brand prestige.
Ultimately, the enduring success of jewelry and watches reflects a unique blend of attributes: emotional resonance, investment potential, superior craftsmanship, and cultural symbolism. As the broader luxury market undergoes its reset, these products remain highly sought after for their ability to offer immediate gratification coupled with long-term value.
JB Insights
The Role Of Hallmarking and Transparency In Strengthening Consumer Confidence
By Suresh Krishnan, Vice President – Sales, PNG Jewellers
In India, jewellery is equally an emotional purchase and a significant financial transaction. As consumers become more informed and digitally empowered, trust is increasingly becoming a decisive factor alongside design, price and brand reputation. Hallmarking has played an important role in creating that trust by giving consumers third-party assurance of precious-metal purity.
India’s hallmarking ecosystem has expanded significantly. BIS data shows that hallmarking registrations increased from 34,647 to 1,37,315 between April 2021 and March 2022 *1, while more than 8.72 crore gold and silver articles were hallmarked during that year. The introduction of the six-digit Hallmark Unique Identification (HUID) in 2021 has further strengthened traceability. Consumers can verify a gold article’s HUID through the BIS CARE app, adding an independent layer of assurance at the point of purchase.
For an organised retailer, this becomes particularly relevant as jewellery discovery increasingly moves online. A customer may discover a product on social media, compare it on an e-commerce platform and complete the transaction digitally. In such a journey, hallmarking helps bridge the trust gap created by the absence of physical touch and feel. When purity is independently verifiable, consumers can make online purchases with greater confidence.
The opportunity is also expanding beyond gold. BIS has brought both gold and silver under its hallmarking framework. In FY2024-25, more than 32 lakh silver jewellery articles*2 were hallmarked. The revised IS 2112:2025 introduced HUID-based hallmarking for silver on a voluntary basis from September 2025, creating greater traceability and consumer assurance in a category that is increasingly relevant to younger and value-conscious buyers.
This evolution matters commercially. KPMG’s India CX Report 2025*3 found that 27% of fine-jewellery customers are more confident in authenticity, quality and value when they trust a brand, while 9% said they would explore another brand if jewellery appeared overpriced for its quality. These findings underline why trust is not simply a compliance issue; it directly influences consideration and willingness to pay.
Contributing to the larger goal of organised and transparent trade, hallmarking has now been integrated as part of the broader customer experience across stores, CRM and e-commerce. As India’s jewellery market becomes increasingly omnichannel, the brands that communicate purity, pricing and policies clearly will be better positioned to convert digital discovery into purchase and, more importantly, build relationships that extend beyond a single transaction. The future of jewellery retail will therefore be defined not only by what consumers see, but by how confidently they can verify what they are buying and hallmarking takes care of that concern efficiently.
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