JB Insights
Jewellery industry optimistic despite rising gold prices
As India prepares for Diwali and the wedding season, the jewellery industry is feeling optimistic, even with high gold prices. Experts say customer preferences are changing, and retailers are ready with new collections to meet different tastes. This festive season, people are looking for jewellery that is meaningful, well-crafted, and timeless. Handcrafted gold, diamonds, modern platinum, and silver are especially popular. With the festive mood and wedding season ahead, the jewellery industry expects good sales and a strong season.
Kirit Bhansali, Chairman, GJEPC. said “While gold prices have risen, we remain optimistic about the festive season. Diwali is a time of celebration and auspicious purchases, and consumer enthusiasm for jewellery remains strong. Higher gold prices may lead to a slight dip in volumes, but they also encourage consumers to explore other precious metals such as platinum and silver, which are gaining popularity for their contemporary appeal and affordability.
Retailers are ready with innovative collections across all categories to meet evolving preferences. Supported by the festive spirit and the upcoming wedding season, we anticipate a healthy season for the jewellery industry, reflecting resilience and strong consumer confidence.”
Steady Growth Amid Price Peaks
“Even though gold prices are at their peak, consumer trust in gold as a safe and timeless investment remains strong. Customers are looking at jewellery not only for its aesthetic and cultural value during Diwali but also as a secure asset for the future. The overall sentiment is positive, with families prioritizing meaningful purchases that combine tradition with financial wisdom. We believe this balance of emotion and practicality will drive healthy demand in the festive months ahead,” noted Saket Keshri, Director (Operations), Ratnalaya Jewellers.
Positive Consumer Sentiment Drives Footfalls
Dr. Saurabh Gadgil, CMD, PNG Jewellers, said “Dussehra heralds the beginning of the auspicious buying season, closely followed by weddings and Diwali. This year, the sentiment across the gems and jewellery industry is extremely positive, with investment-led demand for gold and silver showing a clear upward trend, which in turn should translate into robust footfalls at our stores. Bookings in lightweight jewellery are encouraging, while old gold exchange continues to sustain demand, currently contributing nearly 50–55% of sales.
Overall, we see the season opening on a very positive note. The current bullishness in gold and silver prices has sparked fresh interest in investment demand, especially for coins and bars, where we are already witnessing healthy offtake. Diamonds too have shown steady traction in the run-up to the festival,”
Changing Preferences Among Consumers
MP Ahammad, Chairman, Malabar Group, said“The 2025 festive season has begun on a positive note for us. Although the intent to buy gold remains steady, consumers are also adjusting their preferences. There has been an increased preference among certain customer segments towards lightweight and lower-carat pieces that align with modern lifestyles and budgets.
Studded and gemstone pieces are also becoming popular amongst Millennials and Gen Z as they exude contemporary design appeal. In addition, we are seeing certain consumer segments opting for 18K or 14K jewellery that offers price flexibility and style. With GST reforms boosting consumption as well as easing of inflation, we expect the consumer sentiment to become stronger during Diwali”
Handcrafted Appeal and Silver Growth
“This festive season, customers are choosing jewellery with emotion, craftsmanship, and timeless appeal. There’s a clear preference for handcrafted gold, elegant diamonds, contemporary platinum, and refined silver. Jewels and articles steeped in meaning, crafted with care, and destined to be treasured. Silver gifting and corporate orders are also on the rise as brands look to celebrate relationships with substance and style. At Punjab Jewels, our commitment to purity, design, and trust is resonating deeply across Central India. The mood is optimistic, the season is vibrant, and we’re expecting strong, broad-based growth across all categories,” said Ansh Anand, CEO, Punjab Jewels.
Innovation and Modern Preferences
“This festive season, the jewellery industry expects strong demand due to escalating gold prices, and there is a panic mood among consumers that the gold price may go further up. With the harbinger of wedding season, there is a sudden surge for jewellery, and the interest has shifted more towards lightweight, fusion, and silver jewellery. There is also a consumer preference towards value and modern aesthetics. Consumers are turning more towards silver as an affordable option in comparison to gold. Also, we sense that there is a focus on innovation in design, such as fusion temple jewellery. Understanding the mood of the consumers, many brands have increased their advertising spend to boost visibility and sales,” said Jayantilal Challani, Chairman, Challani Group of Companies.
Silver Segment Gains Momentum
“We, at Bidhan Jewellery Works (BJW), have always been affirmative of the customer sentiments in the market. With the sudden surge in gold prices, customers are reluctant to make initial purchases. We are also noticing the trend that our top customers have kept their purchases the same, and this is a positive sign. Our silver jewellery segment is noticing a good spike in demand, and we are also very hopeful with our silver line of jewellery. Bidhan Jewellery Works (BJW) wishes everyone a very happy and prosperous Diwali and prays for the wellness and betterment of everybody,” said Ipsit Karmakar, Director, Bidhan Jewellery Works.
Diamonds and Tiered Market Growth
Richa Singh, MD, India and Middle East, Natural Diamond Council. said “This festive season, we are expecting encouraging consumer sentiment across India for natural diamonds. With the rising price of gold, consumers are ready to assess options. From conversations with our partners, there is an indication of double-digit growth of about 18–20% across top cities. In tier 2 and tier 3 cities, traditional gold consumers are also beginning to explore studded jewellery. Across India, particularly in the sub–two lakh category, natural diamond jewellery is emerging as the preferred choice for gifting and everyday wear.
Natural diamonds are expected to see steady demand this festive season, not just as symbols of luxury, but as everyday expressions of love. We believe this momentum will only deepen, making real diamonds the most meaningful way to mark life’s brightest moments.”
Consumer Trust and Thoughtful Purchases
“This festive season, we are optimistic about jewellery sales. Diwali has always been a time when families come together and celebrate with gold and gifts. Even with changing times, the emotional value of gold remains strong. We see customers being thoughtful in their purchases—looking for quality, trust, and value. Light-weight jewellery and daily wear pieces are seeing more demand, along with traditional items for weddings. At Bhima, we are ready with a wide range to suit every budget. We expect steady growth this season, driven by faith, tradition, and festive spirit,” said Dr. B. Govindan, Chairman, Bhima Jewellery – Trivandrum.
Platinum Gains Favor Among Younger Consumers
Vaishali Banerjee, Head of Global Market Development and MD, said “The festive season is always a time of deep emotional significance, and this year, we are seeing consumers lean towards jewellery that embodies meaning, aspiration, and enduring value. Younger audiences in particular are gravitating to platinum because of its inherent qualities – its exceptional rarity, 95% purity, natural whiteness that enhances brilliance, and strength that makes every piece a modern heirloom.
Platinum is among the most precious of metals in the jewellery world — a true store of enduring value. Its price has risen by 57% year-to-date, yet it still remains significantly more affordable than gold.This creates a compelling opportunity for consumers to own a piece of one of the rarest and most valued metals. Platinum jewellery stands apart as an aspirational yet uncompromising choice, delivering exceptional value without compromise. Retailers too are experiencing robust interest, making us optimistic that platinum jewellery will see strong momentum this festive season.”
JB Insights
SILVER SHOW OF INDIA: A Revolutionary Platform Empowering India’s Silver Manufacturing and Retail Ecosystem
Historically, India’s silver jewellery manufacturers operated on the periphery of the major trade exhibition circuit. Despite their rich craftsmanship, they lacked a dedicated, high-profile national stage. To bridge this gap, GES India Incorporated launched the Silver Show of India (SSI) in June 2022. Designed as a structured response to a long-standing industry demand, SSI has rapidly evolved from a foundational spark into one of the country’s most consequential specialized jewellery trade exhibitions.
From Regional Roots to a Pan-India Powerhouse
The trajectory of SSI reflects a story of deliberate, strategic scaling:
- The Bangalore Beginnings : The inaugural show drew 74 participants, a number that nearly doubled to 133 by the second edition in December 2022, signaling growing trade acceptance.
- The Mumbai Strategic Pivot : Moving the exhibition to the premium Jio World Convention Centre in Mumbai was a deliberate move to elevate silver to the same status as fine gold and diamond jewellery. The June 2023 edition validated this choice, drawing 173 companies, 435 stalls, and a record 10,800 trade visitors, transforming SSI into a truly pan-India platform.
- SSI Mumbai 4th Edition at JWCC features over 495 exhibiting companies across 1400 stalls, spanning 150,000 sq ft.
Institutional Backing and Strategic Alliances
SSI’s industry credibility is heavily reinforced by partnerships with premier trade bodies. The IBJA has been a steadfast national partner in elevating the Mumbai show’s stature. Crucially, SSI has secured the formal alignment of major trade associations from Agra , Rajkot and major silver hubs—bringing invaluable community networks, authenticity, and trade clout to the platform.
Extensive Marketing and Global Footprint
The organizers executed an aggressive, door-to-door outreach campaign encompassing over 500 districts across India, targeting markets frequently overlooked by larger trade bodies. This is supported by deep digital engagement across LinkedIn, WhatsApp, and specialized trade networks. Internationally, the show is drawing buyers from Nepal, Malaysia, Thailand, and the USA. To cater to a premium audience, the organizers have integrated a curated buyer-engagement model, hosting buyers with 1,000 room nights at luxury hotels like Sofitel and Trident.
Market Impact and Future Outlook
The success of SSI correlates directly with a measurable revitalization of the silver sector:
- Logistics partners report a massive 300% increase in the volume of silver goods transported over the past two years.
- Corporate retail groups are actively expanding their dedicated silver floor space, with a Southeast-based corporate establishing exclusive silver showrooms.
- High-end designs typically reserved for gold and diamonds are increasingly being reinterpreted in silver.
Looking ahead, SSI is implementing a robust three-city architecture: Mumbai will anchor the pan-India edition, Bangalore will serve the South Indian market, and a new Delhi edition will capture the North Indian market.
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