Tanvi shah -Director & Head – CareEdge Advisory & Research

The gems and jewellery market has clocked a healthy CAGR of 11% from CY20-24, to reach at Rs. 8,110 billion in CY24.  A similar growth trajectory is expected to continue in the next 5 years. Furthermore, bangles and chains hold a large share in the overall jewellery market. As consumer preferences evolve, the Indian jewellery sector is undergoing notable transformation. Central to this shift is the Mangalsutra—a piece that embodies both cultural heritage and modern sensibility. Traditionally revered as a symbol of marital unity and prosperity, the Mangalsutra has maintained its cultural significance while aligning with contemporary aesthetics and changing lifestyles.

The Mangalsutra market has grown at over 10% compounded annual growth rate (CAGR) over the past five years and estimated to be Rs 190 billion in CY24(E).  With the consistently rising number of weddings in India, the market is set to expand steadily and is expected to surpass Rs 250 billion by CY29.

Weddings: The Prime Driver of Demand

Weddings remain the key driver of Mangalsutra purchases, with the ornament continuing to symbolize matrimony across communities. As weddings evolve—especially with greater financial independence among millennial couples—buying behaviours are also shifting. While 80–82% of wedding expenses are still covered through savings, around 10% rely on loans and 6–8% liquidate assets.

In 2024, India recorded 124.3 lakh weddings, marking a strong post-pandemic momentum. This upward trend continued from earlier years and is expected to accelerate, with weddings projected to reach 180.8 lakh by 2032, registering a CAGR of 4.8%. This growth is also fuelling demand for bridal jewellery, underscoring the wedding sector’s resilience and its rising contribution to the national economy.

Chart 1: Total Number of Weddings in India, CY2024-32

Source: Industry Sources, CareEdge Research

Source: Industry Sources, CareEdge Research

The rise of destination weddings and thematic ceremonies has prompted demand for multiple Mangalsutra designs. Brides now seek elaborate gold pieces for traditional rituals and minimalist styles for more modern or informal functions. This shift has encouraged jewellers to diversify their offerings, enabling repeat purchases beyond the initial wedding.

Evolving Designs: A Fusion of Style and Sentiment

Although traditional Mangalsutras—characterised by black beads and gold links—continue to dominate, capturing a 62% share of the market in CY24, the preference for modern alternatives is rising. Designs featuring sleek lines, diamonds, and mixed metals now comprise 32% of the market and resonate particularly with younger, urban consumers who prioritise versatility and style.

Chart 2: Indian Mangalsutra Market: Break-up by Design (% share) for CY24(E)

                                                                         Source: CareEdge Research

Customisation has emerged as a notable trend. Consumers increasingly request bespoke elements, including unique pendant shapes, gemstone settings, and tailored chain lengths. Presently, customised Mangalsutras account for approximately 5% of the market. Jewellers are responding by embracing advanced design technologies and personalised consultations, enabling them to cater to diverse tastes and preferences.

Material preferences reflect shifting choices considering prices 

Gold remains the market leader in Mangalsutra, and 22K gold accounts for 52% of the share because of its long-standing tradition of symbolizing security and affluence. Nevertheless, an price increase—from around Rs 67,175 per 10 grams during April 2024 to Rs 90,050 as of 24^th April 2025—has forced consumers to question their decisions, tending towards lighter or affordable options.

Chart 3: Indian Mangalsutra market breakup by material type (% share) for CY24(E)

Source: CareEdge Research

Note: Others include Beads, Synthetic Metals, Semi-Precious stones,  etc.

Silver Mangalsutras, now commanding a 31% share, offer an affordable and wearable alternative. Their simplicity appeals to younger consumers who seek practical, everyday options. Meanwhile, diamond Mangalsutras hold a 12% market share, gaining popularity among those who value elegance and symbolic distinction. Fusion designs, incorporating gold, silver, and diamonds, are also gaining ground as jewellers strive to serve a broader demographic.

Market Outlook: Strong sentiment supporting healthy sales growth

Gold Mangalsutras continue to represent nearly 52.3% of the total market, but interest in alternative silver or diamond variants is also attracting more consumers. Going forward, these changing consumer preferences will encourage many new replacement and repeat purchases, creating fresh opportunities for jewellers.

In contrast to the overall demand for gold jewellery, which declined by 2.3 percent year-on-year in CY24, the Mangalsutra market demonstrated remarkable resilience by maintaining double-digit growth. As weddings continued and consumer preferences evolved, the Mangalsutra adapted accordingly embracing new and exciting designs without compromising its cultural significance.

A commitment symbol and a personal style will keep it constantly relevant in India’s jewellery landscape, full of diversity and dynamism.

Celebrity Endorsements of LGDs

Celebrity endorsements are pivotal in transforming ethical luxury from an idealistic concept to a mainstream trend. When well-known figures embrace lab-grown diamonds, they redefine luxury by blending style with responsibility. These endorsements break the notion that luxury is only about exclusivity and excess, shifting the narrative to one where ethics and beauty coexist. As consumers increasingly prioritize sustainability, celebrities make it easier for them to align their values with their purchases, normalizing lab-grown diamonds as the future of luxury. This shift is not just a trend—it’s a cultural movement led by those who hold significant influence.

Global jewellery brands leveraging celebrity stardom

Global jewellery brands are tapping into the power of celebrity to position lab-grown diamonds as the next big thing in luxury. Celebrities bring visibility, credibility, and aspirational value to these diamonds, helping brands reframe them as a symbol of modern luxury. Through collaborations and campaigns featuring stars, jewellery brands communicate that lab-grown diamonds are not only ethically sound but also high-end and exclusive. These celebrity endorsements connect luxury with conscious consumption, shifting consumer perceptions and setting a new standard in the luxury market. This strategic use of star power helps lab-grown diamonds carve a niche as the future of sustainable luxury.

Celebrity collaborations driving the popularity of LGDs

Celebrity collaborations are a game-changer in how lab-grown diamonds are perceived. When icons align themselves with these diamonds, they make the concept of sustainable luxury not just appealing but aspirational. Through their influence, celebrities turn lab-grown diamonds into a desirable, high-status item, making them relatable for the general public. By wearing and endorsing these sustainable gems, they make them accessible to a broader range of consumers. These partnerships not only elevate the diamonds’ appeal but also serve as a bridge between high-end luxury and everyday luxury, making it more attainable for a global audience.

Millennials and Gen Z driving the shift toward LGDs

The jewellery market is shifting gears, embracing sustainability, ethical practices, and personalized designs like never before. Millennials and Gen Z are leading the charge in the lab-grown diamond movement. These diamonds are made with minimal environmental impact, offering a more eco-friendly and responsible choice. It’s not just about the sparkle, it’s about supporting brands that stand for authenticity and integrity. This change is reshaping the jewellery industry, blending craftsmanship with conscience and redefining luxury as a perfect balance of elegance and ethics. 

Shivaram A is a much sought after mentor, consultant, trainer and speaker across multiple industry platforms. He founded Retail Gurukul in 2012 as a Consulting & Training company. Shivaram has since helped and continues to help retailers and manufacturers, significantly improve their business performance across various metrics.

Shivaram’s  A Guide to Jewellery Retailing-Consumer facing operations  is  ultimate resource for jewellery store owners striving for success in today’s competitive market. Discover the secrets to making your jewellery retailing store succeed, draw in a steady flow of customers, and cultivate lasting loyalty. This comprehensive guide offers actionable advice and real-world examples to elevate your store’s aesthetics, service quality, and sales performance. This is an extract from A Guide to Jewellery Retailing-Consumer facing operations.

From the small corner-store goldsmith to the high-end boutique  jeweller in their own high-rise building, jewellery retailers come in  all forms and sizes. With the Indian jewellery market teeming with  nearly 300,000 players, every jewellery retailer must position  themselves uniquely to make their presence known in this  competitive scenario. 

As a jewellery retailer, you first have to decide whether you want  to remain as just a “store” or create a “brand”. But what is the  difference? 

A “brand” has some definable qualities by which it can be uniquely  identified. These qualities or features form a perception in the  minds of the customer which is called its brand equity. 

As a jeweller, you can project certain aspects of your jewellery  merchandise or customer service as brand quality. 

Look at how PC Chandra, the renowned Kolkata Jewellers are  trying to position themselves with the help of the famous creative  agency J Walter Thompson (JWT).  Ayan Chakraborty, VP and executive business director, JWT  Kolkata, said, “PC Chandra’s intricate craftsmanship and the brand’s unique image in the minds of Bengalis all over the world is  something we kept in mind while working.” 

Arjun Mukherjee, VP and ECD, JWT Kolkata, added, “The challenge was to create a philosophy for the brand which every modern  woman will relate to. We went beyond the beauty space in jewellery and tried to find an emotion that will resonate with one  and all.” 

You too can position your jewellery outlet as a unique brand by  defining its values and expressing your trade philosophy in the  following ways.

Ways in which you can position your outlet

Jewellery stores fall into certain categories. First, try to identify  which category you belong to, and then add value to it by defining  your strengths. You may be a: 

1. Personal Jeweller

When a customer looks for jewellery “tailor-made to his taste”, he comes to the personal jeweller. The Personal Jeweller highlights  the uniqueness of design, exclusivity and personalization as his  value points. Elite and royal families of illustrious lineage and social  celebrities often prefer to have their own personal jewellers. 

As a Personal Jeweller, you must vouch for your individuality in  design and integrity in trust. If you possess Jewellery design  software and have bagged Jewellery design awards, you really can  boast of being a genuine Personal Jeweller. 

2. Ethnic Jeweller

For people who have a taste for traditional and ethnic designs, the  Ethnic Jeweller is the destination. As an Ethnic Jeweller, you must  have profound knowledge in temple designs and must have the  capacity to reproduce them without even the slightest difference.  Polki, Jadau, Tanjore, Chettinad and Malabar designs feature as  ethnic offerings.

3. Modern Jeweller

For the young and trendy, the Modern Jeweller is the person to call  on. The Modern Jeweller must dabble in fusion and fashion.  Rhodium, Rose gold, Platinum and 18k designs are part of the  modern offerings. 

4. Boutique Jeweller

The boutique Jeweller is the guy who prides himself on his  jewellery range and exemplary service. These artistic showrooms  offer an appealing ambience and a comfortable customer  experience. Boutique Jewellers have several jewellery lines made  by different designers. 

5. Estate Jeweller

If you are looking for antique jewellery or vintage heirlooms, the  Estate Jeweller is the guy to go to. As an Estate Jeweller, you must  have the resourcefulness to seek and procure historic jewellery  with sufficient proof. Estate jewellers are very expensive as they  deal with high-end jewellery collectables. 

 6. Main Street Jeweller

The Main Street Jeweller has the sole objective of capturing the  interest of the urban audience. He caters to them with an eclectic  mix of traditional and modern jewellers with their latest  preferences in mind.

7. Chain Store Jeweller

With branches at multiple locations, the Chain Store Jeweller  prides itself on its wide geographical presence and popularity. His  network of stores may be at diverse locations but portray the same  brand image.

Steps to position your Jewellery store 

1. First, identify yourself with a particular Jeweller category among the ones listed above.

2. Outline your strengths in stock, service, range, design etc. 3. Zero in on your “unique selling points” – is it affordability, service, repair facility, cost savings…

4. Crystallize your brand persona as a brand image with the help of expert consultants like Retail Gurukul who can bring to light the hidden values of your brand.

5. Position your brand with this persona by forming a unique brand image and taglines.

6. Popularize your brand using these brand messages and establish your brand.

Your brand is as precious as your jewellery. Position it with  perfection to reach the pinnacle of success.