International News
Jewellery sector’s growth will be fueled by a younger, diverse clientele: McKinsey & Co luxury fashion report
Jewellery sales are expected to regain momentum with 3% to 5% projected growth. An increasing number of consumers will transition from non-branded to branded jewellery.
A 2025 luxury fashion report by McKinsey & Co forecasts jewellery and leather goods to be the fastest-growing categories of the luxury goods industry through 2027. The jewellery sector’s growth will be fuelled by a younger and more diverse clientele.
The report notes that in the period 2019-2023, the jewellery category experienced a remarkable 8% CAGR (compound annual growth rate), globally. However, in 2024, growth slowed down between 2% to 4%. This year, jewellery sales are expected to regain momentum with 3% to 5% projected growth, and accelerate to 4% to 6% by 2027.
Jewellery sector’s growth in the next 3 years will be shaped by shifting customer profiles and buying behaviours. An increasing number of consumers will transition from non-branded to branded jewellery.
High jewellery sales are likely to increase in line with the growing number of ultra-high-net-worth individuals worldwide. Moreover, growing interest among younger buyers in genderless jewellery, along with luxury brands investing in technology and immersive experiences will further shape interest among digital natives and new consumers
However, the report cautions that an uncertainty in a clear segregation between lab-grown diamond and natural diamond markets could pose a challenge to this growth.
Key points:
- Jewellery to grow globally between 4%-6% through 2027: McKinsey & Co.
- High-jewellery demand to rise as the wealthy population grows worldwide.
- Global iconic jewellery brands continue to lead growth for luxury conglomerates
- Diamond-studded jewellery to see the biggest growth in India in 2025: Redseer
- India’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028
- Organised jewellery sector in India to grow 20% year-on-year in FY25: Ind-Ra
International News
Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC
The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.
The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.
The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.
The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.
Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.
However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.
Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.
With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.
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