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
BDB Committee Hosts Consul General of Italy at Bourse; Discussions Focus On Boosting Trade Between The Two Countries
- Partnership between Europe’s Leading Jewellery Hub and World’s Largest Diamond Manufacturer will be mutually beneficial
- BDB requests modifications in Italy’s VAT Policy: Collection at Point of Sale Rather than Point of Import
The senior leadership of Bharat Diamond Bourse (BDB) welcomed H.E. Mr. Walter Ferrara, Consul General of Italy in Mumbai, on his visit to the BDB complex on June 30 to discuss opportunities for strengthening cooperation between India and Italy in the diamond and jewellery sector.
The BDB was represented by President Anoop Mehta, Vice President Mehul N. Shah, Honorary Joint Secretary Prakash Shah, and Committee Members Kiran K. Gandhi, Milan K. Parikh, Paresh Mehta, and Ramniklal Shah.
India and Italy both enjoy unique positions in the global diamond and jewellery industry. Italy is known for its exquisite jewellery and exceptional craftsmanship. It is Europe’s leading diamond and jewellery hub, and home to many renowned jewellery brands, while India is the world’s largest supplier of diamonds, including to Italy.
Business ties between the two countries have strengthened over the years, with nearly 100 Indian exhibitors participating annually in Vicenzaoro, Europe’s largest jewellery exhibition.
BDB leadership emphasised that there is enormous potential to further boost trade between the two countries, and suggested some policy reforms to help the process. They requested Italian authorities to consider shifting the collection of 18% VAT levied on loose diamonds to the point of sale rather than at the time of import.
Mehul Shah Said:
“The current system impacts the liquidity of Italian traders and hampers the cycle of trading and manufacturing. Shifting collection to the point of sale would ensure smooth tax compliance, while also enabling seamless trade between the two countries.”
The Hon’ble Consul General acknowledged the concerns raised by the BDB leadership and assured the delegation that he would ensure that their inputs were communicated to the relevant authorities. He also assured continued support to BDB members wherever required, including assistance in facilitating a faster visa process.
The visit concluded with a tour of the BDB campus and MDMA Hall, showcasing its world-class infrastructure and integrated trading ecosystem.
The interaction reaffirmed Bharat Diamond Bourse’s commitment to strengthening international partnerships and promoting constructive dialogue to support the continued growth, competitiveness, and sustainability of the global diamond and jewellery industry.
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