International News
Luxury Market Faces Potential 5% Decline in 2025, but Jewelry Segment Remains Resilient – Bain & Altagamma Report
Despite challenges in the broader luxury market, the jewelry segment continues to shine, according to a new report by Bain & Company in collaboration with Italian luxury industry group Altagamma. The report outlines a cautious outlook for the personal luxury goods market in 2025, with the most likely scenario forecasting a moderate decline of 2% to 5%.
Three potential trajectories were presented for the year:
- A moderate contraction of 2%–5% (most likely)
- A stable scenario ranging from a 2% decline to 2% growth
- A more severe downturn of 5%–9% in an extended weak market
Following a strong rebound post-COVID, which saw the personal luxury market reach €369 billion ($425 billion) in 2023, the sector contracted slightly by 1% in 2024 to €364 billion ($419.2 billion). Early 2025 data suggests a further softening of 1% to 3% in Q1.
Despite the broader slowdown, the jewelry category remains a bright spot. Consumer appetite for both ultra-luxury pieces and accessible luxury jewelry continues to fuel growth in this segment. Bain notes that while sluggish tourism has affected the European luxury landscape, domestic demand—particularly for fine jewelry—has helped cushion the impact.
Other areas showing strength include experiential luxury, which is increasingly popular with Gen Z buyers seeking more personalized and emotionally meaningful luxury experiences.
However, overall global luxury spending is under pressure. Economic uncertainties, including tariffs in key markets like the US and China, are affecting consumer sentiment. Younger generations are also becoming more discerning, questioning the value and cultural relevance of luxury goods.

Still, there is optimism for the future. Claudia D’Arpizio, senior partner at Bain & Company and global head of its fashion and luxury practice, emphasized the sector’s resilience:
“Although demand is easing in the short term, the luxury sector has consistently demonstrated extraordinary resilience — buoyed by a growing global consumer base and deeply rooted emotional drivers,” she said. “Across generations, motivations tied to self-reward, status, identity, and achievement will continue to sustain the relevance of luxury.”
In short, while the luxury market may contract slightly in 2025, jewelry continues to shine as a key growth driver, supported by emotional value, strong local demand, and enduring consumer engagement.
DiamondBuzz
De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India
De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.



The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.

Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.
We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance) to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”

Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.
By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”
The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:
- Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
- Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
- Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
- Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.


As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.
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