By Invitation

Mangalsutra market glows with steady 11% growth rate

by Tanvi shah
Director & Head – CareEdge Advisory & Research

Published

2 years ago

April 28, 2025

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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

A necklace on a blue surface

AI-generated content may be incorrect.
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.

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By Invitation

Owner vs. Staff

The Contradiction At The Heart Of Every Jewellery Store

Published

4 weeks ago

October 5, 2026

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By Shivaram A

The Core Issue

The owner carries the entire risk of the business — investment, gold stock, working capital, loans, everything is in their name. The long-term asset also belongs to the owner — reputation, brand, the customer base built over years, often meant to pass to the next generation. But the moment that matters most — when the customer is standing at the counter, when trust is being built or broken — that moment is entirely controlled by the staff.

The person with the most risk is not present at the decisive moment. And the person with the least to lose holds the most power in that moment. This structural mismatch creates frustration on both sides — and it’s rarely discussed openly.

Making the Conflict Explicit

The real tension is this: the owner wants business growth and profit, while staff are under pressure to hit targets.

The owner thinks long-term — how does the brand grow, how does a customer come back after ten years, how does the business pass to the next generation. For the owner, every transaction is a building block toward something bigger.

The staff’s reality is completely different. Their monthly target is fixed. Their salary, incentive, and sometimes even job security depend on how much they sold this month, this Diwali. For staff, every customer is a chance to hit today’s number — right now, this moment. They cannot afford to think about whether this customer comes back in three years, because their performance is reviewed at month-end, not three years later.

So when the owner says “build the relationship, be patient,” and in the same breath increases the target by 20%, these two instructions directly contradict each other. Staff are not confused about what they should ideally do — they understand it perfectly. But they don’t have the choice. The target has to be met, so pressure-selling becomes necessary — even if it means pushing a customer slightly, or using lines like “buy today, rate will go up tomorrow” that create small cracks in trust.

These cracks don’t show up immediately. But after Diwali, when that customer doesn’t return a second time, the owner assumes it’s the staff’s fault. The staff believes the owner set an unrealistic target. Both are right, and both are wrong — because the real problem is in the system, not in the people.

The Challenges on Both Sides

Owner wants both profit and brand, but only measures the profit number
Owner puts pressure on staff to hit targets, then also expects “relationship-building” — without acknowledging the two often can’t coexist
Owner hesitates to invest in long-term things (training, ownership, trust) due to fear that staff will leave anyway
Staff’s target pressure is so real that there’s no time left to think about the long-term customer
Staff gets no financial or professional credit for the relationships they build
Incentive structures reward only this month’s number, not next year’s loyal customer
Both sides see each other as a risk factor rather than a partner — the owner assumes staff will eventually leave, staff assumes the owner only cares about numbers

What Owners Can Actually Do — Starting the Mindset Shift

Stop treating targets and relationships as separate — align them. Don’t set targets purely on sales numbers. Tie a small portion of the target to repeat customers or referrals, so staff know that long-term customers count too.
Name the asset explicitly. Tell staff directly: the relationship you’re building with a customer is your professional asset, not just the store’s. This has to be shown in practice, not just said out loud.
Extend the reward horizon. Don’t reward only Diwali-week sales — when a customer returns six months later and asks for that staff member by name, recognize that, even if the sale itself is small.
Give staff ownership of the follow-up. Make each staff member the named owner of their customers’ after-sale journey — repairs, exchanges, the next occasion. This helps them feel the relationship is theirs, not just a transaction.
Show patience even under pressure. If Diwali week only rewards closed sales, staff will only chase closing. If a staff member who handles a “not buying today” customer well is also appreciated, that’s when the mindset actually starts to shift — because staff notices what the owner actually rewards, not just what they say.

Top 3 CTAs for owners this Diwali

Review your target structure this week. Does it only measure sales numbers, or does it also give weight to repeat customers and referrals? If not, try a small adjustment starting this Diwali.
Ask each staff member to list their top 20 known customers. Tell them this is their list, not just the store’s. This builds a sense of ownership.
After Diwali, start a “best follow-up” recognition. Base it not on the sale number, but on how patiently and well a difficult customer was handled. Staff need to see that patience is rewarded too, not just closing.

Shivaram A
Retail Gurukul