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Mangalsutra market glows with steady 11% growth rate

by Tanvi shah 
Director & Head – CareEdge Advisory & Research

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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 24th 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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The Rise Of Everyday Milestone Gifting:Why Natural Diamond Solitaires Are No Longer Reserved For Weddings

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For decades, natural diamond solitaires have been associated with engagements, weddings and landmark anniversaries. They represented life’s biggest celebrations and were often viewed as aspirational purchases reserved for a select few occasions. Today, however, consumer behaviour is evolving. More people are choosing to celebrate personal milestones, professional achievements and meaningful life moments with jewellery that carries lasting emotional value.

Across urban India, consumers are increasingly purchasing natural diamond solitaires for occasions such as promotions, first salaries, business launches, milestone birthdays, graduations, parenthood and personal accomplishments. The decision is no longer driven solely by tradition, it is driven by emotion. This shift is redefining the role of solitaires from occasion-led purchases to symbols of self-celebration and personal growth.

For the jewellery industry, this evolution presents a significant opportunity. Instead of engaging consumers only during wedding seasons, brands can now connect with them across multiple life stages. Every achievement, whether personal or professional, has the potential to become a meaningful jewellery purchase. This broadens the consumer journey and creates new avenues for growth beyond the traditional bridal category.

At Divine Solitaires, this changing mindset is seen as a reflection of how modern luxury is becoming more personal and intentional. While the brand is synonymous with the world’s finest natural solitaire diamonds, it also recognises that today’s consumers want jewellery that becomes part of their everyday story, not just their wedding album. A solitaire is increasingly being viewed as a timeless piece that can be worn regularly while continuing to represent a deeply meaningful memory.

The growing preference for everyday milestone gifting is also changing what consumers expect from jewellery brands. Buyers today are researching more, asking more questions and seeking greater transparency before making a purchase. They want assurance about certification, quality, craftsmanship and long-term value. These expectations are redefining trust in the natural diamond category.

This philosophy has always been central to Divine Solitaires. The brand has consistently focused on bringing greater transparency to the natural diamond category through stringent quality benchmarks, transparent pricing and industry-leading consumer assurance programmes. Every Divine Solitaire undergoes multiple quality parameters that far exceed conventional diamond grading standards, ensuring consumers receive only the world’s finest natural solitaire diamonds. Along with lifetime upgrade, exchange and buyback programmes, supported through its digital verification ecosystem, the brand continues to reinforce confidence long after the purchase is made.

As India’s jewellery market matures, consumers are no longer making decisions based solely on design or price. They are increasingly evaluating emotional significance, authenticity, long-term value and future flexibility. The ability to invest in a certified natural solitaire diamond that celebrates a personal milestone represents a meaningful and enduring choice, particularly among younger buyers who seek purchases that combine aspiration with substance. This evolution is helping redefine luxury as something that is not only beautiful, but also deeply personal.

The broader industry stands to benefit as well. The rise of self-gifting and milestone-led purchases is expanding the natural diamond category beyond traditional wedding occasions and encouraging stronger consumer engagement throughout the year. It is also creating greater demand for certified natural diamonds and driving higher standards of transparency, education and trust across India’s jewellery retail ecosystem.

As the industry prepares for this next phase of growth, there is also increasing momentum around celebrating and strengthening consumer confidence in natural diamond solitaires. This vision is reflected in the upcoming Solitaire Festival of India (TSFI), an industry-first initiative by Divine Solitaires that aims to bring together consumers, retailers and the larger jewellery fraternity in a nationwide celebration of natural diamond solitaires. By creating new conversations around aspiration, achievement and everyday milestones, TSFI seeks to further expand the relevance of solitaires beyond weddings and into every meaningful stage of modern life.

Speaking on this evolving consumer behaviour, Jignesh Mehta, Founder and Managing Director, Divine Solitaires, said:

“The definition of luxury is becoming deeply personal. Consumers today are no longer buying natural diamond solitaires only because tradition tells them to, they are buying them because a moment in their life feels worthy of being remembered forever. We are witnessing a significant shift from occasion-led purchases to emotion-led purchases, where promotions, entrepreneurial successes, personal achievements and everyday milestones are becoming solitaire moments.

At Divine Solitaires, we believe this evolution reflects a more confident and intentional consumer mindset, one that values transparency, quality and long-term meaning. Through initiatives like the Solitaire Festival of India, our endeavour is to celebrate these changing consumer journeys while strengthening trust and appreciation for natural diamond solitaires across the country.”

The future of India’s natural diamond market will not be shaped solely by weddings, but by the many milestones that define modern life. As everyday milestone gifting continues to rise, brands that combine emotional relevance with transparency and enduring value will lead the next phase of growth. For Divine Solitaires, this represents not just a consumer trend, but a meaningful shift towards a more personal, consumer-centric and future-ready jewellery ecosystem.

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