India’s love affair with jewelry is legendary. It’s more than just adornment; it’s woven into our culture, celebrations, and traditions. This deep connection makes the Indian jewelry market one of the most vibrant and dynamic globally. As we navigate 2025, understanding the latest India jewelry industry report is crucial for anyone in this sparkling business – from manufacturers to retailers.
At Shambh, a key player in the international diamond market, we keenly follow these trends to ensure our partners are always ahead. Let’s dive into the current pulse of the market, the impact of prices, and what lies ahead for jewelry demand in India.
India’s Jewelry Market: A Heartbeat of Culture and Economy
The Indian jewelry market is a powerhouse, driven by strong cultural significance and a booming economy. Valued at approximately USD 89.65 billion in 2024, it’s projected to reach a staggering USD 153.77 billion by 2033, growing at a healthy compound annual growth rate (CAGR) of 6.3% from 2025 to 2033. (Source: Grand View Research – India Jewelry Market Size & Outlook, 2024-2033).
What fuels this continuous sparkle?
- Weddings & Festivals: These remain the biggest drivers. Gold and diamond jewelry are integral to auspicious occasions and bridal trousseaus across the country.
- Rising Disposable Incomes: A growing middle class and increasing affluence, particularly among working professionals, mean more people are investing in fine jewelry.
- Urbanization & Lifestyles: Increasing digital penetration and urbanization are expanding the reach of organized retailers and bringing new trends to consumers.
- Investment Appeal: For many, gold and precious diamond jewelry continue to be seen as a smart long-term investment and a hedge against inflation.
The Pulse of Demand: Gold, Natural Diamonds, and Lab-Grown Diamonds
The Indian jewelry market showcases diverse preferences across materials:
- Gold Jewelry’s Enduring Reign: Gold remains the undisputed favorite, holding the largest share of the market (around 54.9% in 2024). Its cultural and auspicious value ensures consistent demand, especially in 22K. (Source: Grand View Research – Jewelry Market Size, Share & Trends, 2033).
- Natural Diamond Jewelry’s Consistent Charm: Natural diamonds continue to be cherished for their heritage, rarity, and unique story. They hold strong emotional value, particularly for significant milestones like engagements and anniversaries. The Indian diamond jewelry market is poised for significant growth, projected to reach USD 6.88 billion by 2030, with a 6.5% CAGR from 2024-2030. (Source: Grand View Research – India Diamond Jewelry Market Size & Outlook, 2023-2030).
- Lab-Grown Diamond Jewelry’s Rapid Ascent: This segment is witnessing a phenomenal surge. India’s lab-grown diamond jewelry market, valued at USD 264.5 million in 2022, is projected to grow at a robust 14.8% CAGR, reaching USD 1,192.3 million by 2033. (Source: ET Retail – Beyond the four Cs: Why choice is the fifth C with lab grown diamonds). This growth is driven by:
- Affordability: Allowing buyers to prioritize larger carat sizes or higher quality for their budget.
- Ethical & Sustainable Appeal: Resonating with younger, conscious consumers.
- Modern Aesthetics: Fitting well with contemporary and daily-wear diamond jewelry trends.
Price Dynamics: Navigating Global Influences
Prices of gold and diamonds play a significant role in shaping demand.
- Gold Prices: Gold has seen record highs, crossing the ₹1,00,000 per 10 grams mark in July 2025. This surge, influenced by global economic uncertainty and central bank buying, can dampen sentiment in the mass market, leading consumers to opt for lightweight gold jewelry, lower karatage (14K, 18K), or alternative materials. (Source: The Times of India – “Gold crosses Rs 1 lakh mark! But jewellers worry over sluggish sales – Here’s why”, July 24, 2025).
- Diamond Prices: While polished diamond exports faced a notable fall in May 2025 (down 35.49% year-on-year for cut and polished diamonds exports from India), the underlying demand remains strong and resilient. The industry adapts by innovating and offering diverse options. (Source: HDFC Sky – “India’s Gems & Jewellery Exports Drop 15.81% in May 2025”).
Future Forward: Key Predictions for India’s Jewelry Market
The outlook for India’s jewelry industry is overwhelmingly positive, with exciting trends shaping its future:
- Continued Strong Growth: The market is expected to maintain its upward trajectory, poised to reach USD 168.62 billion by 2030. (Source: Indian Jeweller, Research and Markets).
- Diamond-Studded Jewelry to Lead: Diamond-studded jewelry is projected to see the biggest leap in India in 2025, with an expected growth of 21-23% CAGR, and an increasing share of 14K and 18K gold designs. (Source: GJEPC, Redseer Strategy Consultants).
- Organized Retail & Online Expansion: Increasing urbanization and digital penetration will expand the reach of organized retailers and boost online sales, projected to grow at a CAGR of 7.9% from 2025 to 2033 globally. (Source: Grand View Research).
- Lightweight & Modern Designs: Demand for contemporary, lighter pieces and fusion jewelry is on the rise, especially among younger buyers and working professionals.
- Ethical & Certified: Consumers will increasingly demand transparency and certification for both diamonds and gold.
Shambh: Your Strategic Partner in India’s Thriving Jewelry Market
The Indian jewelry market is undeniably vibrant and full of potential. At Shambh, we are deeply rooted in understanding these complex dynamics, from consumer preferences for diamond jewelry to global price influences.
We are perfectly positioned to be your strategic partner, offering a comprehensive range of:
- High-Quality Natural Diamonds: Sourced meticulously through our Priceless Naturals brand, catering to the enduring demand for heritage and classic beauty.
- Exceptional Lab-Grown Diamonds: Providing accessible brilliance and ethical choices to meet the rapidly growing demand for modern, value-driven diamond jewelry.
We empower our B2B clients to adapt to price shifts, diversify their inventory, and confidently capitalize on the robust growth projected for India’s jewelry sector.
The India Jewelry Industry Report paints a picture of resilience, dynamic growth, and exciting evolution. With a strong cultural foundation and adapting to modern trends, India’s jewelry market is truly a force to reckon with globally.
By understanding the pulse of demand, navigating price dynamics, and leveraging strategic partnerships, businesses can unlock immense opportunities in this flourishing landscape.