India is one of the most thriving markets for luxury goods. It is currently the fastest growing in Asia and is poised to generate a revenue of more than eight billion U.S. dollars by 2028. About a century ago, the rich elite in the country were the main driver for luxury goods, as they sought unique and distinguished goods to symbolize their wealth and social standing. However, nowadays, the market is mostly driven by the rise of affluent consumers, along with an increase in the number of ultra-high-net-worth individuals. Another contributing factor is the rise in credit card spending, with a growth of about 26 percent in 2024. Additionally, the luxury jewelry and gems segment along with cosmetics and fragrances accounts for the largest share in the luxury goods market.
The country's rich heritage and traditions is deeply embedded in the product designs and marketing narratives of many Indian luxury jewelry brands, hence resonating strongly with Indian consumers. Malabar Gold and Diamonds, Kalyan Jewellers, and Joyalukkas were the beloved jewelry brands across the country. The demand for jewelry is no doubt higher during the festive and wedding season.
As of November 2023, Asia’s richest man, Mukesh Ambani, launched the ultra-premium shopping center “JIO World Plaza”, which includes 66 internationally recognized luxury goods brands in Mumbai. The aim was to bring together the best international brands along with highlighting the artisanship of Indian luxury brands. Furthermore, luxury e-commerce has set foot in prominent online marketplaces such as Myntra, Ajio, and Nykaa, and is readily accessible to Indian consumers.
Glittering luxury jewelry and gems segment
A few years back, gold was considered a luxury good, suitable only for the wealthy and special events. Recently, with widespread ownership and use, it has become a popular household good. The jewelry and gems segment reported a revenue of about two billion U.S. dollars in 2024.The country's rich heritage and traditions is deeply embedded in the product designs and marketing narratives of many Indian luxury jewelry brands, hence resonating strongly with Indian consumers. Malabar Gold and Diamonds, Kalyan Jewellers, and Joyalukkas were the beloved jewelry brands across the country. The demand for jewelry is no doubt higher during the festive and wedding season.
Expansion of luxury brands and retailers
In 2002, the French fashion brand, Louis Vuitton, was the first luxury brand to establish its presence in the Indian market. International luxury fashion brands like Gucci, Chanel, Balenciaga, and Hermes have also opened their outlets in the country, offering luxury apparel, handbags, shoes, and accessories. Additionally, Indian designers like Sabyasachi Mukherjee and Manish Malhotra are gaining prominence in the luxury fashion space globally.For instance, Sabyasachi Mukherjee was the first Indian designer to showcase at Met Gala 2024.As of November 2023, Asia’s richest man, Mukesh Ambani, launched the ultra-premium shopping center “JIO World Plaza”, which includes 66 internationally recognized luxury goods brands in Mumbai. The aim was to bring together the best international brands along with highlighting the artisanship of Indian luxury brands. Furthermore, luxury e-commerce has set foot in prominent online marketplaces such as Myntra, Ajio, and Nykaa, and is readily accessible to Indian consumers.
