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Jewelry market in India- statistics & facts

The practice of adornment can be traced back to the Indus Valley civilization around 5,000 years ago. India was dubbed The Golden Bird, due to its abundance of precious stones and raw materials. Ornamentation was an integral feature in ancient sculptures and paintings that adorned palaces and public dwellings, as well as temples – the latter to this day. With each new period of Indian history, the art of jewelry–making evolved and represented the culture and craftsmanship of the era.
Ancient India was a global trade hub for jewelry, precious stones, and metals and continues to be in present times. India, as a world-renowned producer of gemstones – with the legendary Kohinoor diamond being exemplary of this legacy, also presently houses the largest diamond processing center. Likewise, cut and polished diamonds accounted for the highest share of exports within the country’s gems and jewelry segment in 2021.

Gold and silver consumption in India

In Indian culture, gold plays an important role as a store of value, a sign of wealth and prestige, and an essential component in several rituals. Gold is regarded as auspicious in Hindu and Jain cultures. In Indian society, giving gold as a gift is a deeply embedded aspect of wedding customs. Despite high costs, the volume of consumer demand for gold jewelry is consistent, thanks to weddings and special occasions. About 50 percent of the country’s yearly gold demand is generated by weddings. The Hindu festival of lights, Diwali, along with Dusshera, causes a regular spike in sales of jewelry every year between October and November with little exception (even a pandemic). The total consumption of gold jewelry in 2021 was about 797 million metric tons and highest among the middle-income group in India. On the other hand, silver, while also precious, is termed the poor man’s gold. Even though most of the demand share for the metal came from the manufacture of jewelry and silverware, it also serves industrial and investment purposes. Silverware is often used for gifting and its market demand has increased consistently through the years.

Jewelry retailers in India

Retail within the jewelry market is a thriving business in India with several small- and large-scale companies in the mix. The major leading players in the jewelry and diamond sector include Titan company, Rajesh Exports, and Kalyan Jewellers. While these organized players continue to expand and diversify, it is worth keeping in mind that the retail sector overall is dominated by a large margin by the unorganized sectors. The expansion of major brands will play a significant role in the growth of the gems and jewelry sector in the coming years. Retail brands are now leading the organized market and providing growth opportunities. Variety in terms of products and designs is made possible by the growing penetration of organized players.

Interesting statistics

In the following 6 chapters, you will quickly find the 31 most important statistics relating to "Jewelry market in India".

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