Story Highlight
– Organised players to capture 45% market share by FY30.
– Indian jewellery market projected to reach $150 billion by FY33.
– Organised players grew 1.5x faster than overall industry.
– Weddings drive 50-55% of jewellery market demand.
– E-commerce and innovative offerings boost organised players’ growth.
Full Story
The Indian gold jewellery market is on the verge of significant transformation, with organised players forecasted to achieve a 45 per cent market share by the end of the financial year 2030, according to a recent analysis by Nomura.
The report notes that the jewellery market in India has experienced remarkable growth, expanding from $48 billion in the financial year 2018 to a projected $90 billion by 2025. This represents a compound annual growth rate (CAGR) of 9 per cent, with further expansion anticipated, potentially reaching $150 billion by 2033.
Organised jewellery retailers have outpaced the overall industry, growing at 14 per cent CAGR between FY18 and FY25, nearly 1.5 times faster than the sector as a whole. Their market share increased from 30 per cent in FY18 to an estimated 40 per cent by FY24, with projections indicating that this could rise to 45 per cent by FY30.
Nomura attributes this growth to India’s deep-seated cultural ties to jewellery, especially within the wedding sector, which accounts for 50-55 per cent of the market. The increasing number of individuals in the “marriageable” age group—expected to rise from 365 million in 2023 to 390 million by 2030—further supports this trend. Additionally, as disposable incomes rise, so too does demand for daily wear and fashion jewellery.
Organised players are also benefiting from improved regulations, superior craftsmanship, and enhanced transparency and purity standards, all critical factors in an industry where trust is paramount. Despite facing high gold prices, these retailers have innovated to meet consumer needs by offering installment plans, old gold exchange services, and lightweight jewellery options.
Moreover, the still-nascent e-commerce segment, currently only 6 per cent of the market, presents further growth opportunities. Planned expansions into Tier 2, Tier 3, and Tier 4 cities are expected to bolster the presence of organised retailers in untapped markets.
The report concludes that jewellery will remain a core component of discretionary spending across all economic strata. As the affluent segment of the population continues to grow, demand for gold jewellery is poised to remain robust, positioning organised retailers as key players in the evolving landscape of the jewellery sector.