Story Highlight
– Organised players to capture 45% market share by FY30.
– Indian jewellery market expanding from $48B (FY18) to $150B.
– Organised players grew 1.5x faster than overall industry.
– Weddings drive 50-55% of jewellery market demand.
– E-commerce and innovative offerings boosting organised player growth.
Full Story
Players in the Indian gold jewellery sector are projected to outpace the overall market growth, potentially achieving a 45% market share by the financial year 2030, as per a recent Nomura report. This analysis indicated that the Indian jewellery market has experienced remarkable growth, climbing from $48 billion in FY2018 to an anticipated $90 billion by FY2025, marking a compound annual growth rate (CAGR) of 9%. The market is expected to further escalate to $150 billion by FY2033.
During the period from FY2018 to FY2025, organised jewellery manufacturers expanded considerably, growing at a pace 1.5 times faster than the general industry, with a CAGR of 14%. Their market share is set to improve from 30% in FY2018 to 40% by FY2024, and it is anticipated to reach around 45% by FY2030.
The report attributes this positive trajectory to India’s deep-rooted cultural connection with jewellery, where weddings play a pivotal role, contributing to 50-55% of the jewellery demand. The demographic advantage is notable, with roughly 25% of the population within the “marriageable” age bracket—a figure expected to grow from 365 million in 2023 to 390 million by 2030. Additionally, the increasing income levels are driving demand for everyday and fashion jewellery.
Organised retailers are gaining through regulatory support, enhanced workmanship, and adherence to high standards for purity and transparency—essential factors in an industry that values consumer trust. Despite facing the challenge of elevated gold prices, these businesses have responded with inventive approaches such as payment plans, gold buy-back schemes, and lighter jewellery options.
Furthermore, they are capitalizing on e-commerce opportunities, where current penetration is relatively low at just 6%, and are extending their physical retail reach into less saturated Tier 2, Tier 3, and Tier 4 markets. These strategies are likely to bolster the growth of organised jewellery players beyond the broader market.
The report also highlights that jewellery purchases are prevalent across various economic demographics, reinforcing jewellery’s status as a necessity in the discretionary spending category. As the affluent segment of the population continues to expand, sustained demand is expected, positioning organised retailers to benefit significantly from the ongoing transformation within the sector.