Story Highlight
– Organised players projected to capture 45% market share by FY30.
– Indian jewellery market expanded from $48B to $90B.
– Significant growth driven by weddings and favorable demographics.
– High gold prices lead to innovative offerings by players.
– E-commerce and Tier 2-4 markets present growth opportunities.
Full Story
Organised segments of the Indian gold jewellery sector are projected to outpace overall industry growth, potentially securing a 45% market share by the fiscal year 2030, according to insights from a recent Nomura report. The analysis indicates a remarkable expansion of the Indian jewellery landscape, which has surged from $48 billion in FY2018 to an anticipated $90 billion by FY2025. This growth represents a compound annual growth rate (CAGR) of 9%. Furthermore, projections suggest the market could reach approximately $150 billion by FY2033.
The report reveals that organised players have experienced growth at 1.5 times the rate of the broader market between FY2018 and FY2025, achieving a CAGR of 14%. Their market influence rose from 30% in FY2018 to a forecasted 40% in FY2024, with an expectation that this figure could climb to 45% by FY2030. Nomura attributes this structural growth to India’s deep-rooted cultural connection with jewellery, particularly highlighting that weddings, which represent 50-55% of jewellery purchases, remain a crucial driver of demand. Currently, around 25% of the Indian population falls within the “marriageable” age bracket, projected to increase from 365 million in 2023 to 390 million by 2030.
A growing income hierarchy is also playing a significant role, boosting demand for everyday and fashion jewellery. Organised industry players are gaining traction due to enhancements in regulatory standards, superior craftsmanship, and heightened transparency—key factors in a market where consumer trust is vital.
In response to elevated gold prices, these players have adapted by rolling out innovative solutions such as installment payment plans, old gold exchange initiatives, and the introduction of lightweight jewellery options. Moreover, they are capitalising on the still-developing e-commerce landscape, which currently sees only a 6% penetration, while extending their footprint into underserved Tier 2, Tier 3, and Tier 4 markets.
As jewellery remains a staple commodity within the discretionary spending sector across various economic strata, demand is expected to persist robustly. With an increasing affluent and elite income demographic, organised players are positioned to be the primary beneficiaries of this evolving marketplace.