India's Gem and Jewelry Market to Hit $128bn
April 29, 25
(IDEX Online) - India's gem and jewelry market is forecast to grow by almost 55 per cent by 2029, according to a new report by New Delhi-based business consultants 1lattice.
They predict growth from $83bn in 2024, to $128bn, driven by rising disposable income, branded jewelry demand, strong exports, reduced gold import duties and other government initiatives, together with increased demand for lab growns.
Their report - entitled Glimmers of Growth - sounds an optimistic note, despite India's current turmoil, with annual exports to March 2025 down 17 per cent, short weeks and layoffs in manufacturing, sanctions on Russia and the threat of tariffs from the US.
"India's gems and jewelry industry stands at the intersection of heritage and innovation, evolving rapidly to meet shifting consumer preferences, technological advancements, and global market dynamics," says the reports' author Ashish Dhir, in his foreword.
"With a projected CAGR of 8.3%, the industry is poised to reach US$ 128B by 2029, driven by rising disposable income, demand for certified jewelry, and digital transformation."
The report says India's lab gown revenue - $350m in 2024 - is expected to grow at a CAGR of around 15 per cent over the next decade, reaching $1.2bn by 2033.
Gold accounts for 86 per cent of India's jewelry spend, the report says, with the wealthy middle class spending more on luxury items.