Shining light on India’s jewellery market

India’s jewellery market size is estimated to be $80 billion as of FY24, which is 2 per cent of GDP. It is expected to grow at a staggering 16 per cent to $145 billion by FY28. As it grows, the market is set to witness a few shifts in trends. As Indians become financially savvy and recognise the significance of gold as a safe haven asset, the consumption of gold in bullion is expected to gain traction. Organised retail is becoming more popular among consumers. This is explained by reforms like GST and compulsory hallmarking, creating a natural advantage for organised players. Further, non-gold jewellery made of platinum, diamonds and silver is expected to grow quicker than its gold counterpart going forward