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India's Luxury Jewellery Market Shifts Toward Design and Self-Expression
Many people in India have traditionally valued jewellery for its gold and gemstones.
Now, some luxury shoppers also want pieces that feel special and show their personal style.
Titan executive Ajoy Chawla says the way a customer feels wearing a piece matters.
Tanishq and designer Rahul Mishra created a collection using diamonds and colourful gemstones.
The collection combines jewellery making with ideas from fashion design.
Reports suggest that organised jewellery shops could win a larger share of India's market.
High gold prices have meant people bought less jewellery by weight in one recent quarter, even as the total value of purchases increased.
Brands are trying to help shoppers understand diamonds and trust what they are buying.
Whether distinctive designs lead to lasting business growth will depend on customers and prices.
Titan executive Ajoy Chawla says luxury jewellery buyers increasingly value how a piece makes them feel, alongside its materials.
Tanishq Natural Diamonds and couturier Rahul Mishra created the Signature Couture Edit, featuring natural diamonds and coloured gemstones.
Deloitte estimated India's jewellery market at $80 billion-$85 billion in FY24 and projected the organised retail share to reach 42%-43% by FY28.
World Gold Council data showed Indian jewellery demand fell 15% year on year to 75.1 tonnes in April-June, while its value rose 34% to ₹1.132 trillion.
Brands are seeking to differentiate through design, craftsmanship, distinctive collections, customer education and assurances about diamond quality and sourcing.
- Who
- Titan Company Limited executive Ajoy Chawla, Tanishq Natural Diamonds and couturier Rahul Mishra.
- What
- The article examines India's luxury jewellery business shifting toward design, personal expression and brand value, illustrated by the Signature Couture Edit.
- Where
- India; the collection was presented at an invite-only exhibition in Mumbai.
- When
- The article cites market data for FY24, a Deloitte report from January 2025, Paris Couture Week 2026 and the April-June quarter reported in World Gold Council data.
- Why
- Brands are responding to consumers' growing interest in distinctive design, personal expression and trusted branded jewellery.
Key facts
- India jewellery market
- Deloitte estimated it at $80 billion-$85 billion in FY24.
- Organised retail share
- Estimated at 36%-38% in FY24; projected by Deloitte to reach 42%-43% by FY28.
- Diamond-jewellery penetration
- Chawla cited industry estimates of around 12%-14% in India.
- Jewellery demand
- World Gold Council reported a 15% year-on-year fall to 75.1 tonnes in April-June.
- Jewellery value
- The same World Gold Council report said value rose 34% to ₹1.132 trillion.
- Signature Couture Edit
- A Tanishq Natural Diamonds collection co-designed with Rahul Mishra, featuring natural diamonds and coloured gemstones.
- Customer willingness to pay
- KPMG India reported that 25% of surveyed fine-jewellery customers would pay more for unique, well-made pieces reflecting their style and values.
Quotes
Ajoy Chawla
Managing director of Titan Company Limited.
“India is ready for designers. India is really ready for luxury. India is ready for high jewellery.”
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“Finally, she is buying a brand.”
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