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India's Luxury Jewellery Market Shifts Toward Design and Self-Expression

India's Luxury Jewellery Market Shifts Toward Design and Self-Expression
Beyond gold and diamonds: The changing business of luxury jewellery in India · livemint.com

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.

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.”
livemint.com
“Finally, she is buying a brand.”
livemint.com

Sources

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