Inside India’s Luxury Jewellery Boom

High-end jewellery is emerging as one of the strongest growth stories in India’s luxury economy, supported by rising wealth, changing purchase habits and a deeper appreciation for craftsmanship. What was once mainly associated with weddings and milestone occasions is now being embraced as both a style statement and a collectible asset.

India’s jewellery market is benefiting from strong demand across both branded and auction channels. The country already accounts for about $85 billion of the global $400 billion jewellery sector, making India one of the most important markets in the world. At the same time, the retail jewellery market is projected to nearly double from about $80 billion in 2024 to $150 billion by 2033, underscoring the scale of opportunity ahead.

A major shift is the growing acceptance of high jewellery as a regular purchase, not just a ceremonial one. Buyers are increasingly choosing pieces to mark birthdays, anniversaries and personal milestones. This shift has helped brands such as Cartier, Chaumet, Bvlgari and Messika deepen their India strategies, while homegrown names like Zoya, Sunita Shekhawat and Raniwala 1881 continue to expand their presence.

The auction market is also playing a bigger role in shaping demand. AstaGuru’s sale of a Colombian emerald and diamond choker for ₹2.51 crore in December 2024 highlights the appetite for rare, certified and visually striking pieces. Auction revenue for top jewellery companies grew 5.94 per cent year on year from FY 2023-24 to FY 2024-25, reflecting healthy collector interest.

What is especially notable is how the market is broadening. Men’s jewellery is gaining traction, branded bracelets and bangles are finding enthusiastic buyers, and heritage styles such as jadau necklaces, chandbaalis and temple jewellery remain highly desirable. In a market where provenance, design and exclusivity matter more than ever, luxury jewellery is proving to be both emotionally resonant and commercially resilient.

Read the full story in the premiere issue of LuxeTrope, on stands now.