Silver’s global demand continues to be shaped by four key sectors, industry, investment, jewellery and décor which together account for more than 95% of annual consumption. While global silver demand eased slightly in 2025, mined supply increased by 3% year-on-year, setting the stage for a market supported by long-term fundamentals rather than short-term speculation.

India remains central to this momentum. As the world’s largest consumer of silver, the country imported a record $12 billion (₹1.14 lakh crore) worth of the precious metal in FY 2025–26. Demand has been fuelled by both investment buying and robust consumption across the jewellery and handicrafts sectors. Market forecasts also project 18% growth in silver coin and net bar demand in 2026, while expanding use in solar technology and electric vehicles continues to strengthen silver’s industrial relevance.

This renewed confidence is reflected in the auction market. During FY 2025–26, leading auction houses sold 3,261 silver lots, generating an estimated ₹320.81 crore in turnover. Collectors are increasingly recognising that antique and hallmarked silver offers value beyond its intrinsic metal price, with exceptional craftsmanship, provenance and rarity commanding significant premiums.

For centuries, the sarpech, a jewelled turban ornament worn by royalty across India, Persia and Turkey stood as a symbol of power, prestige and military honour. Popularised during the Mughal era by emperors such as Akbar and Shah Jahan, it became an essential part of royal attire, often bestowed as a mark of distinction for exceptional service.

Beyond its regal history, the sarpech is celebrated for its extraordinary craftsmanship. Master artisans from Jaipur, Delhi and Lucknow combined techniques such as kundan and meenakari with emeralds, spinels and diamonds to create intricate pieces that reflected both Indian and Persian influences. Today, diamonds remain the most common gemstone seen in sarpech designs, followed by spinels and emeralds.

Long regarded as a safe investment, jewellery continues to shine despite economic uncertainty. India’s gems and jewellery market is expected to grow significantly by 2030, driven by strong domestic demand and healthy exports.

The biggest shift is towards organised retail. Jewellery stores are becoming larger, more immersive destinations, offering everything from bridal lounges to AI-powered virtual try-ons. Consumers are increasingly choosing trusted brands that combine quality, design and transparency.

The Industry’s Biggest Winners

Leading names such as Tanishq, Malabar Gold & Diamonds and Kalyan Jewellers have delivered strong financial performances, supported by store expansion, digital innovation and robust wedding demand. Other brands, including CaratLane, BlueStone, Senco and Indriya, are also expanding rapidly as competition intensifies.

From online consultations to virtual try-ons and omnichannel shopping, jewellery brands are investing heavily in technology to improve the customer experience. Online jewellery purchases are steadily rising, particularly in Tier 2 and Tier 3 cities, helping brands reach new audiences.

Luxury Demand Remains Strong

Consumers are continuing to invest in premium jewellery despite higher gold prices. High-value purchases, exchange programmes and a growing preference for branded collections are keeping the market resilient. At the same time, certified and provenance-backed jewellery is attracting increasing interest in the secondary market.

India’s jewellery story is no longer just about tradition—it’s about innovation, organised retail and changing consumer aspirations. As brands expand their presence and shoppers embrace premium experiences, the industry’s growth story looks set to continue.

Read the full story in the special ‘Joaillerie Market’ issue of LuxeTrope, on stands now.

The value of fine jewellery is no longer defined only by diamonds or precious stones. Today, provenance, rarity and craftsmanship are driving demand, with collectors willing to pay a premium for pieces that carry a story. Historic jewels linked to royalty and heritage continue to command global attention, making auctions an increasingly important part of the luxury market.

The Rise of the Secondary Market

Auction houses are witnessing strong interest in vintage and heirloom jewellery, where exceptional craftsmanship and documented history often matter as much as the gemstone itself. Rare Indian pieces, from polki necklaces to traditional bracelets, are attracting competitive bidding from collectors who see them as both wearable art and investment assets.

At the same time, jewellery exchange programmes are transforming the retail market. With gold prices remaining high, more consumers are trading in existing jewellery to fund fresh purchases, giving pre-owned pieces a renewed life while supporting continued market growth.

A New Generation of Collectors

Millennials and Gen Z are reshaping luxury buying habits. They value authenticity, sustainability and distinctive design, making vintage and pre-owned jewellery increasingly desirable. Combined with rising disposable incomes and growing interest in branded jewellery, these changing preferences are helping India’s jewellery market continue its remarkable growth.

Discover the complete story behind India’s evolving jewellery market in the latest issue of Luxetrope, in stands now.

For India’s wealthiest families, the collectibles market is being shaped by a quieter but more meaningful shift in priorities. What was once defined by possession is now defined by selection, with collectors increasingly drawn to assets that combine emotional resonance, rarity and strategic relevance. According to Kotak Private’s ‘Top of the Pyramid’ report, this evolution reflects a broader recalibration in how affluent buyers think about wealth, heritage and legacy.

Jewellery remains the category at the centre of this shift. With 94% of Ultra-HNI collectors already owning it and 79% planning to buy more, it continues to command unmatched loyalty. Its strength lies in a rare combination of craftsmanship, portability and enduring significance, allowing it to function as adornment, heirloom and store of value at once.

Art follows closely, maintaining its position as a cornerstone of sophisticated collecting. With 73% ownership among collectors, it offers more than aesthetic reward. It provides cultural capital, intellectual depth and a place within a global market that continues to influence wealth, prestige and legacy.

Digital collectibles are adding another layer to the story. NFTs now form part of the portfolio for one-third of Ultra-HNIs in the collectibles space, while one in four intend to increase their exposure.

At the same time, collecting tastes are becoming more selective. Interest in handbags, antiques and sports bikes is easing, while vintage automobiles and collectible coins are gaining momentum. The shift suggests a move toward assets with stronger narratives, clearer scarcity and greater perceived endurance.

Together, these changes reveal a market that is becoming more discerning and more strategic. For India’s Ultra-HNIs, collectibles are no longer just discretionary purchases. They are carefully chosen expressions of wealth, identity and permanence.