India's Jewellery Retail Sector Surges By $30 Billion In 6 Years: Report
NDTV
The report highlighted multiple drivers that led to the rapid growth of the industry, including rising disposable income, an improving mix for regular wear of jewellery and enhanced product offerings.
India's jewellery retail sector has surged to $80 billion (Rs 666,480 crore) in the financial year 2024 from $50 billion in 2018, according to a report by Motilal Oswal Financial Services.
The report highlighted multiple drivers that led to the rapid growth of the industry, including rising disposable income, an improving mix for regular wear of jewellery, enhanced product offerings (design, diamonds, etc), trust-building through mandatory hallmarking by the government, and a better buying experience at organised retail outlets.
The organised retail jewellers accounted only for 36 to 38 per cent of the overall share in the retail segment; however, the majority of the retail jewellery market continued to be dominated by the unorganised/local players, comprising over 500,000 local goldsmiths and jewellers.
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