Jewellery Industry Unwavering Strong Growth Trajectory in 2023

The Indian jewellery industry is on a very strong growth trajectory. In the past 2-3 years the value of gold and diamonds has appreciated by 25-30% which has led Indians to spend more on gold and diamond jewellery aided by the robust growth in the economy

- Snehal Choksey

India's vibrant and dynamic market has long been a testament to its remarkable resilience and growth, defying global economic fluctuations time and again. Amidst this backdrop, one sector that has consistently showcased unwavering strength is the Indian jewellery industry. Notably, the demand for diamond and gold jewellery in India has remained consistently robust, surpassing global trends and becoming an intrinsic part of the cultural fabric of the nation. The allure of precious metals and gemstones has captivated Indians for centuries, reflecting their rich traditions and cultural heritage. As we delve into the reasons behind Indians enduring inclination towards spending on diamond and gold jewellery, we unravel the intricate tapestry of factors that make 2023 an incredibly promising year for the jewellery industry in India.

Indian Market vs Global Market

The Indian market has exhibited a distinctive response in comparison to the global market, with several key factors contributing to this divergence. One primary factor is India's cultural affinity towards jewellery, which has deep roots in the country's history and traditions. Jewellery holds immense significance in Indian weddings, festivals, and other auspicious occasions, resulting in sustained demand that often outpaces global trends.

Additionally, India's strong economic growth and a growing middle class have contributed to increased purchasing power and disposable income, enabling individuals to spend more on luxury items like diamond and gold jewellery. While the global market may experience temporary fluctuations due to economic downturns or changing consumer preferences, the Indian market's demand for jewellery remains relatively stable, creating a favorable environment for the industry.

Purchasing Trends