Indian diamond jewellery market to grow to US$ 17 bn by 2031

Indian diamond jewellery market will grow to US$ 17 bn by 2031 out of India's total gem & jewellery of US$ 120 bn from $ 79 bn in 2021. 2024 is likely to be a record year for gold mine production and jewellery demand will be firm but vulnerable to gold prices.

This was revealed by Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC) at GJEPC's InnovNXT Forty Under 40, a next Generation leadership summit. "Our aim is to achieve gem and jewellery exports of USD 75 billion by 2030 and with the talent, drive, and determination of the youngsters that I see here today."

Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."

Milan Chokshi, Convener, Promotions & Marketing, GJEPC, and Founder of a couture jewellery brand Moksh, said, "The idea of story-telling is not new to Indian jewellery - our jewels have always been imbued with symbolic values, meaning and narratives. They have just looked much more traditional in design. Now with the rise of design-led jewellers, story-telling is being pushed into a new realm. The beauty of jewellery as a whole is that any interesting piece / design will end up being a conversation starter. The storytelling of a single piece of jewellery is not just in the inspiration or reverence of a piece from the designer, but the personal story and personal meanings the owner has with it.”

In the session on Global & India Gold Demand Trends, Kavita Chacko, the Research Head for India at the World Gold Council (WGC), said, "2024 is likely to be a record year for mine production of gold; Jewellery demand in 2024 will be firm but vulnerable to gold prices. Bar and coin investment likely to remain healthy, with high prices and geopolitics attracting attention. Central banks are likely to keep buying gold at an impressive rate. Global annual jewellery demand held steady in 2023 at around 2200 tonnes even in a very high price environment. In 2023 Gold has benefitted from a) Heighted geo-political risk; b) Consumer demand; and c) Central bank buying. Annual Gold demand in 2023 rose 4%, reaching an all-time high of 4,930 tonnes. Contribution of 2 sectors a) jewellery demand and b) central bank demand. The demand for jewellery surprised with its stability and resilience and that of central banks by its size."

In the session on Diamond Consumption Patterns in India, Amit Pratihari, Vice President, De Beers Forevermark, said, "Indian diamond jewellery market will grow to US$ 17 bn by 2031 out of India's total gem & jewellery of US$ 120 bn from $ 79 bn in 2021. Global jewellery brands are now using Indian celebrity faces to reach out to Indian consumers. The key market drivers in 2024 will be 13% of Indian customers surveyed desire diamond jewellery as a gift, as per Amit. 51% wear diamond jewellery everyday. 12% want to self-purchase jewellery with natural diamonds. 23% acquire natural diamonds to celebrate relationship milestone or to express love. 12% want to self-purchase jewellery with natural diamonds. 22% want to acquire natural diamonds to celebrate personal milestone or to be ready. The Indian luxury market in India will grow to 500 mn in 2030 from 400 mn in 2022, predicted Amit. The increase is expected to be driven by around 20% increase of the middle and high income consumers from 2022 to 2030.”