India’s jewellery market is undergoing a significant shift, with consumers increasingly balancing jewellery’s traditional role as a wealth-preservation asset with its growing relevance as an everyday fashion and lifestyle category. According to Deloitte India’s latest report, ‘Go for Gold: A Winning Playbook for the Gems and Jewellery Industry’, 86 percent of Indian consumers now view gold and jewellery as a preferred instrument for wealth creation—nearly at par with market-linked investments such as mutual funds and equities (87 percent).
Jewellery Moves Beyond Heirlooms to Everyday Portfolios
The report highlights that jewellery is no longer seen solely as a hedge or heirloom purchase. Nearly 56 percent of respondents buy jewellery as both an investment and a fashion accessory, while 28 percent continue to purchase it purely for investment purposes. Investment-led preferences are more pronounced among men and consumers aged 45 and above, reflecting a stronger focus on wealth security. In contrast, younger cohorts are increasingly driven by design, versatility and everyday wearability, prompting retailers to expand lightweight, modular and multi-occasion assortments.
Gen Z Fuels Demand
Gen Z and millennials are at the forefront of this transformation. Deloitte’s findings show that 51 percent of Gen Z consumers prefer silver jewellery, while 34 percent gravitate towards platinum. Almost half of all respondents (49 percent) favour lightweight, minimalist jewellery over heavy, ornate sets (15 percent), signalling a growing appetite for repeatable, affordable luxury. Notably, 45 percent of Gen Z and millennials prefer investing in silver jewellery, citing contemporary designs, accessibility and lower price points—positioning silver as a strong complementary category to gold for daily wear.
Praveen Govindu, Partner, Deloitte India, said, “India’s jewellery market is at an inflection point where consumption is no longer defined only by tradition or price, but by a convergence of wealth creation, self-expression and everyday relevance. As consumers embrace lighter designs, alternative metals and non-ceremonial purchases, the industry’s next phase of growth will depend on how effectively retailers combine trust, design agility and data-led operations. Those that can modernise portfolios without diluting heritage, strengthen omnichannel journeys while preserving in-store confidence and improve operational efficiency will be best positioned to lead India’s jewellery market over the next decade.”
Focus Shift Beyond Weddings
The report also points to a shift in purchase occasions. While weddings historically accounted for nearly 70 percent of jewellery demand, millennials are increasingly buying jewellery for birthdays and anniversaries (38 percent), daily and office wear (32 percent), and career milestones such as promotions and graduations. Personal, non-ceremonial purchases are now driving demand for rings, chains and earrings, with 49 percent of consumers favouring these categories—helping brands unlock more consistent, year-round consumption and higher customer lifetime value.
Despite growing digital influence, jewellery remains a trust-led category anchored in physical retail. Over 85 percent of jewellery purchases continue to be completed offline, with national chains, family jewellers and local stores dominating final conversions. While Gen Z relies more on social media and search for discovery, older consumers still depend heavily on personal referrals, reinforcing the continued importance of in-store experience and credibility.
Looking ahead, Deloitte identifies operational excellence as a key growth lever. Indian jewellery retailers currently operate at EBITDA margins of 5–10 percent, compared to around 12 percent for global peers, resulting in capital inefficiencies and margin pressure. To bridge this gap, the report recommends a process-led operating model focused on improving inventory velocity, clienteling, attribute-level demand forecasting and seamless omnichannel fulfilment.
