RNCOS White Paper: India Gems & Jewelry Market to be Worth US$ 43
Billion by 2017
“The size of the Indian gems and jewelry market is estimated US$ 32 Billion in 2013 and is
expected to be US$ 43 Billion by the end of 2017 on the back of increasing domestic demand”
The country is one of the largest exporters of gems and jewelry and the industry is considered
to play a vital role in the Indian economy as it is a leading foreign exchange earner. Among
all, gold jewelry forms around 80% of the Indian jewelry market, with the balance comprising
fabricated studded jewelry that includes diamond and gemstone studded jewelry. While in
future, it is expected that diamond jewelry will eat up the share of gold jewelry on account
of changing consumer preference and growing gold rate. The size of the Indian gems and
jewelry market is estimated US$ 32 Billion in 2013 and is expected to be US$ 43 Billion by the
end of 2017 on the back of increasing domestic demand.
Highlighting the huge opportunities in the Multi Billion Dollar market, Shushmul Maheshwari,
CEO - RNCOS said that branded jewelry is likely to be the fastest-growing segment in
domestic sales. Factors like India’s demographic dividend, rising proportion of working
women, increasing spread of hallmarking, marketing efforts by organized players, rising retail
culture will propel the growth of organized retail in India. Further, most of the organized
jewelry retailers are now expanding into Tier-II and Tier-III cities, after covering Metros and
Tier-I cities, in order to capture the semi-urban and rural market which contributes a huge
portion in country’s jewelry market.
On the competitive front, the gems and jewelry industry in India is highly fragmented, with
the majority being small players. The country is increasingly getting acclaimed as an
international sourcing destination for high-quality designer jewelry. Global companies such as
Walmart and JC Penney source jewelry from India. Further, home to the world’s first diamond
mines and the center of the cutting and polishing industry, India is the third-largest global
diamond market after USA and Japan.
The India gems & jewelry market can be fruitfully tapped, devising appropriate business
strategies. RNCOS acts as your growth partner in all your business endeavors, be it product
launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help
make your business flourish by studying the market dynamics, collating with your business and
devising the right strategies.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer
in syndicate market research, our vision is to be a global leader in the industry research space
by providing research reports and actionable insights to companies across a range of
industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive
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associations, and Government agencies worldwide.