About 86% of Indian consumers consider gold and jewelry as a key tool for building wealth, almost on par with market-linked options like mutual funds and stocks, as per a recent report. The jewelry market in India is evolving, with consumers now seeing it not just as a traditional investment but also as a means of self-expression and style, according to a Deloitte India report. The report highlights that jewelry is now seen as more than just a way to preserve wealth.
The study reveals that a significant portion of consumers, 56%, now perceive jewelry as a blend of investment and fashion, with 28% buying jewelry purely for investment purposes. The report notes that older consumers and men tend to lean more towards investment-driven purchases, while younger individuals prioritize style, customization, and versatility. The younger generations, particularly Gen Z and millennials, are driving a trend towards using jewelry for everyday wear.
Gen Z individuals are showing a preference for silver (51%) and platinum (34%), with 49% opting for lightweight, minimalist jewelry over heavier, elaborate sets. This shift indicates a move towards affordable luxury that can be worn repeatedly. Notably, a significant portion of Gen Z and millennials, 45%, prefer investing in silver jewelry due to its modern appeal, accessibility, and lower costs, positioning silver as a daily wear option alongside gold.
The market is witnessing a shift where jewelry purchases are no longer solely tied to traditional events like weddings. Millennials are increasingly buying jewelry for personal milestones such as birthdays, anniversaries, daily wear, and career achievements. Non-ceremonial jewelry purchases now surpass traditional sets, with a preference for rings, chains, and earrings for such occasions. Despite the rise of online platforms, jewelry remains a category based on trust, with physical retail still playing a crucial role.
According to Praveen Govindu, a Partner at Deloitte India, the jewelry market in India is evolving towards a phase where consumer choices are driven by a mix of wealth creation, self-expression, and everyday relevance. Success in the industry’s future growth will hinge on retailers’ ability to blend trust, design innovation, and data-driven operations effectively.
