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Introduction

India’s gems and jewellery industry has showcased remarkable resilience and growth despite various global challenges. In 2022-23, the industry experienced a 2.48% YoY increase in exports, reaching Rs 3,00,462.52 crore, driven by the demand for cut and polished diamonds. Moreover, India emerged as the largest exporter of such diamonds to the United States, surpassing the United Arab Emirates. Amidst these positive developments, the cultural and religious significance of jewellery, especially gold, within Indian traditions continues to play a significant role. In 2022, gold demand in India reached 446.4 tonnes, registering a 37% increase from the previous year. Looking ahead, the industry’s growth prospects remain promising for 2024 and beyond.

Key Market Trends for 2024

1. Rise of Statement Pieces:
In 2024, consumers are expected to gravitate towards bold, colourful, and eye-catching jewellery pieces that allow them to express their individuality and style. Statement pieces, such as oversized earrings, chunky necklaces, cocktail rings, and unique charm bracelets, will gain popularity as people seek to stand out and make a fashion statement. These distinctive pieces will become an integral part of personal expression and serve as conversation starters.

2. Surge in Silver:
Silver jewellery is poised to witness strong demand in 2024 due to its affordability, versatility, and fashion-forward appeal. Providing a stylish alternative to gold and platinum, silver jewellery can complement any outfit and occasion. It also allows for mix-and-match with other metals and gemstones. Silver jewellery aligns well with the preferences of the younger generation, who increasingly prioritize sustainability and ethical practices. Moreover, silver jewellery can be customized to cater to individual tastes, reflecting their uniqueness and personal style.

3. Fondness for Nature’s Darker Gemstones:
In 2024, consumers will seek jewellery with dark, mysterious, and elegant gemstones to reflect their emotions and moods. Dark gemstones like black diamonds, onyx, hematite, and obsidian will be highly sought after. These gemstones not only exude strength, protection, and resilience but also possess symbolism that resonates with a post-pandemic world. Complemented with white or rose gold, or even silver, these dark gemstones will create striking contrasts, imbuing wearers with a sophisticated and daring look.

Market Outlook: 2024 and Beyond

The global jewellery market is expected to witness a robust growth trajectory, with a projected CAGR of 5.1% from 2024 to 2032. By 2032, the market is estimated to reach a staggering $518 billion. Several factors contribute to this optimism:

1. Recovery of the Global Economy:
The rebounding global economy will drive the growth of the jewellery market. As consumer spending power improves, the demand for luxury goods, including jewellery, is set to soar. The gradual post-pandemic economic recovery will create a conducive environment for increased jewellery purchases, both for personal use and gifting purposes.

2. Increasing Popularity Among Men and Women:
Jewellery is no longer limited to being exclusively feminine. The market has witnessed a growing trend of jewellery becoming popular among men as well. In 2024 and beyond, both genders will actively seek out unique and personalized jewellery pieces to complement their fashion choices and express their individuality. This shift signifies expanded market potential and opens doors for innovative product offerings designed for diverse consumer preferences.

3. Evolving Product Offerings:
The industry’s innovation and diversification of product offerings will be a crucial driver of growth. With the advancement of technology, jewellery designers and manufacturers can experiment, create, and deliver products that cater to emerging consumer demands. From wearable tech jewellery to sustainably sourced and artisan-crafted pieces, the jewellery market in 2024 will unveil fresh and exciting options that resonate with evolving customer sensibilities.


India’s gems and jewellery industry has demonstrated remarkable growth against the backdrop of numerous global challenges. Despite inflation in the United States, the Russia-Ukraine war, and China’s lengthy lockdown, exports have surged, driven primarily by the demand for cut and polished diamonds. The cultural and religious significance of jewellery, particularly gold, remains a strong influence in India. Looking towards 2024, the industry’s outlook is positive, with projected growth in the global jewellery market fueled by the recovery of the global economy, evolving consumer preferences, and innovative product offerings. The rise of statement pieces, increasing demand for silver, and the fondness for darker gemstones like black diamonds will shape the trends and consumer choices in the year ahead. Brace yourself for a shining future in the gems and jewellery industry.

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