The Indian diamond jewellery market is expected to grow to US$ 17 billion by 2031, contributing significantly to India’s total gem and jewellery sector, which is projected to reach US$ 120 billion from $ 79 billion in 2021. In 2024, gold mine production is forecasted to hit record highs, with jewellery demand remaining firm yet sensitive to gold price fluctuations.
This was revealed by Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), during the GJEPC’s InnovNXT Forty Under 40 summit. He articulated the ambitious target of achieving USD 75 billion in gem and jewellery exports by 2030, expressing confidence in the talent, drive, and determination of the young leaders present at the event.
Nirav Bhansali, the Convener of National Exhibitions at GJEPC, emphasized, “In the gems and jewellery sector, our role extends beyond luxury provision; we are stewards of tradition, custodians of culture, and advocates of craftsmanship. To uphold our esteemed heritage, we must adapt to evolving times. Presently, we are amidst the finest minds and most promising talents within our industry.”
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Milan Chokshi, Convener of Promotions & Marketing at GJEPC and the Founder of Moksh, a couture jewellery brand, highlighted, “The concept of storytelling has long been ingrained in Indian jewellery, with our pieces carrying profound symbolic significance, meaning, and narratives. While traditionally designed, the emergence of design-focused jewellers is propelling storytelling into new dimensions. What’s remarkable about jewellery is its ability to spark conversations; any captivating piece or design serves as a catalyst for dialogue. The storytelling inherent in a piece extends beyond the designer’s inspiration or reverence; it encompasses the personal narratives and meanings attributed to it by the owner.”
During the discussion on Global & India Gold Demand Trends, Kavita Chacko, Research Head for India at the World Gold Council (WGC), remarked, “2024 is poised to witness a historic peak in gold mine production. While jewellery demand in 2024 is anticipated to remain robust, it remains susceptible to fluctuations in gold prices. Investments in bars and coins are expected to sustain their strength, driven by elevated prices and geopolitical factors. Central banks are projected to continue purchasing gold at a notable pace. Despite a notably high-price environment, global annual jewellery demand remained steady around 2200 tonnes in 2023. Gold’s performance in 2023 was buoyed by heightened geopolitical tensions, consumer demand, and central bank acquisitions, resulting in a 4% increase in annual gold demand, reaching an unprecedented 4,930 tonnes. Notably, the contributions of jewellery demand and central bank acquisitions underscored their stability and significant impact.”
During the discussion on Diamond Consumption Patterns in India, Amit Pratihari, Vice President of De Beers Forevermark, said, “The Indian diamond jewellery market is set to expand to US$ 17 billion by 2031, constituting a significant portion of India’s total gem & jewellery sector valued at US$ 120 billion, up from $79 billion in 2021. Global jewellery brands are increasingly leveraging Indian celebrities to connect with Indian consumers. Amit identified key market drivers for 2024, noting that 13% of Indian customers surveyed express a desire for diamond jewellery as a gift, while 51% incorporate diamond jewellery into their daily wear. Additionally, 12% aspire to self-purchase jewellery featuring natural diamonds, while 23% acquire such diamonds to commemorate relationship milestones or express affection. Another 22% seek natural diamonds to celebrate personal milestones or for future readiness. Amit also predicted that the Indian luxury market will swell to 500 million by 2030, up from 400 million in 2022, primarily fueled by a projected 20% rise in middle and high-income consumers from 2022 to 2030.”
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