The Gems and Jewellery industry experienced significant developments in 2024, navigating market dynamics and emerging stronger by the year-end. As the year concludes, the Chairman and Vice Chairman of the All India Gem and Jewellery Domestic Council (GJC) have shared their reflections on 2024 and outlined an optimistic outlook for 2025.
By sharing the outlook, Saiyam Mehra, Chairman-GJC said, “The India Gems & Jewellery Industry is well-positioned for growth, with promising domestic demand, strong export potential, and ongoing transformation through digitalization and sustainability efforts. By 2025, the sector is likely to emerge as one of the key drivers of India’s economic growth, contributing significantly to the country’s GDP and creating millions of new jobs.
The India Gems & Jewellery Industry is set for substantial growth by 2025, driven by a combination of domestic demand, export potential, and strategic initiatives. India’s gems and jewellery market is expected to grow to US$ 100 billion by 2025.
The country continues to be one of the largest global hubs for the production, export, and consumption of jewellery. The sector is expected to achieve a compound annual growth rate (CAGR) of 5-6% during this period, underpinned by strong consumer demand, both locally and globally.
Though we expect prices of the precious metals to rise further in 2025, it should not affect the overall demand for Gold and Silver, and we are hopeful that it will be better then 2024, as India’s middle class and young population (which forms a significant portion of the consumer base) will continue to drive demand for Gold and Diamond jewellery. The wedding jewellery market will also remain a major growth driver in India.”
In the Vice Chairman-GJC, Rajesh Rokde said, “2024 was an excellent year for the jewellery industry, with customers showing a strong preference for affordable and sustainable options. We saw a significant increase in demand for silver jewellery, particularly among the younger generation.
In terms of market trends, gold prices remained volatile, but customer demand remained strong. Silver prices saw a significant increase, driven by industrial demand and investor interest. The diamond market faced some challenges, but we saw a growing interest in lab-grown diamonds and sustainable diamond options.
As we look ahead to 2025, I expect customer demand to remain strong, driven by increasing awareness about sustainability and responsible sourcing practices. I predict a 12-15% growth in gold sales and a 15-18% growth in silver sales.
By the year 2025, India is expected to witness over 4 million weddings, which will have a positive impact on the jewellery industry and increase jewellery consumption in the country. Gold in India is viewed not only as a fashion accessory but also as an investment, and this dual role has attracted greater interest from the younger generation toward gold.”
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