India’s jewellery market 2025: Lighter gold, silver, diamonds and a deliberate buying — 2026 outlook

India’s jewellery market in 2025 did not slow down as much as it reshaped itself. All-time high gold and silver prices, tighter household budgets and changing lifestyle preferences pushed consumers to rethink how they buy jewellery, even as weddings and festivals continued to anchor demand.

Across the industry, jewellers say the year marked a shift away from weight-led buying toward design, versatility and value — a trend that is expected to deepen in 2026.

High gold prices reshape demand, not intent

Gold remained culturally indispensable in 2025, particularly for weddings and festive occasions. However, elevated prices made consumers more selective.

Demand tilted toward lighter-weight gold, modular sets and pieces designed for repeat wear, according to industry executives.

Vidita Kochar Jain, Co-founder of Jewelbox, described 2025 as “a year of recalibration”, noting that consumers prioritised functionality over volume.

She said lighter gold designs and purpose-led jewellery gained traction, while buyers became more open to alternatives that balanced emotion and practicality.

This trend was echoed by Jenik Soni, CEO of Ashapuri Gold Ornament Limited, who said gold continued to dominate overall demand, but with “optimised weights and better design efficiency”, especially in the wedding segment.

Diamonds and lab-grown options gain momentum

Diamonds — both natural and lab-grown — saw steady to strong growth during the year, particularly in urban markets. Several brands pointed to a rise in self-purchase and aspiration-led buying, as consumers looked for lasting value beyond bullion-linked pricing.

Rupesh Jain, Co-founder of Lucira, said high gold prices accelerated demand for lab-grown diamonds and 9kt gold jewellery, which offered a fine-jewellery look at more accessible price points.

According to him, daily-wear and repeat-purchase categories benefited the most.

From the natural diamond segment, Neil Sonawala, Managing Director of Zen Diamond India, noted that buyers preferred design-led diamond jewellery such as solitaires and contemporary styles, especially for milestone purchases.

He added that diamonds were being viewed less as a commodity and more as an emotional, long-term asset.

Jignesh Mehta, MD and Founder of Divine Solitaires, also highlighted that trust-driven categories remained resilient in 2025. He said the environment reinforced the importance of credibility, transparency and consumer education as jewellery buying became more purposeful.

Silver emerges as an entry-point and lifestyle category

Silver jewellery was one of the clear gainers in 2025.

Industry players said it benefited from affordability, contemporary designs and growing acceptance as a lifestyle accessory, especially among younger consumers and first-time buyers.

Jenik Soni noted that silver gained traction in non-metro markets and among younger buyers, while Arthi Ramalingam, Founder and CEO of Eternz, described silver as a “strong, design-led category” driven by accessibility and modern aesthetics rather than as a direct replacement for gold.

Weddings and festivals still anchor the market

Despite pricing pressures, weddings and festivals remained the backbone of jewellery demand.

However, buying patterns diverged across geographies.

Executives said metro consumers leaned toward lighter, contemporary and diamond-accented jewellery that could transition beyond the occasion. In contrast, non-metro markets continued to favour traditional gold jewellery for weddings, though even here there was growing openness to lighter designs and better craftsmanship.

Prerna Khurana, Director of Khurana Jewellery House, said customers across markets sought to balance tradition with practicality, choosing jewellery that offered longevity and multiple-use value.

Evolving preferences

Mira Gulati, Founder & Principal Designer of Mirari Jewels, said 2025 was positive, driven by contemporary, versatile fine jewellery rooted in craftsmanship. Festive and bridal periods contributed nearly 25% of annual sales, with self-purchase rising 20–25% year-on-year.

Gulati added that clean design, quality materials, and timeless aesthetics resonated with discerning, value-conscious buyers. Looking to 2026, she expects growth of 40–50%, focusing on deepening customer relationships, thoughtful designs, and trust through authenticity.

What the industry is watching in 2026

Looking ahead, jewellers say 2026 will be shaped less by headline gold prices and more by consumer confidence, perceived value and evolving lifestyles.

Vidita Kochar Jain said brands are closely tracking price stability, value perception and everyday usability, with lab-grown diamonds, lighter gold formats and silver expected to see continued growth.

Similarly, Ramesh Kalyanaraman, Executive Director at Candere by Kalyan Jewellers, pointed to a broader shift in how consumers engage with jewellery — as an expression of individuality and milestones, not just as a store of value — alongside increasing formalisation and trust in organised players.

Arthi Ramalingam added that technology, transparent certification and personalised curation will play a bigger role in shaping demand, while Jignesh Mehta emphasised that trust, traceability and experiential retail will be critical as consumers seek meaning and legacy in their purchases.

Outlook: From volume to value

Taken together, 2025 marked a transition year for India’s jewellery industry — one where demand remained resilient but became more deliberate. As 2026 approaches, industry leaders expect growth to be driven by lighter gold, diamonds — both natural and lab-grown — and silver, supported by design innovation, affordability and rising consumer awareness.