India Jewellery Market To Overtake US

India’s gems and jewellery sector is bracing for significant shifts amid global tariff pressures and rising domestic demand. Speaking to CNBC-TV18, Ankur Daga, Co-Founder of Angara, outlined the

company’s growth plans, market outlook, and the challenges posed by international trade barriers.

“We are quite excited about the Indian market. So we launched in April. We are growing at 50% month-on-month, obviously off a pretty small base, but we will be very pleasantly surprised by the market there,” Daga said. He added, “Next year, India will be the largest jewellery market in the world. So we are quite excited about the growth there, as well as the size of the market overall.”

While such

rapid growth may not be sustainable indefinitely, Angara has set an ambitious goal. “I do see it as a market where we will touch 1000 crores in revenue by 2030 so that’s kind of the target, and we will be comfortably reaching that target,” he noted.

Daga highlighted that India and the US are currently the two largest jewellery markets at around $85 billion each, but India is expanding faster at 10–15% annually compared to 4% in the US.

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On category trends, Daga pointed out that “88% of what’s sold in India is pure gold jewellery. Then you have 10% that is diamond jewellery, and less than 2% that’s colour. That 10% [and] 2% are poised to grow very quickly in the future, and we are focused around the gemstone area, which we think will have tremendous growth going forward.”

The US government’s decision to impose tariffs is a major concern for the industry. “If it hits 50% it will be a profound impact on the industry.

Therefore, to give you an idea, 90% plus of the world's diamonds that are cut and polished are polished out of India. 50% tariffs are just not feasible… a lot of margin, a lot of tariff, will be absorbed by the US consumer, which will be challenging going forward,” he explained.

India may face a competitive disadvantage compared to other markets. “Thailand has a 19% tariff. The UAE has a 10% tariff. A lot of European countries, including Italy, have a 15% tariff. So India is already at a disadvantage. Historically, loose diamonds, for

example, have had a zero tariff going into the US. This is a pretty fundamental change,” he said.

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