What is the story about?
Jewellery is occupying a formal place in Indian household wealth portfolios, with 86% of consumers now viewing gold and jewellery as a core asset for wealth creation, according to a Deloitte India report.
The figure places jewellery almost at par with market-linked instruments such as mutual funds and equities (87%), signalling its sustained financial relevance beyond traditional usage.
The report, Go for gold: A winning playbook for the gems and jewellery industry, shows that jewellery buying in India is no longer driven by a single motive.
About 56% of respondents purchase jewellery both as an investment and a fashion accessory, while 28% buy it purely for investment purposes. Investment-only preference is strongest among men and consumers aged 45 years and above, indicating a focus on capital preservation in older demographics.
Younger consumers are reshaping the market through changing design and metal preferences.
Nearly 49% of respondents prefer lightweight, minimalist jewellery, compared with 15% who favour heavy, ornate pieces. The shift is particularly pronounced among Gen Z and millennials, who view jewellery as everyday wear rather than a ceremonial purchase.
The data also highlights a diversification away from gold among younger buyers.
About 51% of Gen Z respondents prefer silver, while 34% favour platinum. In addition, 45% of Gen Z and millennials say they invest in silver jewellery, driven by lower price points, accessibility and contemporary design.
Silver is emerging as a complementary category for daily use, rather than a replacement for gold.
Purchase occasions are also broadening. While weddings historically accounted for nearly 70% of jewellery demand in India, that share is gradually declining. Among millennials, 38% buy jewellery for birthdays and anniversaries, 32% for daily or office wear, and for milestones such as promotions and graduations.
For non-ceremonial occasions, 49% of consumers prefer rings, chains and earrings.
Despite the rise of digital discovery, jewellery remains a trust-led category. The report notes that over 85% of jewellery purchases are still completed offline, with national chains, family jewellers and local stores dominating final transactions.
Among Gen Z, social media and online search are the primary discovery channels, while older consumers continue to rely on personal referrals.
On the business side, the report points to margin pressures across the industry. Indian jewellery retailers typically operate at EBITDA margins of 5–10 percent, compared with around 12 percent for global peers. Deloitte notes that improvements in inventory turnover, demand forecasting and omnichannel fulfilment could help retailers improve profitability while adapting to evolving consumer behaviour.
Overall, the findings suggest that jewellery in India is positioned as a hybrid product—simultaneously a financial asset and a lifestyle purchase—with data indicating a steady shift towards everyday relevance and diversified metals.
The figure places jewellery almost at par with market-linked instruments such as mutual funds and equities (87%), signalling its sustained financial relevance beyond traditional usage.
The report, Go for gold: A winning playbook for the gems and jewellery industry, shows that jewellery buying in India is no longer driven by a single motive.
About 56% of respondents purchase jewellery both as an investment and a fashion accessory, while 28% buy it purely for investment purposes. Investment-only preference is strongest among men and consumers aged 45 years and above, indicating a focus on capital preservation in older demographics.
Younger consumers are reshaping the market through changing design and metal preferences.
Nearly 49% of respondents prefer lightweight, minimalist jewellery, compared with 15% who favour heavy, ornate pieces. The shift is particularly pronounced among Gen Z and millennials, who view jewellery as everyday wear rather than a ceremonial purchase.
The data also highlights a diversification away from gold among younger buyers.
About 51% of Gen Z respondents prefer silver, while 34% favour platinum. In addition, 45% of Gen Z and millennials say they invest in silver jewellery, driven by lower price points, accessibility and contemporary design.
Silver is emerging as a complementary category for daily use, rather than a replacement for gold.
Purchase occasions are also broadening. While weddings historically accounted for nearly 70% of jewellery demand in India, that share is gradually declining. Among millennials, 38% buy jewellery for birthdays and anniversaries, 32% for daily or office wear, and for milestones such as promotions and graduations.
For non-ceremonial occasions, 49% of consumers prefer rings, chains and earrings.
Despite the rise of digital discovery, jewellery remains a trust-led category. The report notes that over 85% of jewellery purchases are still completed offline, with national chains, family jewellers and local stores dominating final transactions.
Among Gen Z, social media and online search are the primary discovery channels, while older consumers continue to rely on personal referrals.
On the business side, the report points to margin pressures across the industry. Indian jewellery retailers typically operate at EBITDA margins of 5–10 percent, compared with around 12 percent for global peers. Deloitte notes that improvements in inventory turnover, demand forecasting and omnichannel fulfilment could help retailers improve profitability while adapting to evolving consumer behaviour.
Overall, the findings suggest that jewellery in India is positioned as a hybrid product—simultaneously a financial asset and a lifestyle purchase—with data indicating a steady shift towards everyday relevance and diversified metals.
