Editor’s Note
This article highlights a significant shift in India’s jewelry market, where online platforms are rapidly gaining ground over traditional local jewelers. Driven by hallmark certification, brand guarantees, and improved digital services, this trend is reshaping consumer habits in a country with a deep cultural affinity for gold and diamonds.
The way gold is purchased in the country is rapidly changing. Previously, people would go to their trusted local jeweler to buy jewelry, but now this task is being done online with a single click. India has a long-standing connection with gold and diamonds. Now, the penetration of the digital market in this sector is growing rapidly. Due to hallmark certification, brand guarantees, and better service on online platforms, people are showing trust in buying jewelry online.
According to a FICCI-Deloitte report, 73% of people now first seek information about anything online, even for jewelry. However, 53% of customers still make their final purchase at offline stores, but this trend is changing rapidly.
The country’s jewelry market is expected to reach $91 billion by 2025 and could become a $146 billion market by 2030. Online sales via the internet will also play a crucial role in this growth. According to Siddharth Bhagat, Director of Amazon India’s Fashion and Beauty department, sales of precious jewelry on Amazon have increased by 96% compared to last year. This includes jewelry made of gold, diamonds, and lab-grown diamonds.
– Siddharth Bhagat told PTI.
Aksh Kamboj, Vice President of the India Bullion and Jewellers Association (IBJA), said that people are now increasingly using digital platforms to purchase lightweight, everyday-wear jewelry. Especially the younger generation, which is tech-savvy, is finding this convenience more appealing.