The Jewelry & Watches segment in India registered Market value of USD 70,987.95 Millions in 2023
The indicator recorded a historical growth (CAGR) of 19% between 2020 to 2023, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
The Market value of Jewelry & Watches Segment in India (2018 - 2026, USD Millions)
Jewelry & Watches Segment in India
The Jewelry, Watches and Accessories market includes gold jewelry, silver jewelry, and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), and semiprecious stones (e.g. quartz, opal, topaz, amethyst, coral, etc.), fashion jewelry (non-precious jewelry), hair accessories, belts, hats, gloves, scarves, sunglasses, and ties, plus watches.
The Indian jewelry & watches market has experienced very strong double-digit growth in the historic period, a trend which is expected to continue in the coming years. Traditionally in India, the biggest Swiss watchmakers and luxury brands have done very well as Indian consumer tastes in watches favor the big European brands. However, as the market is evolving, companies such as LVMH are removing their brands such as Tag Heuer from the Indian market because of crippling high import taxes on watches and painful retailing costs leaving them with a relatively small profit margin. This has led to manufacturers having to use local distributors instead to reduce costs. The lure of excellent growth in the Indian market is misleading in some senses because the local market conditions are quite difficult. Despite this, the market remains buoyant and local manufacturers and distributors are capitalizing on good consumer confidence and growth.
Category segmentation
The jewelry & watches segment is categorized into two major segments - Jewelry & Watches and Accessories. Jewelry & watches is the largest segment of the jewelry & watches market in India.
Competitive landscape
The Indian jewelry and watches market is highly fragmented, with players ranging from small specialty jewelers to large companies which have a presence throughout the whole country, meaning that competition is fierce. The leading players in the Indian market are all domestic specialty jewelry and watch retailers, which is unusual as large luxury goods conglomerates such as LVMH tend to dominate in other markets. As the market has matured, luxury goods companies such as LVMH have scaled down their brands, such as Tag Heuer, from the market because of crippling high import taxes on watches and retailing costs, leading to domestic players taking a more prominent stance.
Market distribution
Clothing, Footwear, and Accessories Specialists form the leading distribution channel in the Indian jewelry & watches market.
Who are the leading players?
Gitanjali Gems Limited
Malabar Gold Pvt Ltd
Kalyan Jewellers
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