About 86 per cent of Indian consumers now consider gold and jewellery a preferred instrument for wealth creation, underscoring the category’s enduring “asset” role, nearly matching market-linked products such as mutual funds and stocks (87 per cent), a report showed on Wednesday.
India’s jewellery market is undergoing a fundamental reset, as consumers increasingly view jewellery as an everyday expression of identity, lifestyle and value alongside its ceremonial heirloom role, according to a Deloitte India report.
The findings showed that jewellery’s role in consumer portfolios is expanding beyond wealth preservation.
About 56 per cent of consumers now view jewellery as both an investment and a fashion accessory, while 28 per cent purchase jewellery purely as an investment.
The report further stated that men and consumers aged 45 and above display a stronger inclination towards investment-led purchases, while younger cohorts increasingly prioritise style, personalisation and versatility.
Gen Z and millennials are accelerating this shift by actively diversifying their jewellery portfolios and moving towards everyday wear.
The report finds that 51 per cent of Gen Z show a preference for silver and 34 per cent for platinum. Nearly 49 per cent of respondents prefer lightweight, minimalist jewellery over heavy, ornate sets (15 per cent), reflecting a move towards repeatable, affordable luxury.
Notably, 45 per cent of Gen Z and millennials prefer investing in silver jewellery, driven by design-forward appeal, accessibility and lower price points, positioning silver as a complementary, everyday category alongside gold.
“India’s jewellery market is at an inflection point where consumption is no longer defined only by tradition or price, but by a convergence of wealth creation, self-expression and everyday relevance. As consumers embrace lighter designs, alternative metals and non-ceremonial purchases, the industry’s next phase of growth will depend on how effectively retailers combine trust, design agility and data-led operations,” said Praveen Govindu, Partner, Deloitte India.
Those that can modernise portfolios without diluting heritage, strengthen omnichannel journeys while preserving in-store confidence and improve operational efficiency will be best positioned to lead India’s jewellery market over the next decade, he mentioned.
Historically, nearly 70 percent of jewellery purchases in India were wedding-led, but that equation is changing.
Millennials increasingly purchase jewellery for birthdays and anniversaries (38 per cent), daily and office wear (32 per cent) and career milestones such as promotions and graduations, said the report.
Jewellery purchases for personal, non-ceremonial milestones now outpace traditional sets, with 49 per cent preferring rings, chains and earrings for such occasions, it added.
Despite the growing influence of digital platforms, jewellery remains a high-trust category where physical retail plays a decisive role.
Looking ahead, operational excellence will be the next major growth lever for the industry.
