The Indian jewellery industry's growth is set to surge in 2024, overcoming challenges and capitalising on emerging opportunities.
In 2023, the sector experienced record-high gold prices, corrected diamond prices, geopolitical tensions, and increased global central bank buying for investment purposes.
Industry leaders like Saurabh Gadgil, CMD of PNG Jewellers, is optimistic about sustained growth, and attributes the positive outlook to the role of weddings as a key driver of jewellery sales. According to Milan Chokshi, Founder & CEO of Moksh, year 2024 is poised to be a stable and potentially better year than 2023, and highlights the industry's consolidation and its evolution into a more seasonal business.
With significant national events, including the inauguration of the Ram Mandir temple in Ayodhya, the upcoming budget, and elections, market-experts foresee stability in the market. Besides, with strong consumption trends and a focus on design and brands, the forecast is that 2024 holds promise as a very good year for the Indian jewellery industry.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
