Diamond, Gems And Jewellery Sector: Comprehensive Analysis

The Diamond, Gems, and Jewellery sector in India is a vibrant and rapidly expanding industry, deeply embedded in the nation's cultural fabric and economic landscape. It is characterized by a blend of traditional craftsmanship and modern retail practices, catering to diverse consumer preferences ranging from everyday wear to high-value occasion-specific pieces. The sector is undergoing a significant transformation, driven by increasing organized retail penetration, evolving consumer demands for transparency and quality, and strategic expansions by key players into both domestic and international markets. This comprehensive analysis synthesizes data from leading companies – Titan Company Limited, Kalyan Jewellers India Limited, Vaibhav Global Limited, Utssav CZ Gold Jewels Limited, and Tribhovandas Bhimji Zaveri Limited – to provide an in-depth understanding of the industry's current state, dynamics, and future outlook.

A. Industry Overview & Market Landscape

The Indian Gems & Jewellery market is a powerhouse, contributing approximately 7% to India's GDP and 15% to total merchandise exports, employing over 5 million people. It is the second-largest gold market globally, with gold jewellery accounting for 70% of total gold demand.

Total Addressable Market Size and Growth Rates:

• The Indian Gems & Jewellery market was valued at ₹7,31,255 crores (US$ 85 billion) as of January 2025.
• It is projected to expand significantly to ₹11,18,390 crores (US$ 130 billion) by 2030, indicating a robust growth trajectory.
• The market size CAGR (2021-2027) is estimated at 8.34%, reaching US$119.80 billion by 2027.
• Indian jewellery exports are projected to reach US$100 billion by 2027, highlighting the sector's growing international footprint.
• India's gold demand was 135 tonnes in Q2 2025, with a full-year forecast of 600-700 tonnes.

Market Structure and Segmentation:

• By Product: The market is primarily segmented into gold jewellery, diamond jewellery, precious gemstone jewellery, and fashion/lifestyle products.
  • Gold Jewellery: Dominates the market, with wedding jewellery constituting about 60% of the industry, followed by daily wear (30%) and fashion wear (10%). Companies like Titan, Kalyan Jewellers, and TBZ have extensive gold jewellery offerings. Utssav CZ Gold Jewels specializes in 18K, 20K, and 22K CZ and plain gold jewellery.
  • Diamond Jewellery: A growing segment, with players like Titan (Zoya, CaratLane), Kalyan Jewellers (Antara, Ziah, Tejasvi, Lila), and TBZ focusing on this category. Utssav CZ Gold Jewels has recently diversified into natural and lab-grown diamond jewellery, indicating a strategic shift towards higher-value addition.
  • Fashion Jewellery & Lifestyle Products: Vaibhav Global Limited is a vertically-integrated digital retailer of fashion jewellery and lifestyle products, with fashion jewellery contributing 64% and lifestyle products 36% to its B2C revenues in H1 FY26. Titan also has emerging businesses in women's bags and fragrances.
• By Geography:
  • Domestic Market (India): The primary focus for all Indian players.
    • Regional Distribution: South India constitutes 40% of the Indian Jewellery Market, North 20%, West 25%, and East 15%.
    • Urban vs. Rural: Urban India accounts for 40% of gold jewellery demand, while Rural India accounts for a larger 60%, indicating significant latent demand in non-metro areas.
    • Company Presence:
      • Kalyan Jewellers: Pan-India presence, with 32% revenue from South India and 68% from Non-South India (Q2FY26). Metro presence is 29%, Non-Metro 71%.
      • Utssav CZ Gold Jewels: Supplies to 23 states and 2 Union Territories, with Maharashtra (37.79%), Tamil Nadu (14.51%), Uttar Pradesh (12.18%), and Delhi (8.70%) being key revenue contributors in FY25.
      • TBZ: 37 stores across 27 cities in 13 states.
      • Titan: Town presence in 436 towns (including international).
  • International Market:
    • Kalyan Jewellers: Scaled operations in the Middle East (38 showrooms) and 2 showrooms in the USA.
    • Titan: International Jewellery revenue grew significantly by 91.8% YoY in Q2FY26. Plans to acquire a controlling stake in 'Damas Jewellery' in the GCC region. International Watches and EyeCare also have a presence.
    • Vaibhav Global: Global retailer with proprietary TV channels and digital platforms in the US (59% of B2C revenue), UK (30%), and Europe (11%) in H1 FY26.
    • Utssav CZ Gold Jewels: Exports to UAE, with plans to expand to Singapore & USA through private-label partnerships. Exports currently represent a small portion (~1.75% in FY25) of total revenue.
• By Customer Type:
  • B2C Retail: Dominant for Titan, Kalyan Jewellers, and TBZ, catering directly to end consumers.
  • **B2B Whole