Angara Sets Sights on ₹1,000 Crore Revenue as India Poised to Lead Global Jewellery Market

In a bold move that underscores the burgeoning potential of India's gems and jewellery sector, Angara, a prominent player in the industry, has announced an ambitious revenue target of ₹1,000 crore by 2030. This strategic goal, revealed by Co-Founder Ankur Daga, comes as India is on the cusp of becoming the world's largest jewellery market, highlighting the country's growing influence in the global luxury goods landscape.

Rapid Growth and Market Entry

Angara's confidence stems from its impressive performance since launching operations in India this April. The company reports a staggering 50% month-on-month growth, indicating strong market reception and consumer demand for its offerings. This rapid expansion aligns with the broader growth trajectory of India's jewellery market, which is outpacing many global counterparts.

India's Jewellery Market: A Global Powerhouse

The Indian jewellery market is currently neck-and-neck with the United States, with both valued at approximately $85 billion. However, India's market is growing at a significantly faster rate of 10-15% annually, compared to the US market's 4% growth. This accelerated growth positions India to overtake the US as the world's largest jewellery market as early as next year.

Market Composition and Opportunities

India's jewellery landscape presents a unique profile:

Angara is strategically focusing on the gemstone segment, which currently represents less than 2% of the market. The company sees substantial growth potential in this niche, betting on changing consumer preferences and increasing awareness of colored gemstones.

Challenges on the Horizon

Despite the optimistic outlook, the industry faces potential headwinds, particularly from international trade policies. The possibility of US tariffs reaching up to 50% could significantly impact the sector, given that over 90% of the world's cut and polished diamonds originate from India.

Currently, India faces tariff disadvantages compared to other jewellery exporting countries:

It's worth noting that loose diamonds have historically entered the US market tariff-free, a factor that has contributed to India's dominance in diamond processing.

Looking Ahead

As Angara pursues its ambitious revenue target, the company's growth strategy aligns with India's rising prominence in the global jewellery market. The focus on gemstones could potentially reshape the market composition, introducing more diversity to a traditionally gold-dominated sector.

The jewellery industry's evolution in India reflects broader economic trends, including rising disposable incomes, changing consumer preferences, and the country's growing manufacturing capabilities. However, navigating international trade dynamics will be crucial for sustaining this growth trajectory.

As India prepares to potentially claim the title of the world's largest jewellery market, companies like Angara are positioning themselves to capitalize on this shift, betting on innovation and market expansion to drive future success in this glittering industry.