India's Jewellery Market Embraces 'Affordable Luxury' Trend
India's jewellery market is experiencing a transformation with a growing trend towards 'affordable luxury'. Younger buyers and women are driving demand for stylish, value-driven pieces over traditional high-ticket items. Lab-grown diamonds are gaining popularity, accounting for $0.40 billion of India's $6.20 billion diamond jewellery market. Lightweight, versatile designs for daily wear are in high demand, with affordable luxury now contributing 35-40% of organised jewellery retail sales in urban India. Major brands like Tata's Trent, Senco Gold, and Candere have launched dedicated collections to cater to this trend.
*this image is generated using AI for illustrative purposes only.
India's jewellery market is undergoing a significant transformation, with a noticeable shift towards 'affordable luxury' as consumers, particularly younger buyers and women, seek stylish and value-driven pieces over traditional high-ticket jewellery.
Changing Consumer Preferences
Industry experts attribute this trend to smart spending choices and increased research by consumers who want style without compromising on value. The post-pandemic consumer behavior has evolved, with jewellery increasingly viewed as a form of personal expression rather than just for ceremonial purposes.
Rise of Lab-Grown Diamonds
Lab-grown diamonds are gaining popularity in the Indian market, offering the same sparkle at lower prices. Lab-grown diamonds accounted for $0.40 billion of India's $6.20 billion diamond jewellery market, indicating a growing acceptance of these alternative gems.
Lightweight and Versatile Designs
Millennials and working women are driving demand for lightweight, versatile pieces that can be worn daily. This shift has led to affordable luxury now contributing 35-40% of organised jewellery retail sales in urban India, with diamond pieces under ₹1 lakh among the fastest-growing categories.
Industry Response
Major brands have responded to this trend by launching dedicated collections:
- Tata's Trent introduced Pome at Westside, offering solitaires priced 30% lower than traditional options.
- Senco Gold launched the Sennes line, catering to the affordable luxury segment.
- Candere expanded its presence to 79 showrooms and plans to add 80 more. The brand also launched a campaign featuring Bollywood superstar Shah Rukh Khan to appeal to a broader audience.
Market Outlook
The shift towards affordable luxury in India's jewellery market reflects a broader change in consumer attitudes. As younger buyers and women seek out stylish, versatile, and value-driven pieces, the industry is adapting to meet these evolving preferences. With the growing popularity of lab-grown diamonds and the expansion of affordable luxury collections, the Indian jewellery market is poised for continued growth and innovation.
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