Deloitte finds 86% of Indian consumers now treat gold and jewellery as a core wealth asset, nearly matching market-linked instruments (87%). That shift—driven by Gen Z’s move to everyday, lightweight pieces and a rising taste for silver and platinum—signals a reallocation of household portfolios that will affect pricing, assortment and inventory strategies across 2025.
- Price: Category-level asset; survey-backed demand (no single SKU price)
- Carat weight: Range spans 14k–24k purchases; lightweight, sub-5g pieces rising
- Origin: Deloitte India consumer survey
- Date: Deloitte report (2025 survey)
India’s jewellery market is undergoing a structural reset: ownership is no longer confined to ceremonial sets with substantial heft and a deep-yellow vitreous luster. Consumers—especially Gen Z and younger millennials—are treating jewellery simultaneously as an instrument of wealth creation and a daily element of dress, favouring satin-finish chains, slim rings and modular studs over ornate, single-use pieces.
Design and demand: what the data shows
The report notes that roughly 56% of consumers now buy jewellery both as investment and accessory; 28% buy purely for investment. Younger cohorts are accelerating a mix-shift: 51% of Gen Z prefer silver, 34% lean to platinum, and nearly 49% opt for lightweight minimalist designs versus 15% who favour heavy sets. Silver is emerging as an investment-adjacent, design-forward category—45% of Gen Z and millennials name it a preferred buy for accessibility and repeat wear.
Praveen Govindu, Partner at Deloitte India, summarised the transition: consumption is being redefined by a convergence of wealth creation, self-expression and everyday relevance. Retailers that modernise portfolios without diluting heritage—combining trust with design agility and data-led operations—will capture the market’s next chapter.
2025 trends shaping supply and value
Three sectoral trends are sharpening this market pivot:
- Sustainability and provenance: Consumers increasingly value ethically sourced metals and transparent supply chains; traceable provenance commands a price premium and reduces friction for cross-border investors.
- Lab-grown and alternative value: While this report emphasises metals, the broader 2025 landscape shows lab-grown diamonds and alternative materials gaining legitimacy as price-accessible, design-forward assets that appeal to conscious, younger buyers.
- Sculptural, repeatable aesthetics: The move to minimalist, repeatable pieces creates higher inventory velocity—lighter weights, slimmer profiles and modular components that deliver consistent margin on frequent purchases.
Impact for US retailers and investors
For US-based retailers, brands and investors watching global jewellery flows, the Deloitte findings are actionable.
- Assortment strategy: Increase small-ticket, repeatable SKUs in silver and low-gold caratages. Offer satin and brushed finishes and modular fittings to meet everyday use.
- Pricing and margins: Expect demand for lower-priced, high-rotation pieces to lift inventory turns; preserve margin through design-led cost control rather than weight alone.
- Omnichannel trust: Maintain full-service store experiences—certification, secure appraisal and tactile inspection remain decisive even as discovery shifts online.
- ESG and sourcing: Transparency in provenance and certified recycling programs become differentiation points for premium positioning among conscious buyers.
- Investment products: Consider curated, certified “wealth-lite” capsules (silver investment bundles, low-carat bullion-style jewellery) that bridge jewellery and portfolio uses for retail investors.
In short, the headline number—86%—is both a demand signal and a strategic prompt. As Indian consumers recast jewellery as a living asset, US market participants should re-evaluate assortment, certification and supply-chain transparency to capture a cross-border lift in everyday luxury purchases.
Source: Deloitte India consumer report (syndicated coverage edited for style)
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