RJIF 2025: Gold becomes the new gold, and diamonds stay forever as the industry eyes 3X growth by 2035

Indian jewellery sector poised for dramatic growth as industry leaders unveil ambitious plans at RJIF 2025, with projections showing market value nearly tripling to $225 billion by 2035

Mumbai: The 11th Retail Jeweller India Forum (RJIF) 2025 convened industry stalwarts in Mumbai on 9th January, echoing a bold proclamation: “Gold is the new gold!” The conclave highlighted key trends and strategies shaping the future of India’s gems and jewellery sector.

The Indian gems and jewellery market, valued at $79 billion in 2021, is projected to reach $120 billion by 2031, with diamond jewellery alone accounting for $17 billion. India’s GDP, $4.1 trillion in 2022, is expected to grow to $7.9 trillion by 2030. Moreover, the elite class, comprising 2 per cent of the population in 2021, is predicted to grow to 7 per cent, encompassing 25 million households by 2031. By 2024, India had already emerged as the fourth-largest consumer of gems and jewellery, surpassing Germany and the UK.

Transforming gold’s trajectory

Sachin Jain, Regional CEO for India at the World Gold Council (WGC), discussed transforming India’s gold industry by 2047, emphasising the direct correlation between rising incomes and gold demand. “WGC research shows that an increase in income results in a corresponding rise in gold demand. As per capita income grows from $2,400 to $4,500 by the turn of the decade, the opportunities for the gold industry will expand exponentially,” he explained.

Jain announced the launch of the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation funded by WGC for its first five years, modelled on the Association of Mutual Funds in India (AMFI). The independent body will enhance trust and accredit jewellers based on a mandated code of conduct.

Reinvigorating diamond demand

Amit Pratihari, Managing Director at De Beers, delivered a presentation on enhancing natural diamond desirability. Pratihari unveiled the Indian Natural Diamond Retailers’ Alliance (INDRA), a collaboration with the Gem and Jewellery Export Promotion Council (GJEPC). This initiative offers retailers customised marketing assets, content, and staff training to promote natural diamonds in stores.

Pratihari also shared plans for Forevermark to reach 100 retail stores and generate $100 million in revenue in India by 2030. He further announced that the De Beers Institute of Diamonds, a laboratory certifying only natural diamonds, will soon offer loose diamond and jewellery certification services at an affordable cost. “With De Beers’ legacy and equity, the certification will add a new level of confidence in natural diamond purchases,” he stated.

Indriya’s entry into jewellery retail

A standout moment was an insightful fireside chat between Sandeep Kohli, CEO of Aditya Birla Group’s new jewellery venture, Indriya, and Soma Bhatta, Editor of The Retail Jeweller. Kohli discussed the dynamics of entering the jewellery market with a large-scale operation.

He said, “This is an opportune time to enter the market. As the latest player, we carry no baggage and leverage cutting-edge technology and valuable consumer research data. We envision creating a new buying experience that delights a customer’s five senses.”

Kohli talked about the importance of customer-centricity in the jewellery business. “Our personnel undergo a bespoke training programme lasting three to four weeks before being certified to serve at Indriya,” Kohli noted. He emphasised the brand’s steadfast focus on design: “Eighty per cent of the designs are created in-house based on artificial intelligence, trend forecasting, and consumer insights.”

Emerging consumer trends

Deloitte’s research report, ‘Sparkling Success: Renaissance in India’s Gems and Jewellery Sector 2025’, was unveiled by Praveen Govindu, Partner at Deloitte India. He highlighted shifting consumer behaviour driven by Gen Z and millennials, who now account for 50 per cent of India’s population.

“Seventy-two per cent of jewellery purchases by these demographics are linked to personal milestones. Urbanisation of rural areas is also spurring growth, with the sector poised to grow from $85 billion to $225 billion by 2035. Brand heritage, in-store experiences, and certifications shape preferences. While 22k gold remains dominant, 42 per cent of Gen Z women favour minimalistic designs, and 58 per cent prefer natural diamonds. For online success, prioritise certifications, money-back guarantees, and insurance,” Govindu advised.

Rising opportunities and strategies

A panel moderated by Soma Bhatta explored silver’s rise as a ‘sunrise sector’. The session examined the growing opportunities in silver jewellery, a sector attracting attention from venture capitalists and first-generation jewellers. It highlighted the need for mandatory hallmarking, youthful marketing, and creating a sense of pride in the grey metal. Panellists included Rahul Luthra of Raabta by Rahul, Astha Katta Sirohiya of Shyle by Astha, Nikita Prasad of GIVA, Aditya Modak of Gargi by PNG Sons, and AVR Siddhanth of AVR Swarna Mahal Group.

The digital-first jewellery revolution was discussed in a session moderated by Deepak Tulsian of MyWisdomLane. Panellists Pallavi Mohadikar Patwari of Palmonas, Saloni Chopra of Trisu, Amit Bandi of Kumari Fine Jewels, Aishwarya Priyadarshni Vummidi of Mivraa, and Nidhi Soni of Fine Finery Store underscored the massive gap in the lightweight 9k-10k gold jewellery market and the potential for high-finish jewellery mimicking gold.

A session on market shifts and relevance, moderated by Ashish Pethe of Waman Hari Pethe Jewellers, featured panellists Neerav Challa of PMJ Jewels, Vastupal Ranka of Ranka Jewellers, Anand Prakash of Abhushan Jewellers, and Sanjay Kalsi of J.D. Solitaire. They discussed strategies for balancing traditional values with modern retail demands, emphasising the importance of corporate-style backend operations and creating SOPs for staff to enable a hybrid model.

Nitin Jain, Head of Accessories and Non-Apparel Businesses at Reliance Fashion, moderated a panel on regional leadership featuring industry giants. Panellists Saurabh Gadgil of PNG Jewellers, Varghese Alukkas of Jos Alukkas, Dipu Mehta of Orra, Sumeet Khimji of Khimji Jewellers, Anubha Anand of Punjab Jewels, and Thomas Mathew of Joyalukkas discussed data-driven decision-making and localised marketing. Highlights included Jos Alukkas’ expansion to 60 stores in South India and Orra’s campaigns in 15 regional languages, demonstrating the value of understanding local preferences while scaling.

Leadership and innovation

The 11th RJIF also included the presentation of the 4th Retail Jeweller MD & CEO Leadership Awards, honouring 31 retailers for their outstanding professional management and contributions to the industry.

From thought-provoking industry analyses to expert panel discussions, the 11th RJIF spotlighted the transformative power of technology and innovation in driving business growth and resilience. Addressing regional marketing strategies and granular product insights, participants emphasised the importance of adapting to consumer-centric trends. These insights position the jewellery industry on a trajectory for unprecedented growth in the coming decades.

Retail Jeweller India Exclusive