The common expectation across the industry is that consumers will continue to buy jewellery, but with greater emphasis on value, design and versatility.
Old-gold exchange is gaining importance, while lighter and lower-carat pieces, diamonds and jewellery that can be worn across occasions are finding greater relevance.
The shift is visible in the industry’s volume-value equation.
According to the World Gold Council, India’s jewellery demand fell 15% year-on-year to 75 tonnes in Q2 2026, while the value of demand increased 34% to ₹1,132 billion.
Festive and wedding buying expected to hold up
Jewellers expect the cultural and occasion-led nature of jewellery purchases to support the market despite higher prices.
Colin Shah, Managing Director, Kama Jewelry, expects festive buying to remain supported by the traditional preference for jewellery during auspicious occasions. He expects average wedding-season ticket sizes to be around ₹1.5 lakh–₹3 lakh, with sales potentially seeing 15–20% spikes during the peak season.
Kaustubh Chhabra, Chief Financial Officer, Motisons Jewellers, described the outlook as one of cautious optimism. He said customers remain committed to jewellery purchases linked to weddings, festivals and milestones, but are becoming more conscious about weight, design and the purpose of the purchase.
Yash Kataria, CEO, Kataria Jewellers, also expects the appetite for jewellery to remain strong despite consumers becoming more conscious about weight and utility. He expects lightweight earrings, bracelets, delicate necklaces and designs combining traditional elements with contemporary styling to see interest.
At CaratLane, CMO Shaifali Gautam expects the festive period to bring a broad spectrum of high-intent buyers, ranging from customers entering the diamond category to those looking for high-value solitaires.
Old gold helps consumers manage the price equation
The growing use of existing jewellery to fund new purchases is emerging as one of the more significant changes in buying behaviour.
Suresh Krishnan, VP-Sales, PNG Jewellers, said recent gold-price volatility has made some customers adopt a wait-and-watch approach, but purchase intent remains intact. He said old-gold exchange programmes are seeing traction.
Neil Sonawala, Managing Director, Zen Diamond India, is also seeing customers use existing gold to fund new purchases. He said older customers are bringing in existing jewellery to redesign it into lighter, contemporary pieces, while younger buyers are showing greater interest in jewellery that can be worn more frequently.
Mehul Jain, Founder, Ekaraa Jewellery, said this preference for versatility is visible across metros and Tier 2–4 cities. He sees interest in lighter diamond pieces, statement earrings and stackable jewellery, with design, personalisation and craftsmanship becoming increasingly important to the purchase decision.
Buyers put budgets before grammage
Higher prices are also changing the way consumers approach their jewellery budgets.
Nivedita Parikh, Founder, Nive & Co, said consumers are moving away from buying primarily on grammage and towards choosing pieces within a defined budget. She expects everyday jewellery in 14K and 18K gold, along with earrings, bracelets and rings in the ₹1 lakh–₹5 lakh range, to remain important festive categories.
She expects bridal jewellery, particularly necklace and earring sets, to continue performing through the wedding season, while detachable pieces that can be reused across occasions are gaining interest.
Ramesh Kalyanaraman, Executive Director, Candere by Kalyan, similarly said the jewellery conversation is shifting from grammage to value. Consumers are increasingly deciding how much they want to spend first and then selecting the best piece within that budget.
Diamonds, self-purchase add to festive mix
The shift towards design and wearability is also opening up space for diamond jewellery.
Jain of Ekaraa said the conversation around diamonds is increasingly moving towards design, craftsmanship and individuality rather than simply weight.
Rohan Hemdev, Director, Ananya Jewels, expects versatile diamond jewellery to benefit from the rise in self-purchase, particularly among younger consumers. He also sees digital platforms and social media playing a greater role in jewellery discovery during the festive period.
Parikh expects lab-grown diamond jewellery to continue finding a place in gifting, while natural diamonds, particularly 2-carat-plus stones and fancy shapes, could see renewed interest. She also sees coloured gemstones and pearls with verified provenance gaining traction among high-net-worth consumers.
Value growth could outpace volumes
The industry’s outlook is therefore less about a broad-based slowdown and more about a change in the composition of sales.
Chhabra cited CRISIL’s expectation of around 20–25% revenue growth for organised gold jewellery retailers this fiscal, even as volumes could decline 13–15%, with higher gold realisations supporting revenue.
That value-volume divergence could remain relevant through the festive season. While some consumers may time purchases around gold-price movements, jewellers expect weddings, festive occasions, gifting and self-purchase to keep the market active.
The broad expectation is that consumers will continue to spend on jewellery, but with a sharper focus on what fits their budget, how often it can be worn and whether existing jewellery can be exchanged or redesigned.