R.K. Fashion Accessories Ltd. IPO

The Indian jewellery industry is one of the most culturally entrenched and economically significant sectors in the country. Valued at USD 90 – 91 billion in 2025, the Indian jewellery market size is projected to reach USD 150 billion by 2033 at a CAGR of 5.2 – 6.3%.

A major ... structural shift is underway in the Indian jewellery industry, with organized vs unorganized jewellery market India dynamics changing rapidly. Organized retail is increasing its share to 36–38% in FY25 from just 22% in FY19. This transition, supported by regulatory reforms such as hallmarking and GST impact on jewellery, alongside evolving consumer preferences for branded jewellery, is reshaping the competitive landscape and unlocking investment opportunities in Indian jewellery for well-positioned players. India’s domestic jewellery market, valued at over ?5 trillion, reflects a blend of traditional craftsmanship and modern retail formats. The Gold jewellery market in India dominates the landscape with a commanding 80–85% share, while studded jewellery, including diamonds, accounts for the remaining 15–20%. Fine jewellery represents nearly 90% of the overall market, underscoring its strong cultural and investment relevance. At the same time, non-gold categories are emerging as a key Indian jewellery market trend, with this segment projected to expand at a CAGR of 18.8% between FY23 and FY28, to reach USD 19 billion. E-commerce jewellery sales India is expected to account for 18–21% of jewellery sales by 2029, marking a significant structural shift in the industry. Online jewellery sales are projected to grow at a CAGR of 19–21% through 2028, supported by technological innovations such as AR/VR-enabled virtual try-ons and AI-driven personalization tools, which are playing a pivotal role in enhancing customer engagement and building trust. Read more