Domestic Jewellery Market to Surge to $145 Bn by 2028

India's domestic jewellery market is projected to grow at a strong compound annual growth rate (CAGR) of 16 per cent between FY24 and FY28, reaching a market size of USD 145 billion by FY28, according to a report by Minerva Capital Research.

- TDG NETWORK

The report highlighted that the Indian jewellery industry is undergoing a significant transformation, with a steady shift from unorganized to organized players. It said, "India's domestic jewellery market expected to register a 16 per cent CAGR from FY24E to FY28E."

Currently, the unorganized sector holds around 62 per cent of the market share. However, this is expected to drop to 57 per cent by FY28, while the share of organized jewellers will rise to 43 per cent. This transition is driven by increasing consumer preference for transparency, quality, and branded products.