Luxury rush lures foreign jewellers

India's jewellery market will soon have a global sparkle. At least half a dozen foreign luxury brands are set to swoop in over the next few months, chasing a younger and growing number of wealthy buyers looking for sleeker, modern and international designs.

- Varuni Khosla

French high-jewellery house Van Cleef & Arpels, known for its gem-heavy, nature-inspired pieces, is set to open its first store in Delhi's Emporio or The Chanakya Mall this fiscal, three people aware of the development told Mint.

France's Chaumet and Switzerland's Chopard, two other legacy European luxury brands, are also planning India entries, the people said on the condition of anonymity as Last week, Parisian jewellery brand Messika entered India with a store in Delhi. Cartier and Bulgari, already present in India, are looking to expand beyond Delhi and Mumbai into emerging luxury hubs such as Bengaluru and Hyderabad, where wealth is growing rapidly, mall developers said.

"Global high jewellery houses are making a calculated and compelling entry into the local market," said Raahuul Kapoor, founding partner and chairman of luxury holding firm Luxury Ampersand Frolics Group. "They are authentic and have contemporary designs which appeal to the newer cohort of luxury buyers."

Global brands will face entrenched jewellers such as Tanishq (by Titan), or familyrun groups such as Kalyan Jewellers, Malabar Gold & Diamonds, and Senco Gold & Diamonds. The incumbents' businesses are rooted in traditional and occasion-specific craftsmanship, enjoy local trust, and boast extensive networks and cultural ties. Yet, the opportunity is too big to skip for overseas peers. According to research firm IMARC, the country's retail jewellery market is expected to nearly double from about $80 billion (680,000 crore) in 2024 to $150 billion by 2033.