Online Gold Sales / India's Online Gold Sales Soar, Jewelry Market Set to Hit $146 Billion by 2030

The method of purchasing gold in India is rapidly evolving. Traditionally, people relied on trusted local jewelers, but now, a significant portion of jewelry acquisition is happening online with just a click. A Ficci-Deloitte report highlights this shift, stating that 73 percent. Of consumers first seek information online for any purchase, including jewelry. While 53 percent still complete their final purchases offline, this trend is quickly changing towards digital platforms. The increasing trust in online jewelry purchases is driven by factors like hallmark certification, brand guarantee, and superior customer service offered by digital platforms, while siddharth Bhagat, Director of Fashion and Beauty at Amazon India, confirmed a 96 percent year-on-year increase in precious jewelry sales on Amazon, encompassing gold, diamonds, and lab-grown diamonds. This surge was particularly notable ahead of Dhanteras.

Market Expansion and Youth Preference

The Indian jewelry market is expected to reach $91 billion by 2025 and further expand to $146 billion by 2030. Online sales are poised to play a crucial role in this growth. Aksh Kamboj, Vice President of the India Bullion and Jewelers Association (IBJA), noted that digital platforms are increasingly favored for purchasing light, everyday wear jewelry. The younger demographic, being tech-savvy, finds the convenience and transparency of online platforms particularly appealing.