Foreign luxury jewellers chase India’s young, wealthy buyers

Emailed queries to the brands cited above didn’t elicit a response by press time.

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 like 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 company 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 like Tanishq (by Titan), or family-run 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.

That reflects growing affluence in the country. A McKinsey and The Business of Fashion report estimates that India’s ultra-high-net-worth individual (UHNWI) population–with a net worth of at least $30 million—is expected to surge 50%, the fastest pace in the world, from 2023 to 2028.

Making a statement

Priya Kapur, a 35-year-old architect from Delhi, recently purchased a ₹4.4 lakh Cartier minimalistic ‘Love’ pendant necklace from the brand’s boutique in DLF’s Emporio mall. The piece is modern in style, and she didn’t have to worry about its authenticity and the kind of material being used, Kapur said.

Pushpa Bector, senior executive director and business head of real estate major DLF Retail, said this shift is already visible at their luxury malls.

“Branded jewellery has been doing well for some time, and there is a lot of interest from new international players as well,” Bector said. “Most of the young Indians buying these pieces are making their first purchases in the form of wedding bands, engagement rings, etc. — which are statement pieces. Even Gen Alpha (born after 2010) is coming up as a buying cohort.”

Some of the upcoming stores, including Van Cleef & Arpels, are expected to open at one of DLF’s two luxury malls in the capital. Bector, however, declined to confirm specific names.

Parisian jeweller Messika, which has forayed into India in partnership with watch retailer Ethos Ltd, hopes for early success.

“Affluent consumers, especially younger ones, are far more global in their tastes,” said Pranav Saboo, managing director and chief executive officer at Ethos. “Bringing this brand here aligns with our larger vision to expand into lifestyle-led luxury categories that complement core watch business. There is increased international travel, digital exposure, and more purchasing power. People are seeking brands they’ve experienced abroad or seen on global icons,” he said.

Messika’s modern and gender-fluid designs are “resonating well with local buyers”, Saboo said.

New luxury destinations

The trend isn’t confined to the capital or Mumbai. In Bengaluru, malls such as UB City and those operated by Prestige Group — which already hosts Louis Vuitton, Rolex, Burberry, Canali and others — are seeing rising demand for luxury jewellery.

Uzma Irfan, director of UB City and Prestige Group malls, said brands like Cartier and Bulgari are in talks to expand in Bengaluru too. Cartier is also evaluating Hyderabad as a potential market.

Luxury boom

Globally, luxury jewellery was the fastest-growing category from 2019-23, reaching $56 billion in retail sales last year, the McKinsey report said. The segment is expected to maintain a 4-6% compound annual growth rate (CAGR) between 2025 and 2027, driven by a younger and more diverse clientele.

India is outpacing major markets, bouncing back with 5-8% growth in 2023-24. The country is expected to sustain a 10-15% CAGR from 2025-27, far ahead of Japan’s 3-6% and the Middle East’s 3-7%, cementing its place as a global luxury powerhouse.

New luxury real estate projects— including Mumbai’s 2023 launch of Jio World Plaza and Delhi’s existing DLF properties as well as the upcoming Bharatiya mall at Worldmark Aerocity (a $2.5 billion project pegged to be India’s largest mall) are expected to further boost brand expansion. Hyderabad is also seeing new developments in the form of high-streets.

Cultural, social marker

“Luxury jewellery brands are zeroing in on cities with rising incomes, driven largely by millennials and Gen Zs,” Irfan of UB City said. “These buyers want modern, sharp designs. Sleek bracelets and minimalistic styles are also fueling strong growth in this category. And it’s not to say that Indian brands are not doing well. Our Indian jewellery brands are also doing very strong business.”

Luxury Ampersand’s Kapoor has seen design sensibilities changing towards less blingy among those looking for quiet luxury.

“A few Indian jewellers have tried to mirror these global styles, but have struggled to match the same level of refinement and consistency. What sets international brands apart is their ability to craft these understated statement pieces—jewellery that elevates everyday luxury without being anchored by traditional and heavy designs,” Kapoor said. “India’s nouveau riche is also growing, and international jewellery and accessories are increasingly becoming more cultural and social markers as well.”

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