Indian Gold Jewellery Market, Import Trends & Forecast: Research Report

01 September 2023

The Indian gold jewellery market is one of the fastest-growing markets among consumers. The cultural and economic significance of gold has been a key driver for the precious metal’s demand in the country for hundreds of years. Despite the turbulent economic state due to the pandemic, the gold jewellery industry has received substantial growth in the past quarters and is likely to grow further. To comprehend the Indian gold jewellery market and get a comprehensive view of it, dive deep into the import trends and forecast laid out below.

 

Top Importing Partners of India

 

As per the imports 2022, the top importing partners for gold jewellery in India are—India (reimports, $537.1 million), the USA ($150.7 million), the UAE ($36.07 million), Italy ($24.3 million), and the United Kingdom ($10.7 million), with other partner countries as listed below.

 

According to gold import data 2023, the top importing partners of India for the period of 6 months, i.e., January to June 2023, are as follows: India (reimports, $191.7 million), the USA ($72.5 million), Indonesia ($70 million), the UAE ($21.4 million), Italy ($8 million), and others.

 

 

Top India’s Gold Jewellery Imports

 

The imports on the quarterly basis shown below list the imports of top gold jewellery with values segregated based on the HS Codes. The time period in the dataset follows the first quarter of 2022 to the second quarter of 2022.

 

The featured HS Codes are as follows: 71131910 (Unset Gold Jewellery), 71131930 (Gold Jewellery Set With Diamonds), 71131940 (Gold Jewellery Set With Stones Other Than Diamonds), and 71131990 (Jewellery Whether Clad or Plated With Gold).

 

Gold jewellery set with diamonds (71131930) and other stones (71131940) are the highest imported commodities. The imports for these two can be seen increasing in each quarter, however, have registered a decline in the second quarter of 2023, with all other products.

 

 

 

India’s Gold Jewellery Imports – Monthly

 

The shown below dataset features the monthly import values of gold jewellery in India for the period following the month of January 2022 to the month of June 2023, highlighting the growth or decline of the Indian gold jewellery import market in a particular time.

 

The imports in October 2022 and March 2023 accounted for the highest value of gold jewellery in India. The lowest import values for gold jewellery in India has recorded in the months of 2023–May and June with $4.8 million and $2.7 million respectively.

 

According to the World Gold Council, 65% of India’s population lives in rural regions, where dependability on agriculture is high. This population accounts for a high market value of gold jewellery due to the widespread demand for gold in these regions more than in urban regions.

 

The possession of gold still holds a cultural and heritage value among the rural population and accounts for a high proportion of gold jewellery demand. The gold demand rises after the harvesting season for Kharif crops (September-November), accounting for 70% of production.

 

 

India’s Gold Jewellery Imports – Quarterly

 

The gold jewellery imports in India are shown below on a quarterly basis, followed by the first quarter of 2021 to the second quarter of 2023. The imports increased in the final quarter of 2022, followed by the first quarter of 2023, however, declined in the second quarter of 2023.

 

 

 

Indian Gold Jewellery Market – Forecast 2024

 

The import dataset below shows the gold jewellery imports in India for the period following the first quarter of 2022 to the second quarter of 2024. The current values are sourced from the global trade platform online, and the forecasted values are evaluated on the basis of available data.

 

The current import values show the highest amount of imports in the fourth quarter of 2022, followed by the first quarter of 2023. In the forecast period, the highest values of gold jewellery imports accounted for in the second quarter of 2024, in terms of minimum and maximum both.

 

Conclusion

 

The coming years are a growing stage for the Indian gold jewellery market, both in the terms of import and export. The economic rebound, increasing middle class and new consumer market of youngsters are driving the demand for gold jewellery in India.

 

The Government intervention in the growth of the gems and jewellery industry will increase exports in the near future, with the introduction of schemes like The Gold Monetisation Scheme, BIS Hallmark Scheme, and Sovereign Gold Bond Scheme further propelling the opportunities.