India's Jewellery Market Set for Major Formalization

India's domestic jewellery market is forecast to reach $145 billion by FY28, fueled by rising incomes and changing consumer habits. A significant transition is occurring as the organized sector grows, particularly in B2B manufacturing, which is expected to expand from 20% to 75% by FY30. This presents a substantial opportunity for businesses to formalize operations and capture market share.

Three key B2B jewellery players are well-positioned to benefit from this industry-wide shift. Sky Gold & Diamonds is pivoting to an advanced gold manufacturing model. Goldiam International is a leader in lab-grown diamonds and employs a hybrid casting model to mitigate tariffs. Shringar House of Mangalsutra is strengthening its focus on organized retail clients for better working capital management.