Jewelry Stores Now Lead Indian Malls

Jewellery stores have rapidly ascended to become primary anchor tenants in Indian malls, now commanding approximately 10% of total mall space, a substantial leap from merely 1% four years prior. This structural shift is fundamentally altering mall designs and consumer engagement tactics across major metropolitan and tier-2 cities.

This growth trajectory is projected to continue, reinforcing jewellery's position as a key retail driver. Notably, the sector demonstrates resilience against online sales, as jewellery acquisition remains a fundamentally experience-led and trust-driven process. Consumers prefer in-person visits for design exploration and informed decisions.

Reflecting this trend, the share of organized retail leasing by the jewellery sector has risen significantly. By 2025, it is expected to account for 8% of total organized retail leasing, positioning it among the top three demand drivers after fashion and food & beverage.

Absorption of retail space by jewellery brands has doubled from 400,000 sq. ft. in 2024 to an anticipated 800,000 sq. ft. in 2025. Cities like Hyderabad, Chennai, Bengaluru, and Delhi-NCR are leading this demand surge.

Large-format stores (over 8,000 sq. ft.) now constitute 50% of jewellery leasing, up from 14% in 2019. Within the category, fine jewellery remains dominant, but lab-grown diamond brands are increasing their market share.

Mall developers are proactively creating specialized jewellery zones, incorporating enhanced security features and tailored lighting to meet the unique operational needs of these retailers. This strategic curation is enhancing the overall mall experience.

The organised jewellery retail segment has consistently outperformed other consumer discretionary segments since April 2023. This dominance is underscored by the jewellery sector contributing 20-25% of mall revenues despite occupying only 5-10% of the physical space.