86% Indians View Jewellery as Core Wealth Asset, Gen Z Drives Shift Towards Everyday Wear

New Delhi: About 86 per cent of Indian consumers now consider gold and jewellery a preferred instrument for wealth creation, reinforcing the category’s long-standing role as an “asset” and placing it almost on par with market-linked products such as mutual funds and equities, which stand at 87 per cent, a report said on Wednesday.

According to a Deloitte India report, the country’s jewellery market is undergoing a fundamental transformation, with consumers increasingly viewing jewellery as an expression of identity, lifestyle and value, in addition to its traditional ceremonial and heirloom significance.

The report noted that jewellery’s role in consumer portfolios is expanding beyond wealth preservation. Around 56 per cent of consumers now see jewellery as both an investment and a fashion accessory, while 28 per cent buy jewellery purely for investment purposes.

Men and consumers aged 45 years and above continue to show a stronger preference for investment-led purchases. In contrast, younger cohorts are prioritising style, personalisation and versatility. Gen Z and millennials, in particular, are accelerating this shift by diversifying their jewellery portfolios and moving towards everyday wear.

The findings revealed that 51 per cent of Gen Z prefer silver jewellery, while 34 per cent show a preference for platinum. Nearly 49 per cent of respondents favour lightweight, minimalist designs over heavy, ornate sets, which appealed to just 15 per cent, highlighting a growing inclination towards affordable, repeatable luxury.

Notably, 45 per cent of Gen Z and millennials prefer investing in silver jewellery, driven by its design-led appeal, accessibility and lower price points. This trend positions silver as a complementary, everyday alternative alongside gold.

“India’s jewellery market is at an inflection point where consumption is no longer driven solely by tradition or price. It is increasingly shaped by a convergence of wealth creation, self-expression and everyday relevance,” said Praveen Govindu, Partner, Deloitte India. He added that the industry’s next phase of growth will depend on how effectively retailers blend trust, design agility and data-driven operations.

Govindu further noted that jewellers who modernise their portfolios without diluting heritage, strengthen omnichannel experiences while maintaining in-store trust, and improve operational efficiency will be best placed to lead the market over the next decade.

Historically, nearly 70 per cent of jewellery purchases in India were wedding-driven, but this dynamic is shifting. Millennials are increasingly buying jewellery for birthdays and anniversaries (38 per cent), daily and office wear (32 per cent), and career milestones such as promotions and graduations, the report said.

Jewellery purchases for personal, non-ceremonial occasions are now surpassing traditional sets, with 49 per cent of consumers preferring rings, chains and earrings for such milestones.

Despite the growing influence of digital platforms, jewellery remains a high-trust category where physical retail continues to play a decisive role. Looking ahead, the report highlighted operational excellence as the next major growth driver for India’s jewellery industry.

With inputs from IANS