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Organized jewelry and watches in India were estimated to penetrate ** percent of the retail market in 2021, indicating a growth from ** percent in 2018. The slow growth could be a consequence of the expensive jewelry being bought infrequently across the South Asian country. Typically, jewelry in India is not bought for occasions and adornment purposes only. Investment has been an important reason for jewelry purchase as well.

Organized retail in India

Jewelry and watches had the highest penetration in organized retail across India in 2017, at about ** percent. This was closely followed by footwear and consumer electronics, with a penetration rate of ** percent each. Food and groceries had the lowest penetration rate that year. Despite having the lowest penetration rate, the food and grocery segment had the highest value in the organized retail market at around ** billion U.S. dollars.

Leading jewelry retailers

Kalyan Jewellers, Tanishq, and Malabar are some of the leading retailers in the jewelry and watches segment within the organized market across the country. Kalyan Jewellers made a profit after tax of **** billion Indian rupees in 2019. That year, the retailer was present across ** states domestically as well as in the Middle East. Joyalukkas, on the other hand, reported a profit of almost ** billion rupees in 2019. Established in the southern city of Kottayam in 2002, the company had ** stores across the country as of August 2019.