Indriya Jewellery launched SparkleScope, an innovative in-store technology that enables customers to evaluate a diamond’s sparkle

Falling gold prices buoy demand, with Aditya Birla Group-backed jewellery retailer Indriya Jewellery planning to reach 120 stores in FY27. Demand for gold jewellery is starting to rebound after moderating in May, following the rise in customs duties on the precious metal to 15 per cent.

The 9 per cent hike in customs duty, not surprisingly, made people wait a bit before they absorbed the hike and adjusted to the new prices. Across the industry, footfalls were slow, but demand has come back quite strongly in the last two weeks. In May, the government raised the customs duty on gold imports to 15 per cent from 6 per cent to curb overseas purchases of precious metals and reduce pressure on the country’s foreign exchange reserves. The current fall in gold prices is also helping demand return. Prices of 22-karat gold per gram fell to Rs 13,244 in Delhi, while Mumbai saw prices at Rs 13,229 for 22-karat gold per gram.

Demand for jewellery in India will never disappear as it is ingrained in the country’s cultural context. Depending on how commodity prices move, consumers will evaluate returns vis-à-vis other investments, but demand will remain,” he said, adding that consumers are increasingly looking for design-led products – a mainstay for the brand.

The retailer, which launched in 2024, has since grown to 81 stores in over 40 cities. While diamond-studded jewellery makes up 11 per cent of the country’s Rs 8,000 crore jewellery market, the category’s salience for the retailer is almost double, 22 per cent. The diamond category has also seen rising competition with the rise of lab-grown diamonds and a host of new brands coming up in the category.