Foreign jewellers make a beeline for India: report

India’s jewelry sector is attracting international attention as several luxury brands are poised to enter the country, Mint reported on Monday.

Global luxury brands see the potential to grow their market among a younger demographic with growing purchasing power and a preference for global designs.

French luxury jewelry brand Van Cleef & Arpels is planning its first retail presence in India by potentially opening a store in Delhi’s Emporio or The Chanakya Mall, people in the know told Mint.

These malls have become prime locations for high-end retail given their concentration of affluent consumers and premium brands.

Other established European brands such as Chaumet and Chopard are also preparing to enter India. Buccellati, popular for its Italian design heritage, is also reportedly in early discussions about a possible entry.

Messika, a Paris-based jewelry brand, recently opened its first Indian store in Delhi.

This interest from luxury jewelry makers has taken them beyond Mumbai and Delhi as they look to attract wealthy customers in south India.

IT hub Bengaluru’s retail spaces such as UB City and Prestige Group’s malls are seeing increased interest from luxury jewelers . UB City and Prestige Group’s mall already are home to global luxury fashion and watch brands like Louis Vuitton, Rolex, Burberry, and Canali, and are witnessing a growing customer base for fine jewelry.

India’s retail jewelry sector is projected to grow from about $80 billion in 2024 to $150 billion by 2033, according to IMARC.

Global brands looking to enter the Indian market will have to compete with the likes of Tanishq, Kalyan Jewellers, Malabar Gold & Diamonds, and Senco Gold & Diamonds.