A report notes that gen Z shows a clear shift towards alternative metals, with 51 per cent preferring silver and 34 per cent platinum
Emphasising that jewellery’s role in consumer portfolios is expanding beyond wealth preservation, a report by Deloitte India stated that gen Z and millennials are actively diversifying their jewellery portfolios and moving towards everyday wear.
The report titled ‘Go for gold: A winning playbook for the gems and jewellery industry’ highlighted that gen Z shows a clear shift towards alternative metals, with 51 per cent preferring silver and 34 per cent platinum. Nearly 49 per cent of respondents prefer lightweight, minimalist jewellery over heavy, ornate sets, reflecting a move towards repeatable, affordable luxury.
“As consumers embrace lighter designs, alternative metals and non-ceremonial purchases, the industry’s next phase of growth will depend on how effectively retailers combine trust, design agility and data-led operations. Those that can modernise portfolios without diluting heritage, strengthen omnichannel journeys while preserving in-store confidence and improve operational efficiency will be best positioned to lead India’s jewellery market over the next decade,” stated Praveen Govindu, Partner, Deloitte India.
Around 86 per cent of Indian consumers now consider gold and jewellery a preferred instrument for wealth creation, underscoring the category’s enduring asset role, nearly matching market-linked products such as mutual funds and stocks. 45 per cent of gen Z and millennials prefer investing in silver jewellery, driven by design-forward appeal, accessibility and lower price points, positioning silver as a complementary, everyday category alongside gold.
The report noted that over 85 per cent of jewellery purchases are still completed offline, with national chains, family jewellers and local stores dominating final conversions.
Looking ahead, operational excellence will be the next major growth lever for the industry. Indian jewellery retailers currently operate at Ebitda margins of 5 to 10 per cent, compared with approximately 12 per cent for global peers, leading to capital lock-in and margin pressure. To address this, the report recommended a process-led operating model focused on inventory velocity, clienteling, attribute-level demand forecasting and seamless omnichannel fulfilment to drive sustainable growth.
