A new report by the World Gold Council shows how fragmented the Indian gold jewelry market is at the moment, but also projects that chain stores will expand their market share in the years to come. According to "An SRO for India’s Gold Industry", only 35 percent of gold retailing in the country was organized in 2021, but that share is expected rise to 40 percent by 2026 as more chain stores are opened.
The report states that one of the major reasons given by Indians for not having purchased gold jewelry is lack of trust, something a more organized retail landscape could remedy.
Other numbers by the same source show that India, behind China, is the biggest gold jewelry market in the world, making up 29 percent of it (by weight) while only accounting for around 14 percent of the world population. After a pandemic dip in 2020, gold jewelry sales in India almost doubled again in 2021, reaching a six-year high.
Other places there gold jewelry sales are elevated due to the objects' cultural significance and the substance's popularity as an investment are Turkey, the United Arab Emirates and Southeast Asia. The United Arab Emirates in particular serve as a hub for gold jewelry buyers, making tourism - especially visitors from India - an important factor.
