From demi-fine and lab-grown diamonds to digital-first fine jewellery and fashion accessories, a new generation of brands is reshaping how India discovers and buys jewellery.
India’s jewellery market is no longer one story.
Beyond traditional gold and occasion-led purchases, new categories are emerging around everyday wear, self-expression, accessible luxury and younger consumers.
Demi-fine brands are bridging the gap between fashion and fine jewellery. Lab-grown diamond players are making diamonds more accessible. Digital-first fine jewellery brands are modernising discovery and retail. Fashion jewellery brands are bringing speed, trends and accessibility.
In this edition of Category Decode, D2C Insider looks at the players and models shaping India’s new-age jewellery market.
1. Demi-Fine Jewellery: Bridging Fashion and Fine
Demi-fine jewellery is filling the gap between affordable fashion jewellery and traditional fine jewellery—offering contemporary design, better materials and accessible pricing for everyday wear.
Palmonas
One of India’s fastest-scaling demi-fine jewellery brands, Palmonas is taking the category from digital discovery to nationwide retail. With 75+ stores across 24+ cities and FY26 revenue of over ₹200 crore, the brand is showing that demi-fine jewellery can scale into a large omnichannel category.
The big move: Turning demi-fine from an online niche into an organised retail category.
GIVA
GIVA has evolved from a silver-first digital brand into a wider jewellery platform spanning 925 silver, gold and lab-grown diamonds. With ₹518 crore in FY25 operating revenue and a growing physical footprint, its journey reflects how accessible jewellery brands can expand across materials, price points and channels.
The big move: Building a broader jewellery platform from an accessible silver-first foundation.
Trisu
Trisu is building around gold vermeil—18-karat gold layered over sterling silver—to create an accessible alternative between plated fashion jewellery and solid gold. Its opportunity lies not just in selling jewellery, but in building consumer awareness around a relatively new category in India.
The big move: Creating a distinct accessible-premium proposition around gold vermeil.
2. Lab-Grown Diamonds: A New Diamond Category Emerges
Lab-grown diamonds are moving from niche awareness towards organised retail, backed by growing consumer familiarity, expanding store networks and fresh capital.
Limelight Diamonds
Limelight is one of the most aggressive scale stories in the category. After raising ₹275 crore, the brand is strengthening manufacturing and accelerating retail expansion, with plans to build a much larger nationwide store network.
The big move: Combining manufacturing strength with rapid retail expansion.
Jewelbox
Jewelbox is building an omnichannel lab-grown diamond business across everyday jewellery, solitaires, wedding pieces and customised designs. Its model reflects an important category insight: consumers may discover jewellery online, but physical retail remains critical for trust and higher-value purchases.
The big move: Combining digital discovery with offline trust.
Aukera
Aukera is positioning lab-grown diamonds as a premium branded jewellery category rather than simply a lower-cost alternative to mined diamonds. Backed by a $15 million Series B round, it is expanding through design-led brand building and physical retail.
The big move: Building premium aspiration around lab-grown diamonds.
Solitario
Solitario is expanding the category through a modern luxury proposition and growing physical presence. Its approach reflects the broader shift towards selling lab-grown diamonds as a full-fledged branded jewellery experience.
The big move: Building category awareness through modern luxury and retail.
3. Digital-First Fine Jewellery: Taking a Traditional Category Omnichannel
Fine jewellery is not new. The way consumers discover and buy it is.
Digital-first players have made the category more accessible to younger buyers through modern design, online discovery and expanding physical retail.
BlueStone
BlueStone is one of India’s most scaled omnichannel jewellery players, reaching 340 stores by March 2026. Its model combines the discovery and assortment of digital commerce with the trust and experience of physical retail.
The big move: Scaling an online-first jewellery business into a nationwide omnichannel network.
CaratLane
CaratLane helped establish everyday fine jewellery as a modern, digital-first category. Now part of Titan, it has scaled to 365 stores and ₹1,537 crore in Q3 FY26 revenue, showing how lightweight, contemporary jewellery can reach mass scale.
The big move: Making everyday fine jewellery a large omnichannel category.
Melorra
Melorra built around a distinctive idea: applying fast-fashion thinking to fine jewellery. Its trend-led, everyday gold jewellery model challenged the traditional wedding-and-festival purchase cycle. The company was the subject of a proposed acquisition by Senco Gold, though the deal’s completion has been repeatedly delayed; as of mid-2026, the two companies have instead extended their strategic marketing partnership rather than completed a stake acquisition.
The big move: Bringing fashion cycles to fine jewellery.
4. Fashion Jewellery: Speed, Trends and Accessibility
At the most accessible end of the market, fashion jewellery brands are building around rapid trend cycles, digital discovery and frequent consumption.
Salty
Salty is evolving from an affordable jewellery brand into a broader fashion accessories platform. After raising ₹30.1 crore, the company is expanding across watches, sunglasses, scarves, belts, bag charms and other categories.
The big move: Using jewellery as the starting point for a wider accessories brand.
Kushal’s
Kushal’s is bringing scale and organised retail to India’s fragmented fashion and silver jewellery market through a strong omnichannel presence and wide product assortment.
The big move: Organising a traditionally fragmented category through branded retail.
Rubans
Rubans represents the digital-first, trend-led side of the market, offering accessible jewellery designed for frequent style updates and discovery through ecommerce and social platforms.
The big move: Building fashion jewellery around digital discovery and fast-moving trends.
Pipa Bella
One of India’s early digital-first fashion jewellery brands, Pipa Bella helped demonstrate the potential of building a jewellery business online before being acquired by Nykaa Fashion in 2021.
The big move: An early example of digital-first jewellery reaching strategic consolidation.
What’s Changing in India’s Jewellery Market?
Across these categories, five shifts stand out:
Jewellery is becoming an everyday purchase. Consumers are increasingly buying for work, self-expression and gifting—not only weddings and festivals.
The middle of the market is expanding. Silver, demi-fine, vermeil, lightweight gold and lab-grown diamonds are creating new price points between fashion jewellery and traditional fine jewellery.
Digital-first is becoming omnichannel. Online discovery may build awareness, but stores are increasingly driving trust, experience and scale.
New materials are creating new categories. Lab-grown diamonds and gold vermeil are giving brands entirely new propositions to build around.
The market is becoming more organised and brand-led. Across price points, consumers are looking for stronger design, trust, convenience and experience.
The D2C Insider Take
India’s new-age jewellery market is not being built by one winning model.
Demi-fine is making premium design more accessible. Lab-grown diamonds are changing the economics of diamond jewellery. Digital-first fine jewellery is becoming truly omnichannel. Fashion jewellery is becoming faster, more organised and more brand-led.
The common thread is a changing consumer—one who wants more choice, more design and more reasons to buy jewellery beyond traditional occasions.
One category. The players. The shifts. The opportunity.
