India’s Rs 5,562-billion jewellery market sees ad shift—Bluestone leads online, Titan & Kalyan boost spends
Online jewellery purchases have gained consumer trust, driven by the credibility of branded players. Henceforth, the shift towards digital marketing among jewellers appears natural
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India's leading jewellery brands and startups are realigning their advertising and marketing strategies, prioritizing digital channels over traditional media such as television and print to capture customers' attention.
The Indian jewellery market, valued at Rs 5,562 billion in calendar year 2023, has evolved steadily over the decades. In the early 1990s, organised retail took shape with private investment in gold and diamond mining. By 2010, e-commerce for retail jewellery had started to gain traction.
According to an industry expert, online jewellery purchases have gained consumer trust, driven by the credibility of branded players. Henceforth, the shift towards digital marketing among jewellers appears natural.
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TAM AdEx data shows that the branded jewellery segment's ad volume growth dipped marginally online in fiscal year 2025 at 98%. However, this was still higher compared to print media, which stood at 82%.
Jewellery purchases now extend beyond weddings and festivals to daily wear, influenced by financially independent working women. As a result, brands are shifting their marketing strategies to align with these new consumer behaviors.
Mumbai-based Bluestone Jewellery and Lifestyle Ltd, which made a muted debut on the stock market this week, emerged as the leading branded jeweller in terms of digital ad volumes in FY25, outpacing Tata Group’s Titan Company.
Bluestone accounted for 50% of online ad volumes compared to Titan's 24% in FY25, despite its advertising and marketing budget being nearly ten times smaller than Titan's.
"We primarily focus on digital marketing to target customers across the entire marketing funnel, right from creating awareness, driving consideration, and conversion by communicating what the BlueStone brand stands to deliver," the company mentioned in its Draft Red Herring Prospectus.
Bluestone spent Rs 124 crore on advertisement and marketing in FY24. In Q1 FY25 alone, the Accel-backed company spent Rs 42 crore on promotional activities.
Digital channels, including social media, targeted advertising, and influencer marketing, now serve as its primary drivers of customer awareness.
By contrast, Titan Company's ad budget increased by 14% from Rs 1,148 crore in FY24 to Rs 1,308 crore in FY25.
Titan, which owns Tanishq, CaratLane, and Mia, leaned more heavily on television advertising in FY25, with ad volume surging to 77% from 64% in FY24, according to TAM AdEx. Notably, CaratLane, whose business model is similar to BlueStone, spent Rs 225 crore on marketing in FY24.
Meanwhile, Kerala-based Kalyan Jewellers has adopted a different strategy, focusing on hyperlocal marketing. The 52,714-crore company is bolstering its state and city-level campaigns with national and regional ambassadors to strengthen its connection with local audiences.
Kalyan Jewellers' consolidated advertisement expenditure increased by 33% to Rs 473 crore in FY25.
"At Kalyan Jewellers, our hyperlocal strategy enables us to connect meaningfully with diverse customer segments across India. We run region-specific campaigns with local ambassadors," according to the company.
With a roster of A-list brand ambassadors including Amitabh Bachchan, Katrina Kaif, Nagarjuna Akkineni, Sreeleela, Kalyani Priyadarshan, and Kriti Sanon, Kalyan has invested more than Rs 1,300 crore in marketing and branding over the past four years.
"The hyperlocal model driven by regional campaigns, curated product offerings, showroom staff, and brand ambassadors remains a core pillar of our strategy," TS Kalyanaraman, Managing Director of Kalyan Jewellers, mentioned.
Kolkata-based Senco Gold Ltd is also doubling down on digital marketing, expanding its reach and boosting sales efficiency through e-commerce. The company allocated Rs 106 crore for ads and promotional activities in FY25, though expenses remained below 2% of sales.
"The company’s strategic focus will include enhancing its e-commerce and digital marketing efforts to better engage with customers and drive sales," Senco Gold said.
PN Gadgil Jewellers Limited (Purshottam Narayan Gadgil Jewellers), which went public in 2024, also scaled up ad spending in line with its business growth. Its advertising expenditure rose from Rs 42 crore in FY24 to Rs 78 crore in FY25--an 86% year-on-year rise.
"Our increased marketing spend supports enhanced visibility across traditional and digital platforms, drives high-impact campaigns, and strengthens customer engagement across both online and offline channels," says the company.
IPO-bound Reva Diamonds PNGS Jeweller identified WhatsApp marketing as a crucial tool in its social media marketing strategy. The company has also invested in digital ads broadcast on third party over-the-top (OTT) platforms and in movie theatres.
Reva, which has opened 15 new stores in recent years, said marketing and promotional costs related to these launches totalled Rs 35.4 crore. "The marketing and promotional expenses for each new store is around Rs 2.3 crore," the company stated.
