The Timeless Journey of Jewellery in India: Why India is the Largest Consumer of Gold

 By Sri Mahaganapathi Jewellers

 Our Craft For Your Precious Stories

India’s bond with jewellery is not just about luxury—it's a deep-rooted tradition, a symbol of culture, prosperity, and identity. For centuries, gold has played a sacred and economic role in Indian society, making the country not just a connoisseur but also the largest consumer of gold globally.

In this article, we take you through the rich history of Indian jewellery and explore the reasons behind India’s gold obsession that continues to shape the jewellery industry even today.

A Glimpse into the Glorious Past

1. Ancient Beginnings – Indus Valley Civilization (circa 5000 years ago)

Jewellery in India dates back to the Indus Valley Civilization, where ornaments were made of shells, stones, and metals. Archaeological finds show that both men and women adorned themselves with bangles, earrings, necklaces, and anklets—highlighting that jewellery was a part of everyday life, not just luxury.

2. Influence of Dynasties and Regions

Over time, the evolution of jewellery reflected the art, craftsmanship, and lifestyle of various dynasties:

• Mughal Era: Introduced intricate designs and the use of precious gemstones.

• Chola and Pandya Dynasties: Promoted temple jewellery, still popular in South India.

• Rajputana Culture: Brought the famed Kundan and Meenakari art styles.

Each region in India developed distinct jewellery styles—a rich legacy passed through generations.

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Why is India the Largest Consumer of Gold?

1. Cultural Significance and Traditions

In India, gold is synonymous with auspiciousness and wealth. Weddings, festivals, childbirth, and even business ventures are marked by gifting or buying gold. More than 50% of annual gold consumption goes into wedding jewellery alone.

2. Economic and Investment Value

Gold is seen as a safe and reliable investment, especially in rural India where banking facilities may be limited. Families often convert savings into gold jewellery, making it both wearable and valuable.

3. Inheritance and Emotional Value

Jewellery in Indian households is often passed down through generations as heirlooms, holding not just monetary value, but memories and family heritage.

4. Religious Beliefs and Rituals

Gold is deeply embedded in Hindu rituals and temple traditions. Deities are often adorned with gold ornaments, and offerings of gold coins or chains are common in many households.

India’s Global Gold Footprint

India imports over 700-800 tonnes of gold annually, accounting for nearly 25% of global demand. With a thriving domestic market, diverse design preferences, and festivals like Akshaya Tritiya and Diwali, the demand remains strong year-round.

The Future of Jewellery in India

From traditional gold ornaments to contemporary diamond and gemstone designs, India’s jewellery industry is constantly evolving. With rising digital platforms, online stores, and smart savings schemes like SMJ Smart Savings, the modern Indian consumer is more empowered and informed.

Jewellery in India is more than adornment—it's a tradition, a form of expression, and an investment. As India continues to lead global gold consumption, the heritage and artistry of Indian jewellery only become more celebrated worldwide.