Malabar Gold & Diamond featured on the esteemed global luxury goods list by Deloitte

Feb 2024 :
Reputable Indian jewellery retailers like Titan Company, Kalyan Jewellers, and Joyalukkas India have recently earned their spot on Deloitte's prestigious Global Powers of Luxury Goods rankings, alongside Malabar Gold & Diamonds, Senco Gold, and Thangamayil Jewellery. This development highlights India's growing prominence in the world's luxury sector.

According to a report by the consultancy firm, jewellery sales in India saw a notable 32.8% increase in 2022, which catapulted these shops onto the global scene. These Indian companies were ranked among the top 100 by Deloitte's rankings, which evaluate the sales of luxury items such as jewellery, designer apparel, accessories, and footwear. The rankings were based on the companies' consolidated revenues for the 12 months ending December 31, 2022.

The strong performance of these Indian jewellers is indicative of the rising demand, especially from middle-class consumers, which is being fueled by trends in urbanisation, demographic change, and economic expansion. The current trend in India's jewellery retail environment is the replacement of traditional gold shops with contemporary chains that provide high-end luxury goods.

Indian enterprises such as Malabar and Titan demonstrated remarkable recoveries in 2022, with significant sales growth rates of 35% and 36.5%, respectively, despite the hurdles given by the epidemic. Indian enterprises reported the third-lowest composite net profit margin of 6.0%, despite their impressive sales levels.

The luxury goods market saw a significant upturn on a global scale in 2022, with the top 100 companies bringing in a combined $347 billion in revenue—a significant rise over the previous year. Following a drop in 2021, the fashion industry saw the largest growth rate, with the jewellery and watch sectors also contributing significantly to the overall growth.

The fact that Indian jewellers are listed in the top 100 highlights India's standing as a major player in the world luxury industry, right alongside China and Switzerland. India has a growing middle class and rising discretionary expenditure, which makes it a key player in the global luxury retail market.

The demand for luxury products, especially jewellery, is being driven by India's economic, demographic, and urbanisation trends, according to Anand Ramanathan, Partner and Sector Leader for Consumer Products & Retail at Deloitte India. This highlights the global luxury goods industry's promising future and illustrates the growing trend of premiumization among customers.