This type of jewellery offers a middle ground between traditional heirloom gold pieces and fast-fashion accessories, by using sterling silver, gold-plating and semi-precious stones instead of solid gold or platinum and precious stones. Prices generally range from ₹6,000 to 1 lakh in most categories such as earrings, rings, and necklaces.
Omnichannel jewellery retailer BlueStone’s successful listing in August, which delivered multibagger returns for its early backers such as Accel and Saama Capital, has further bolstered investor sentiment, prompting venture capitalists to scout for the next set of winners in fashion jewellery.
The category’s appeal is its affordability and utility. Consumers have shifted spends from premium store-of-value jewellery to jewellery-as-fashion, which has been the key driver for growth in demand for jewellery, according to Madhur Singhal, managing partner (consumer and retail) at consulting firm Praxis Global Alliance.
“Demi-fine enables premium looks with the glitter of precious metals, allowing consumers to wear fresh pieces every day without breaking the bank,” Singhal said. He added that the huge interest in BlueStone’s listing showed that consumers have accepted the category, and that investors now believe demi-fine jewellery is a sustainable business proposition that can be scaled.
The global demi-fine jewellery market was estimated at $2.4 billion in 2024 and is projected to touch $4.6 billion by 2030, growing at a compound annual rate of 11.6% from 2025 to 2030, according to estimates by market research firm Grand View Research. India’s share in this was $238.6 million in 2024, and is expected to hit $460.6 million by 2030, growing at a compound annual rate of 12.1%.
For context, the global jewellery market size was estimated at $366.79 billion in 2024 and is projected to touch $578.45 billion by 2033, growing at a compound annual rate of 5.3% from 2025 to 2033. India’s overall jewellery market was worth around $86 billion in early 2025, according to the India Brand Equity Foundation.
Gold prices hit a record high less than two weeks ago, touching ₹1,26,900 per 10 gm on 14 October before they started to fall. On 29 October, gold opened flat on the multi commodity exchange at ₹1,19,647 per 10 grams, against its previous close of ₹1,19,646. Silver opened higher at ₹1,44,761 per kilo as compared to its previous close of ₹1,44,342.
Half more
At least a dozen startups in the space have gained momentum over the past five years, having raised a total of $1.1 billion since 2020, data from Venture Intelligence showed. They raised close to $184 million in 2024, and $100 million in the first nine months of 2025.
The growing interest also gives brands a unique opportunity to shine, said Singhal of Praxis. “The brand is rarely apparent to consumers when they wear jewellery, but this is an opportunity to create brand recognition in the way that international premium brands such as Bulgari have done,” he added.
Palmonas, India’s biggest demi-fine jewellery making startup, backed by actor Shraddha Kapoor, raised ₹55 crore in a Series A funding round led by Vertex Ventures SEAI in August. The Pune firm is now in talks to secure additional funds from existing backers who are keen to double down on their investments, two sources close to the company said. The round is expected to be closed in the next six weeks, they added.
Palmonas’s co-founder and chief executive Pallavi Mohadikar confirmed the fundraise in response to Mint’s queries. “In the past few years, Indians are increasingly seeing jewellery having consumption value alongside store or investment value. This year’s Diwali validated this shift – our sales grew 10-fold over last year’s. Our investors are excited about how the demi-fine segment is picking up,” Mohadikar said.
Meanwhile, Anushka Sharma-backed Giva raised ₹530 crore in a Series C round led by growth-stage investment firm Creagis in June, and Aukera Jewellery bagged $15 million from Peak XV Partners and Fireside Ventures the same month.
Industry giants Kalyan Jewellers and Tanishq are also looking to cash in by introducing sub-brands to capture the high-volume market. Mia by Tanishq, the company’s modern, everyday jewellery brand, saw sales grow by 75% in the first six months of FY25, and expects a turnover of ₹2,000 crore by the end of the financial year.
Kalyan Jewellers’ digital-first fine jewellery brand Candere, which it fully acquired in July 2024, saw the vertical’s revenue surge 127% in the September quarter, thanks to a significant jump in showroom footfall, online traffic, and overall revenue momentum. Private equity firm Warburg Pincus is reportedly eyeing a 10% stake in Candere for ₹800-850 crore, The Economic Times reported last month.
Offline sales
According to a recent FICCI-Deloitte report, while 73% of consumers begin their product discovery journey online, even for tactile categories such as jewellery, 53% still seal the deal offline.
Lucira, a jewellery brand that sells accessories and lab-grown diamonds, recently opened its first offline store in Mumbai after noticing that online shoppers were abandoning their carts in search of variety, founder Rupesh Jain said.
“Building an online-first jewellery brand is challenging because consumers want to evaluate a wide range of designs and price points before buying. Even though these items are cheaper than precious jewels, they have immense value for buyers,” added Jain, who was founder and chief executive of Candere until it was acquired by Kalyan Jewellers June 2024.
Lucira raised $5.5 million in its maiden funding round from Blume Venture Partners and Spring Marketing Capital in September, and plans to open as many as 26 stores in the next two years.
Palmonas’s Mohadikar also said he believes offline stores help increase repeat purchase rates in this category, while fluid return and exchange policies instill trust in a market where prices are volatile. More than 30% of its customers make repeat purchases, he said, because of the convenience of its 30 exclusive brand outlets. It plans to increase this to 70 stores by March 2026.
