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Perspective:
Perspective
07 Jan 2026
15 minute read

Go for Gold: A winning playbook for the gems & jewellery industry

January 2026

The Indian jewellery industry stands at the crossroads of this global current and its own unique heritage. This report is born from the recognition that the traditional playbook – reliance on rising inventory value and generational loyalty – is insufficient for the corporate retailer of the future. It highlights a critical efficiency gap: while global peers achieve higher inventory turnover and superior margins, Indian retailers often face capital lock-in and lower EBITDA margins.

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Consumer and market trends

Decoding shifts in jewellery buying behaviour and evolving consumer trends

The report lays out a pragmatic operating model across five process towers, each linked to value outcomes and KPIs:
Merchandising and NPI

Assortment planning, forecasting, category mix, lifecycle governance, markdown logic.

Sourcing and supply chain

Rate booking, funding mix (e.g., GML vs internal accruals), vendor SLAs, secure logistics and inventory balancing.

Retail operations

Consultative selling, discount authority, vault controls, daily stock reconciliation, exchange valuation and customer order management.

Finance

Hedging/exposure monitoring and customer scheme management as working-capital levers.

Marketing

Campaign calendar alignment and loyalty/segmentation.

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Anand Ramanathan

Anand Ramanathan

Partner, Consumer Industry Leader, Deloitte South Asia
Praveen Govindu

Praveen Govindu

Partner, Deloitte India

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