Approximately 86 percent of people in India consider gold and jewelry a good means of wealth creation. This number is almost equal to market-linked investment options like mutual funds and stocks, which are preferred by 87 percent. This clearly demonstrates the importance of jewelry, a Deloitte India report released on Wednesday.

According to the Deloitte India report, India's jewelry market is rapidly changing. People no longer associate jewelry solely with weddings or traditions, but also consider it a part of their identity, lifestyle, and everyday attire. The report states that 56 percent of people view jewelry as both an investment and a fashion item. Meanwhile, 28 percent purchase jewelry solely for investment purposes. This indicates that the role of jewelry is no longer limited to savings.

According to the report, men and people over 45 years of age are more likely to purchase jewelry as an investment. Meanwhile, millennials prioritize style, customizable designs, and the convenience of wearing them in various ways. According to the report, the general public and younger generations are increasingly opting for lightweight, everyday jewelry. Silver jewelry is preferred by 51 percent of millennials, while platinum jewelry is preferred by 34 percent. Approximately 49 percent prefer lightweight, understated jewelry over heavy, ornate jewelry.

The report also states that 45 percent of millennials and younger generations prefer silver jewelry, citing its good design, low price, and ease of purchase. Silver is now being chosen alongside gold for everyday use. According to Deloitte India, previously, approximately 70 percent of jewelry in India was purchased for weddings, but this equation is changing. Young people purchase jewelry for birthdays and anniversaries (38 percent), everyday and office wear (32 percent), and career-related achievements such as promotions and academic achievements.

The report further states that 49 percent of people prefer jewelry such as rings, chains, and earrings for personal and non-religious occasions, over traditional heavy jewelry. Although the influence of online platforms is increasing, people still consider in-store purchases more reliable when it comes to jewelry. According to the report, for the growth of the jewelry industry in the future, focusing on better operations, proper planning, and trust will be the most important.