Zoya by Titan finds its space in India's developing luxury jewelry market | Mint

In India’s jewelry market, which was valued at about $ 90 billion in 2024, and expected to be $ 150 billion by 2033, traditional priorities such as weddings, status and investment were still dominated. Source (https://www.imarcgroup.com/india-jewelery-market) But there is a noticeable shift in consumer behavior: a growing number of women choose design-led, expression-oriented jewelry, a trend driven by rising income, urban feelings and digital exposure. Zoya, which was launched more than a decade ago but extended carefully, does not chase mass scale. Instead, it builds a brand for women who see jewelry as a form of inner expression more personal than performative. From gold weight to design weight “We always knew there was a white space,” says Ajoy Chawla, managing director of Titan, who previously led the jewelry department and oversaw Zoya’s early growth. ‘Most luxury jewelry in India comes from family jewelers or wedding wedding. Zoya consciously positioned itself above the traditional gold-dominated jewelry market. His stores look more like studiers than retail stores. Collections are built around narratives-from ancient stephomen to Greco-Roman motifs where design, not diamond size, carry the weight. Chawla notes that Zoya customers are ‘developed buyers’ who are regular in the forties or beyond, with independent taste, disposable income and no interest in traditional gift cycles. “It’s a woman who buys for herself,” he says. “Not necessarily because there is a party or wedding, but because she makes contact with the story that tells a piece.” Slow, steady, strategic Zoya does not try to repeat the scale of Tanishq. Its expansion was selective boutiques in Mumbai, Delhi, Bengaluru and a growing presence via tribal shows in cities such as Chennai and Hyderabad. Despite its niche status, the brand grows by 40-50% annually and is expected to become an income of 400 crore, according to internal estimates according to internal estimates. Almost half of its buyers are recurring customers, and although price points are high, the nuclear offer of the brand is not luxurious, but it is intentional. Zoya sells almost exclusively stuttered jewelry, and does not send traditional gold and bridal information. “The design premium is what drives value,” says Chawla. “And it comes from the fact that we are sharply distinguished from our other brands like Tanishq or Mia.” Titan’s design Turn Zoya’s rise also reflects a larger pivot at Titan. Once known mainly for watches and gold jewelry, the company is now increasingly designed. In addition to Zoya, Titan Mia cultivated for younger consumers and scaled Caratlane by Omnichannel plays. But it is Zoya that represents Titan’s most focused attempt to build a luxury identity for the global Indian woman. Chawla, who takes over as the managing director of Titan in 2026, considers Zoya’s track a signal for the future of the group. “Design is no longer decorative, it’s strategic,” he says. “Whether it’s in portable, jewelry or fashion, what we make should reflect what our consumers feel.” Under Ajoy Chawla’s leadership, Tanishq becomes the first Indian company honored at the Diamonds Do Good Awards 2025, which redefines luxury with purpose, dignity and impact. Zoya is more than a high margin vertical; This is a test case in how India’s developing consumer -like new models of luxury can form. It is not about ratification of celebrities or flash. There are no mass campaigns, no seasonal sales. Instead, Zoya bet on emotional connection. On pieces talking to individual milestones, career victories, solo holidays and personal re -inventions have. In a market where luxury has long been synonymous with legacy and lineage, Zoya offers something quieter. And for the women who buy it, that’s exactly the point.