The interest in coloured diamonds stems partly from their exclusivity and partly their high value. “HNIs (high-networth individuals) are investing in these diamonds as the return on them is very high. Yellow diamond jewellery with pink diamond rings is huge this year,” said Darshit Hirani, director, Hirani Diamonds
“The uber-rich already have 20 or 30 carats of white diamonds and want to expand their holdings,” said Gajera, proprietor of Laxmi Diamonds Private Ltd. So, progressing to a large yellow or a 6or 7-carat pink stone makes sense.
Indians are buying yellow diamonds as these are relatively affordable and easily available, said Vipul Shah, chairman, Gems and Jewellery Export Promotion Council. At the same time, “the influence of travel and social media has sparked a growing interest in rarer blue and pink diamonds”.
A Bumper Season
Confederation of All India Traders (CAIT) estimates there will be 35 lakh weddings this winter, bringing in business worth Rs 4.25 lakh crore – a 25% increase from 2022. India is also projected to overtake China as the second largest diamond retail market behind the US.
“Domestic consumption from India was 8%-9% till last year. It is 12%-15% this year. India has moved up from fourth to second place,” said Gajera, adding, the 30%-40% correction in diamond rates is driving diamond jewellery buying. “Compared with the wedding season last year, there is a 15% rise in sales value-wise, and more than 30% when it comes to carat sales,’’ he said.
Meanwhile, with gold rates at a lifetime high, Indians are recycling their old gold ornaments and selling gold biscuits to
jewellers. “As soon as a child is born, Indian mothers start accumulating gold. Those ornaments and biscuits are now coming handy,” said Sudeep Sethi, partner, Zevar by Sethis.
Long Shelf Life
Amid this diamond craze, brides are ditching traditional pearl drop pieces and teaming western chokers with their gowns or blouses. Chokers, flexible bracelets and dual-use jewellery that is clipped together in pieces and can be broken down into bold ear studs and bracelets are on their shopping list.
“Chokers have an extra attachment that can be opened and used as bracelets and bold studs. Brides realise their large diamond pieces can be put to good use for multiple occasions beyond their wedding cocktail party,” said Sethi.
