Our guest writer, Jay Sagar, Jewellery Expert at AstaGuru Auction House, reflects on how India’s diamond collectors are redefining their benchmarks. Beyond the four Cs, today’s connoisseurs value provenance, craftsmanship, and legacy. From antique cuts to heritage-rich pieces, the evolving market mirrors a shift where story and artistry shape enduring desirability.
As the Indian luxury market continues to grow exponentially, the criteria by which collectors evaluate diamonds have expanded far beyond the traditional four Cs: cut, colour, clarity, and carat. Increasingly, connoisseurs are seeking value in stories diamonds carry, the craftsmanship they embody, and the legacies they represent. This evolving lens reflects a deeper understanding of luxury, where heritage and narrative weigh as heavily as technical perfection.
One of the most significant shifts has been the growing importance of provenance. A diamond with a traceable history, whether linked to royal lineage, legendary mines, or celebrated collectors, commands a premium that rivals even the rarest stones. Globally, heritage-rich diamonds have outperformed their conventional counterparts, sometimes realising up to double their expected value.
In India, the allure of Golconda diamonds, mined centuries ago and famed for their Type IIa purity, has become symbolic of this fascination with legacy. The Princie Diamond, once belonging to the Nizams of Hyderabad, famously sold for a whopping $39 million in 2013, underlining the premium attached to provenance.
A pair of vintage Colombian emerald & diamond ear pendants realised Rs. 1,57,70,700. © AstaGuru
Alongside this emphasis on legacy, there has been a marked resurgence of interest in coloured and antique diamonds. Collectors are rediscovering the charm of old European and rose cuts, as well as vintage jewels that bear the imprint of bygone eras. Fancy colour diamonds, too, particularly those in unusual hues, are finding favour for their individuality and rarity.
At AstaGuru’s recent auctions, such trends have been unmistakable. The “Exceptionals” series, for example, presented rare old-cut diamonds that were hailed by specialists as both aesthetic treasures and prudent investments. Similarly, coloured gemstones, emeralds, Burmese rubies, and Basra pearls, featured prominently, reinforcing the appetite for jewellery with distinctive character.
Design and craftsmanship are also playing an increasingly critical role in determining what separates collector-worthy diamonds from conventional pieces. While flawless solitaires retain their appeal, it is often the unique, hand-crafted works, whether signed by houses such as Cartier or Van Cleef & Arpels, or created by Indian jewellers working with enamel and intricate gold settings, that capture the attention of serious buyers. Such jewels are not merely ornaments but enduring cultural artefacts, with their value underpinned as much by artistry as by intrinsic materials.
This change in perspective has been mirrored in India’s auction market. In recent years, AstaGuru has recorded remarkable growth in its jewellery sales, and the diamond pieces sold in these auctions have done exceptionally well. For instance, a beautiful vintage brooch featuring a beautifully crafted diamond set bow was sold for Rs.1,92,75,300 in AstaGuru’s last ‘Heirloom Collectibles’ auction held in May 2025.
A pair of vintage Colombian emerald and diamond ear pendants was acquired for Rs.1,57,70,700. Auction results also indicate the success of standalone diamond jewellery. In the same auction, a pair of exquisite diamond ear tops was sold for Rs.91,99,575.
Similar is the case with traditional pieces carrying heritage value. For instance, a traditional sarpech turban ornament with diamonds and emeralds realised Rs.42,05,520 in the May 2025 auction. In the December edition of the same auction, an important uncut diamond and spinel sarpech sold for Rs.1,02,03,348. An impressive diamond and emerald choker fetched Rs.2,51,16,300.
Many other standout lots in these AstaGuru sales were also heritage-rich pieces, such as antique gulubands (traditional chokers) set with diamonds, rubies, and pearls, which drew spirited bidding. The transparency of the auction process, complete with detailed condition reports and provenance notes, has further encouraged participation, especially from a younger generation of buyers who value both authenticity and investment potential.
For collectors today, the message is clear: true excellence in diamonds lies not only in brilliance and weight but in history, individuality, and craftsmanship. Provenance adds layers of meaning and ensures long-term desirability. Antique and coloured stones provide uniqueness that contemporary cuts often lack. Signed or historically crafted pieces elevate jewellery into the realm of art. And auctions are fast emerging as the most reliable platforms to acquire such treasures, offering access to carefully curated collections and the reassurance of documented authenticity.
As these benchmarks continue to evolve, Indian collectors, seasoned investors and curious first-time buyers alike, are embracing diamonds not simply as adornments, but as carriers of legacy and symbols of enduring value. In this transformation, the market itself is being reshaped, aligning India’s passion for diamonds with global trends that privilege story, rarity, and timeless craftsmanship over convention.
Jay Sagar, AstaGuru’s Jewellery Expert, joined the auction house in 2018 with over two decades of experience. A fourth-generation jeweller, he began his journey from the ground up and is now a partner in his family’s boutique business, which specialises in vintage jewellery and design. With expertise in appraising rare gems and estate pieces, Jay keeps abreast of global trends by attending leading international shows, including The Original Miami Beach Antique Show and The Las Vegas Antique Show.