Kolkata’s top diamond jewellery retailers report how the East Indian market is experiencing a renewed demand for natural diamonds, especially in the segment of oversized diamonds, like 1-ct and 2-carat natural diamonds. The eternal sparkling gemstones continue to hold unparalleled value, rarity, and timeless appeal, which resonates deeply with consumers who perceive them as both a symbol of luxury and an investment in legacy.
In 1971, when Welsh singer Shirley Bassey crooned “Diamonds are Forever” as the title song to a James Bond film by the same name, little did she know that in the next century certain conditions would apply. We are smack in the middle of the festive season, and multiple jewellery labels in Kolkata and other eastern states of India are witnessing an uptick in the sales of natural diamonds, among their HNI and UHNI clients spread across India.
The De Beers Diamond Insight Report 2023 reveals that demand for natural diamond jewellery in India surged by 20% in 2021, with a further increase of 15% in 2022.
Amit Pratihari, Managing Director, De Beers India, said, “The people of Eastern India are known for their penchant for fine arts, aesthetics and creativity. Discerning customers in the East have a compelling ‘love affair’ with natural diamonds since generations. As per the findings of the Diamond Insight report, women desire natural diamond jewellery as gifts to symbolize their relationships or to celebrate themselves. Natural diamond engagement rings with classic contemporary and iconic designs are in vogue this season. We have seen consumers buy diamond jewellery pieces that hold value and have meaning during the recently concluded festive season.”
Jewellery with small or oversized (1-ct to 2-ct) diamonds showcased in asymmetric designs highlighted in elegant earrings, pendants, and rings with clean lines and simplicity, were sought after emphasising the diamond’s brilliance and luxury appeal.
Suvankar Sen, CEO, Senco Gold and Diamonds, comments, “Current design trends for oversized 1 and 2 carat diamonds include solitaire and minimalist designs, halo and cluster settings, vintage and Art Deco inspirations, and modern twists. Popular styles feature classic solitaires, hidden-halo settings, tapered baguette-cut diamonds, mixed-metal designs, and statement pieces with bold geometric settings. Key settings include four-prong, six-prong, bezel, half-bezel, cathedral, and trellis designs.”
“Natural diamonds dominate the market for their authenticity and aspirational value,” says Siddharthaa Sawansukha, Managing Director of Sawansukha Jewellers. He states that diamonds from 30 pointers upwards, up to 2 carats and more are favoured. He continues, “Many industry experts thought that the introduction of lab-grown diamonds (LGDs) would create a drawback for the natural diamond market. It is certainly not because the characteristics of LGDs are inherently different, and they are not a replacement for an heirloom.”
Vinay Bamalwa, the Director of Salt Lake’s Nemichand Bamalwa Jewellers says prices of LGDs have plummeted by almost 80-90% in the last 4-5 years but retail margins have not shrunk proportionately. “Those buying for themselves or for their near-and-dear ones continue to prefer natural diamonds,” he adds.
Large carat diamonds (from 30 to 90 pointers) are being incorporated into minimalist, yet bold designs that allow the stone to take centre stage. Solitaire rings, high-neckline necklaces, and cocktail rings are in vogue, with a focus on timeless elegance and understated luxury. Consumers are drawn to designs that highlight the natural brilliance and purity of the diamond itself, adds Anand Kulthia, Chairman, Kulthiaa Jewel.
“Our Gen Z clientele are experimenting with adventurous designs,” Bamalwa says. “And solitaire rings and diamond studs are still a staple in classic designs.”
The larger diamonds glitter and are noticeable. The fashion industry has adored oversized diamonds, as has the film industry. Since people are following the trends as they are influential entities, Sawansukha says, “Whether it is an oversized choker or a 2 or 3 carat solitaire pendant, diamonds never go out of style. Oversized hoops, chandelier styles, and geometric shapes, all adorned with sparkling diamonds create maximum impact. People look for statement pieces and oversized diamonds indeed create a statement look.”
“Consumers are increasingly opting for natural diamonds when it comes to marking significant milestones or for investment purposes. Natural diamonds carry a unique historical and geological story that simply cannot be replicated, making them irreplaceable when it comes to value and sentiment,” Kulthia concludes.