Natural diamonds are increasingly becoming an Indian’s best friend. India currently accounts for 11% of global diamond demand and surpassed China to become the second-largest market for natural diamonds.
Jewellers have registered double-digit growth in diamond jewellery sales and the ongoing wedding demand is only going to further diamond consumption in the country.
“The demand for solitaires this festive season shifted from volume to size, with customers opting for larger diamonds. We’ve seen a remarkable 35% increase in volume, driven by factors like lower diamond prices, a strong economy, and growing consumer confidence,” shares Ishu Datwani, founder of Anmol Jewellers in Mumbai.
“Buyers are willing to invest more in bigger stones, knowing that they are getting more value for their money compared to previous years. Generally, the most popular carat size is the 1 carat, but we are getting a demand for 5-carat plus diamonds as well,” adds Datwani.
“During the first half of this year, we’ve observed a substantial double-digit growth in natural diamond solitaire sales, with consumers particularly favouring pieces in the 40-60 pointer range,” informs Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers.
“While solitaires remain a strong preference, diamond bangles have also seen a notable rise in demand. In the wedding segment, average ticket sizes for bridal sets are around ₹15-20 lakhs, with 70% of buyers gravitating towards diamond sets featuring coloured stones, as is the current wedding trend,” adds Kalyanaraman.
Sparkling Gifts
There is a growing trend of buying diamonds as gifts for loved ones. At Anmol Jewellers, solitaire pendants and stud earrings, with average prices ranging from ₹50,000 to ₹1 lakh are strong gifting contenders.
The demand for diamonds is not only from women but men, too! “We’ve seen a surge in interest within the men’s category, especially for natural diamond solitaires and bracelets, underscoring the growing diversity in diamond jewellery preferences,” adds Kalyanaraman.
Men are experimenting with diamonds in their jewellery with typical carat sizes ranging from 0.25 to 0.5 carats with an average ticket size of ₹30,000, Datwani informs.
Vintage Diamonds
Indians are opening up to the idea of buying contemporary and vintage jewellery from auction houses such as Sotheby’s, Christies, Saffronart and AstaGuru. It is not only wealthy individuals who are buying important pieces from auctions as an investment, younger audiences are also turning to auction houses to buy unique and rare pieces of jewellery.
AstaGuru’s recently concluded auction ‘The Exceptionals’ held this October encompassed some stunning diamond and gem-studded jewellery, silver and timepieces.
Jay Sagar, Jewellery Expert at AstaGuru Auction House, believes that larger old-cut diamonds, such as Old European cut or Golconda diamonds, are ideal for investment due to their rarity. “One of the key advantages of purchasing from an auction is the thorough due diligence performed on each piece. One can purchase a beautiful pair of vintage earrings for as little as ₹2.5 to ₹3 lakhs ranging upwards into crores. In recent auctions, I’ve noticed that even smaller pieces of vintage jewellery are being sought after by both investors and collectors,” explains Sagar.