Yogesh Bulchandani, CEO of Diamantina Fine Jewels, talks about the growing demand for higher quality jewels.
Diamantina Fine Jewels harnessed the loose diamond expertise of Bulchi International and the deft jewellery retail and manufacturing capabilities of Lalchand Jewellers to create a luxury jewellery brand known for using high quality gemstones.
Founded in 2010, the brand’s flagship store in Bandra is housed in a vintage bungalow and sparkles with diamond and polki jewellery that is worn by high-net-worth individuals around the globe. Bollywood celebrities also turn to the brand for dressing up for social events. Diamantina’s jewellery can often be spotted on the likes of Deepika Padukone, Sonam Kapoor, Madhuri Dixit and next-gen actors like Ananya Panday.
Yogesh Bulchandani tracks trend directions for the current year.
Which gemstones are trending at the moment?
Consumers want to experiment with coloured gemstones while looking at jewellery in the Rs.2 lakh to Rs.5 lakh bracket. This is more for daily wear and smaller celebrations such as for birthdays. The jewellery could be set with tourmalines, topaz and other coloured gemstones.
We also have fun, trendy jewellery under Carat Crush, our sub-brand for daily-wear diamonds. Even our polki jewellery collection is colourful and modern.
As one goes higher up in the price and quality chart, the readiness to experiment is lower. For jewellery above Rs.5 lakh, consumers opt for classics such as rubies, emeralds and sapphires. They want more value-based gemstones for bigger occasions such as weddings or an important milestone.
How has the pandemic impacted your business?
For the first three months of the lockdown in 2020, we did not do any business but as restrictions eased, we did well, to our surprise. We cater to high-net-worth clients who were not hit badly by the pandemic. They were spending more on jewellery and that kept us busy.
While the wedding celebrations became more intimate, the budget for jewellery was extended by 20-30 per cent. Our clients wanted better quality gemstones. In fact, the demand for solitaires was higher than pre-pandemic levels.
People have realised that diamonds have store of value. Instead of buying other lifestyle goods that are short-lived and tend to depreciate, they want something that will retain value over time.
Fancy coloured diamonds, on the other hand, have a very niche market in India.
Brides are not opting for large-sets but value-based purchases. The pieces maybe more minimal but they want for better quality stones.
How do you foresee business for 2021/2022?
I think for the next one and a half years, people will continue to have intimate weddings and the current trend will continue. In the long run, once the pandemic has run its course, big weddings will be back and people will go back to buying bigger jewellery sets.