Real natural diamonds seem to have emerged as the favourites for the upcoming wedding season, which starts in the last week of November and runs through to mid-December, according to jewellers and trade sources.
Wedding jewellery purchases account for about 60% of diamond jewellery sales in India and globally. Indian millennials and GenZ are very clear that mined diamonds are a true reflection of real and rare love, just like their counterparts in the US and China-Hong Kong,” Vipul Shah, chairman, Gem and Jewellery Export Promotion Council (GJEPC), said in a statement.
He said while real diamonds have become more affordable with a 25-30% reduction in prices, gold prices have risen 21% year-on-year due to geopolitical factors, which has worked in favour of diamonds.
Jewellers say that while gold-loving consumers are still buying traditional gold jewellery, there are more diamonds and coloured gemstones in the ornaments.
“Diamonds and the fashion world are intertwined. Indian millennials and GenZ are aware of the international trends that prevail during the Thanksgiving season in the US, so they opt for jewellery with fancy yellow or coloured diamonds; as well as fancy shapes like pear, oval and round shapes,” said Ajesh Mehta, director, Dianco, wholesalers of rough and polished diamonds and Dnavin, which deals in wholesale of certified diamonds.
“The big wedding season in the pandemic-free year will see a paradigm shift in terms of more trend-setting, alluring and appealing diamond jewellery,” he added.
Other jewellery retailers like Titan-Tanishq, Kalyan and Malabar are also quite optimistic and their current promotional campaigns are all about celebrities and weddings.
Suvankar Sen, MD & CEO, Senco Gold & Diamonds said, “We have seen a growth of over 30% in natural diamond sales due to demand for wedding jewellery as well as gifts for the wedding season. The young generation prefers natural diamond jewellery to reflect their strong personality and versatility for the modern times”.
According to trade sources, diamond jewellery consumption across India has increased by 8-15% in the last 12 months.
A consumer trend report released by China’s largest jewellery retailer, Chow Tai Fook (CTF), highlights that natural diamonds are considered a more valuable purchase than lab-grown diamonds (LGDs) by 74% of consumers surveyed in both regions.
Consumers, particularly those from Tier 1 & 2 cities on the mainland, were more likely to purchase natural diamond jewellery.
De Beers Forevermark, which derives almost half of its sales from South India, expects double-digit sales growth during the festive to wedding season in late 2023, an official said.
