Changing trends in gems and jewellery among luxury consumers in India

Since the beginning of time, jewellery has always symbolised much more than mere adornment. From traditional religious customs to a symbol of love, power, achievement it continues to take shape in different incarnations and distinctive designer’s collections, empowering the industry in newer ways. Made to be worn and cherished for years to come, a diamond gift is weighted in meaning and forever represents the special moment or occasion it represents. No symbol has the same wonder, uniqueness and beauty as a natural diamond.

The Indian Gems and Jewellery Market is witnessing an exponential growth on the back of increasing disposable income among the Indian population. The growing middle-class population, rapid urbanization and consumer preference towards investment in gems and jewellery have further accelerated the growth of the diamond industry. The retail landscape of the Indian gem and jewellery market too has evolved over the years to keep up with the pace of the changing demands of the consumers.

The changing preferences of consumers

Consumers are now drawn to making quality purchases that are real, valuable, long-lasting, and defines a deep meaning. This is the outcome of the realization of the importance of fewer, but better things. Growing urbanization, innovative and customised product launches, and the technological advancements in product development are further corroborating the growth of the Indian gems and jewelry market in the future. 

The new-age customer

In the coming years, growth in the gems and jewellery sector would largely be seen in the development of large retailers/brands. Established brands are guiding the market with more opportunities while increasing their presence both online and offline. In the digital age where data is available at your fingertips – browsing through the internet and experiential luxury shopping has made today’s customers more focused and demanding in options of purchases, compared to their predecessors. Customers also prefer personalising jewellery which emphasizes one’s individuality. Interestingly, India has a young, aspirational population that likes diamonds. Our research shows that 56% of diamond purchase in the country is contributed by those from the age group of 18-35 years.

Responsible Luxury- an assurance of authenticity

Today, luxury is about being ethical and conscious towards the environment, people and their sentiments. The new-gen consumers look to buy brands that make a positive socio-economic and environmental impact. Also, while making a choice of purchase, especially when it’s highly meaningful luxury purchases such as diamond solitaires, consumers prefer natural diamonds produced in a socially and environmentally responsible way. As per our recent research, 93% of Indians prefer natural diamond sourced ethically and are willing to pay a premium for sustainability. 

Emotional bond 

Despite the changing trends in the jewellery industry, one aspect that has remained constant is the emotional bond associated with diamonds. The joy of acquiring, receiving or gifting this precious gem is beyond comparison. Diamonds evoke memories of special moments, achievements, celebrations, joy, and lasting bonds. Apart from the brilliance and rarity of the gem, diamonds also have a unique quality to always remind the wearer of what they’ve achieved and how far they’ve come with their loved ones. No other luxury purchase can strike such a strong emotional chord.

The ongoing festive season, the decline of uncertainty due to the pandemic has made a marked difference in the mind-set of luxury consumers and the future looks bright and shinning for the gems and jewellery business in India.

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