SURAT : GUJARAT : 29/06/2023 : (THIS PICTURES FOR SPOTLIGHT STORY OF MAHESH LANGA) Diamond staff at SRK Diamond Unit in Surat on Tuesday June 27, 2023. Photo : VIJAY SONEJI / The Hindu.
| Photo Credit: VIJAY SONEJI
Real natural diamonds appear to have emerged as favourites for the upcoming wedding season ranging from the final week of November until mid-December, in accordance with jewellers and commerce officers.
“Wedding jewellery purchases account for about 60% of diamond jewellery sales in India and across the world. 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 U.S. and China-Hong Kong,” mentioned Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) in an announcement.
He mentioned whereas actual diamonds have change into extra reasonably priced with a 25 to 30% discount in costs, gold costs have moved up 21% year-on-year as a result of geopolitical elements and this has gone in favour of diamonds.
According to jewellers although gold-loving customers are shopping for conventional gold jewellery there are extra diamonds and colored gem stones in the ornaments.
“Diamonds and the fashion world are interwoven. Indian millennials and GenZ are aware of international trends that are prevailing during the Thanksgiving season in the U.S. So they are opting for jewellery with fancy yellow or coloured diamonds; as well as fancy shapes such as pear, oval and round shapes,” mentioned Ajesh Mehta, Director, Dianco, wholesalers of tough & polished diamond and Dnavin, which is into wholesale licensed 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 comparable to Titan-Tanishq, Kalyan and Malabar are additionally fairly upbeat and their present promotional campaigns are all about celebrities and weddings.
Suvankar Sen, MD & CEO, Senco Gold & Diamonds mentioned, “We have seen a growth of 30% plus on natural diamond sales due to demand for wedding jewellery as well as gifting for the wedding season. Young generation is preferring natural diamond jewellery to reflect their powerful personality and versatility for the modern times.”
According to commerce officers diamond jewellery consumption has elevated 8 to fifteen% in the final 12 months throughout India.
A consumer-trend report launched by China’s largest jewellery retailer Chow Tai Fook (CTF) highlights that natural diamonds are thought-about a extra priceless buy than lab-grown diamonds (LGDs) by 74% of customers surveyed in each areas.
Consumers, significantly from the Tier 1 & 2 cities of the mainland, confirmed larger inclination to purchase natural diamond jewellery.
De Beers Forevermark, which sees near half of its gross sales coming from South India, is anticipating double-digit progress in gross sales during the festive to wedding season in end-2023, an official mentioned.
