High-net-worth individuals, corporate executives, and younger consumers across India are driving an unprecedented shift in luxury jewellery spending. Limited mining supplies and strong collector interest have fueled rapid price appreciation for rare, untreated mineral specimens. This surging appetite has prompted major retail chains to allocate a significantly larger share of their inventories to studded designs. For instance, studded jewellery featuring diamonds and coloured stones reached 31% of total sales at Kalyan Jewellers during the second quarter of FY27.
Key points
Affluent Indian consumers are actively diversifying away from conventional gold into high…: Affluent Indian consumers are actively diversifying away from conventional gold into high-value coloured gemstones.
Retailers in major metropolitan hubs are seeing substantial demand for standalone gemston…: Retailers in major metropolitan hubs are seeing substantial demand for standalone gemstone pieces starting at Rs 7 lakh.
Gemstone acquisitions are expanding rapidly beyond standard bridal jewellery into persona…: Gemstone acquisitions are expanding rapidly beyond standard bridal jewellery into personal collections, gifting, and festive wear.
Sources checked by our analysis pipeline: 1
Looking beyond gold and diamonds, affluent buyers are in the market for coloured gemstones which are becoming an important growth segment for India’s high-end jewellery market.
Sales have risen 40% during the festive season as wealthy buyers show greater interest in alternatives to conventional gold and diamond jewellery.
The shift is evident in the increasing share of studded jewellery in the sales of organised retailers.
Rare Paraiba tourmalines, emeralds and more
The demand ranges from rare Paraiba tourmalines priced at around Rs 5 lakh per carat to emeralds, spinels, tanzanites and aquamarines.
At Kalyan Jewellers, such jewellery contributed slightly less than one-third of sales in the second quarter of FY27, which recently concluded, reflecting stronger demand for pieces featuring diamonds and coloured gemstones.
“Gemstones are moving from the margins to the centre of the jewellery conversation, and we are seeing this reflected in our numbers, with studded jewellery contributing 31% of our sales in the recently concluded quarter,” Ramesh Kalyanaraman, executive director, Kalyan Jewellers told ET.
Jewellers say these stones are attracting customers seeking exclusivity, distinctive designs and a more…
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