The trend of affluent buyers moving away from traditional gold and diamonds towards coloured gemstones is becoming increasingly prominent in India. This shift has resulted in a remarkable 40 per cent increase in sales during the festive season, highlighting a growing preference for unique alternatives in the high-end jewellery market. Retailers are noting a significant rise in the sales of studded jewellery, which now comprises a larger portion of their overall offerings.

Among the most sought-after gemstones are rare Paraiba tourmalines, which are priced at approximately Rs 5 lakh per carat, alongside emeralds, spinels, tanzanites, and aquamarines. Kalyan Jewellers reported that jewellery featuring these stones accounted for nearly one-third of their sales in the second quarter of FY27. Ramesh Kalyanaraman, the executive director of Kalyan Jewellers, stated that the increasing demand for these gemstones is evident in their sales figures.

Consumers are reportedly drawn to these stones for their exclusivity and unique designs, seeking pieces that allow for personal expression and investment potential. Kalyan Jewellers has observed two notable trends in consumer preferences: one involves pairing coloured gemstones with natural diamonds, while the other focuses on showcasing the coloured gemstones as the main feature of the jewellery.

Emerging Trends in Consumer Preferences

The jewellery market is witnessing a diversification in consumer preferences, with coloured gemstones gaining popularity among buyers who desire distinctive pieces. The trend of using coloured gemstones as centrepieces in jewellery designs is particularly noticeable in major cities such as Delhi, Jaipur, Surat, Ahmedabad, Bengaluru, and Hyderabad. This growing interest reflects a shift towards more personalised jewellery that stands out through its design.

As the demand for premium coloured gemstones rises, so too do their prices. Paraiba tourmalines, known for their rarity, are commanding prices of around Rs 5 lakh per carat. High-net-worth individuals in Mumbai are leading the charge, with significant interest also coming from customers in Delhi and Southern India. Over the past two years, prices for certain rubies, emeralds, and sapphires have reportedly increased by three to four times.

Alok Sonkhiya, director of Valentine Group and former president of the Jewellers Association of Jaipur, noted that this price surge is driven by limited mining supplies, growing interest from international collectors, and a preference for untreated natural stones. Jaipur remains a key hub for cutting and polishing coloured gemstones, further solidifying its role in the market.

Distinctive Jewellery for Diverse Buyers

The evolving buyer profile is expanding the market beyond traditional bridal jewellery, with affluent women, high-net-worth individuals, and CXOs increasingly purchasing coloured gemstones for various occasions. Younger consumers with higher disposable incomes are also gravitating towards these unique stones, which offer both exclusivity and a distinct design statement.

Siddhartha Sacheti, creative director and CEO of Jaipur Gems, highlighted that while gold and diamonds have historically represented value, coloured gemstones introduce a personal dimension to fine jewellery. The individuality of each gemstone, with its unique colour and character, adds to their allure. The company is experiencing heightened interest in a variety of stones, including spinels, tourmalines, tanzanites, and sapphires.

Consumer spending on these gemstones is also on the rise, with demand for pieces starting from Rs 7 lakh. Accessible prêt pieces, such as rings and bracelets, are becoming popular for festive gifting, while bespoke high-jewellery items featuring rare stones are commanding multi-crore valuations. Renu Oberoi, founder and creative director of a luxury jewellery brand in Mumbai, confirmed this trend, indicating a robust market for high-quality gemstones.

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