| Company | Value | Change | %Change |
|---|
Milan Chokshi, Owner of Moksh, emphasises the need for more transparent disclosure at the point of sale and the importance of laboratory certification services to ensure consumers can make informed decisions.
With increasing media coverage surrounding the distinction between natural and lab-grown diamonds, Chokshi believes that third-party audits will become essential in maintaining consumer trust and confidence in the industry. This shift mirrors the success of hallmarking in gold, transforming consumer perception, and could play a similar role for diamonds and gemstones in the future.
The diamond industry, a cornerstone of luxury markets, has been navigating a complex landscape, with international slowdowns and shifting consumer preferences posing challenges and opportunities. However, India’s unique position as a growing market for diamonds and jewellery has spurred optimism among industry leaders.
Read Here | Govt working on scheme for mandatory hallmarking of silver jewellery
Darshit Hirani of Hirani Exports, which is known for dealing in rare colour diamonds, shared insights into the niche but thriving segment of coloured gems. “Colour diamonds are extremely rare, comprising less than 2% of all diamonds. While international markets have slowed, the domestic demand for coloured diamonds has surged year after year,” Hirani said.
He attributed this trend to changing consumption patterns driven by social media, where consumers seek unique and differentiated products. “India’s economic growth and evolving spending patterns have created a promising environment for this segment,” he added.
Kayvan Tasvala, Partner at Peacemoon Traders, echoed the sentiment, emphasising India’s potential as a key market for jewellery. He believes that India will be the central focus of the jewellery industry in the coming years.
While he does not foresee significant growth in international markets like China, he sees export potential in the Middle East. However, he views India as the most progressive and promising market for jewellery.
He further pointed out a shift in consumer preferences towards unique, designer pieces that stand out from traditional designs. Retailers, in turn, are focused on maintaining inventories that offer distinctive, one-of-a-kind items.
As a result, the strategy for this year will revolve around developing new designs and concepts to meet this growing demand for individuality in jewellery.
Also Read | Lab-grown diamonds offer better volume and margin growth prospects: International Gemmological
