The sustained surge in gold prices is reshaping consumer preferences in India's jewellery market, creating a significant opportunity for jewellers in Jaipur. Long celebrated as the nation's design and gemstone capital, Jaipur is witnessing a notable shift as buyers increasingly turn to coloured stone jewellery, a trend highlighted at the recently inaugurated Jaipur Jewellery Show.
High Gold Costs Drive a Strategic Shift
Industry experts point to the relentless rise in gold prices as the primary catalyst for this change. As the cost of the yellow metal climbs, both consumers and jewellers are finding value in designs that incorporate precious and semi-precious stones, which allow for larger, more ornate pieces without a correspondingly steep price tag. Rajesh Kalyanaraman, Promoter of Kalyan Jewellers, explained that coloured stones are now seen as a smart value proposition, enabling the creation of visually striking jewellery where the metal content is reduced.
From Niche Export to Mainstream Domestic Darling
This trend marks a pivotal evolution for Jaipur's famed industry. For years, the coloured stone segment was largely export-oriented. However, there is a growing consensus that the market is expanding rapidly within India itself. Rajiv Jain, Honourary Secretary of the Jaipur Jewellery Show (JJS), noted that domestic buyers, who traditionally favoured pure gold ornaments, are now embracing gemstone jewellery. He emphasized that if this trend solidifies nationally, it would unlock a substantial opportunity for Jaipur's artisans and businesses.
The appeal of gemstone jewellery is particularly strong for weddings, festive occasions, and statement wear, where grand design and scale are as important as intrinsic material value. The influence of celebrity weddings, film styling, and social media is fuelling this demand across various segments, from bridal chokers and layered necklaces to cocktail rings and contemporary fashion pieces. Kalyanaraman confirmed that demand has now moved beyond niche buyers into the mainstream.
Building Trust for Future Growth
As the market grows, the issue of consumer confidence takes centre stage. Pritesh Patel, President and CEO of the Gemological Institute of America, stressed that robust testing infrastructure is critical for the sector's health. Taking this a step further, Rajesh Kalyanaraman proposed that the industry consider adopting a buyback policy. He argued that providing re-purchase assurance and a guaranteed resale value for gemstones could potentially multiply sales threefold, offering a powerful incentive for new customers to enter the market.
The ongoing Jaipur Jewellery Show, which began on Friday, serves as a key barometer for these shifting trends. Despite challenging global trade conditions, the shift in consumer taste, both in India and overseas, is currently working in favour of Jaipur's unique strengths in design and gemstone craftsmanship.
