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 individual expression of luxury, while also looking for pieces they consider worthy of investment. Kalyan Jewellers has identified two emerging patterns in consumer preferences. In one, coloured gemstones are paired with natural diamonds as accent stones. In the other, the coloured gemstone takes centre stage in the jewellery design. While the first approach has found wider acceptance across Indian markets, the second remains a niche segment that is gradually expanding, drawing buyers who want jewellery that reflects their individual tastes and stands apart through its design. Kalyanaraman said demand for the second category, where coloured gemstones take centre stage in jewellery designs, is especially noticeable in Delhi, Jaipur, Surat, Ahmedabad, Bengaluru and Hyderabad.
Higher prices for gemstones
The growing preference for premium coloured gemstones is also translating into higher prices. Paraiba tourmalines, among the rarest gemstones, sell for around Rs 5 lakh per carat in India. Demand for these stones is particularly strong among high-net-worth buyers in Mumbai, followed by customers in Delhi and South India. Prices of certain rubies, emeralds and sapphires have climbed three to four times in the past two years. Alok Sonkhiya, director of Valentine Group and former president of the Jewellers Association of Jaipur, said the increase has been driven by constrained mining supplies, rising interest from international collectors and a stronger preference for natural stones that have not undergone treatment. Jaipur is a major centre for cutting and polishing coloured gemstones. "This festive season, coloured gemstones have done very well, and sales have surged by 40%," he told the financial daily. High-quality sapphires that have not been heat-treated have recorded annual price increases of 15-20%. Meanwhile, rare Kashmir and Burmese stones continue to fetch record prices at international auctions. Scarce varieties, including Paraiba tourmalines and spinels, are also witnessing significant appreciation.
Buyers increasingly seek distinctive jewellery
The changing profile of buyers is expanding the market beyond conventional bridal jewellery. Affluent women, high-net-worth individuals (HNIs) and CXOs are increasingly purchasing coloured gemstones for festive wear, gifts and personal collections. Younger consumers with higher incomes are also gravitating towards stones that offer exclusivity and make a distinctive design statement.
"Gold and diamonds have traditionally represented value and permanence, but coloured gemstones bring a different dimension to fine jewellery, one that is deeply personal. No two gemstones are quite alike, and it is this individuality of colour, character and natural formation that makes them so fascinating," said Siddhartha Sacheti, creative director and CEO of Jaipur Gems. Apart from emeralds and rubies, the company is witnessing greater interest in spinels, tourmalines, tanzanites and sapphires in a broad range of colours, he said. The stronger demand is also evident in the amount consumers are willing to spend on these pieces. "Demand starts from 7 lakh onwards. Accessible prêt pieces such as rings and bracelets are driving festive gifting, while bespoke high-jewellery pieces command multi-crore valuations for rare, collector-grade stones," said Renu Oberoi, founder and creative director of Renu Oberoi, a fine and luxury jewellery brand based in Mumbai's Nariman Point.
