Diamond jewellery: India a bright spot, expect 30-35% growth, says De Beers' Amit Pratihari
It's currently fashionable to wear lightweight diamond jewelry or jewelry suitable for everyday use.
India is the bright spot when compared to other worldwide diamond markets, with the business projecting a year-on-year rise of 30-35 percent, Amit Pratihari, vice president, De Beers Forevermark, has said.
Now that festival season has rolled into wedding season, everyone seems to be talking about diamonds and other precious metals. Demand for jewelry and precious metals typically rises in the two weeks leading up to Dhanteras and Diwali.
On October 27th, Pratihari gave an interview to Moneycontrol, where she discussed the diamond market, prices, consumer habits, and upcoming trends in jewelry.
Value and effectiveness
According to Pratihari, the price of diamonds has experienced a minor adjustment. The United States and China were the biggest markets for polished diamonds, while India stood out as a promising emerging market.
India's economic situation is excellent relative to the rest of the world. He went on to say, "Looking at the festive season, all the merchants, including us as a brand, are fairly bullish in the next coming month, expecting close to about close to 30 to 35 percent growth year on year.
Pratihari suggested diamonds as a long-term investment option.
He claimed that the covid epidemic raised interest in diamonds. A diamond is the most powerful representation of affection and passion. This category's consumption rose dramatically after Covid," Pratihari stated.
A wide consumer base
Not only in the major urban centers, but also in Tier 2 and 3 cities, diamond consumption was on the rise. The economic situation is improving. People in tier 2 and 3 cities have higher aspirations, and as a result, they desire to acquire more expensive items like diamond jewelry in addition to the more common gold jewelry.
The Latest Fads
Today, it's all about dainty, everyday jewelry that doesn't weigh you down. "There is a shift in the customer choice which increasingly prioritises self-care. This is a phenomenon all across the design world, not only jewelry, he noted, citing fashion, beauty, and even the technology sector.