Industry experts say there is a gradual shift in consumer preference towards diamonds, but that the south Indian market is still largely a gold market.
There is an increasing demand for diamond jewellery since the last three years, says S Sanathana Pai, managing director of 135-year-old A Geeri Pai Jewellers at nearby Broadway, a well known firm in Kerala, which showcases gold and diamond jewels.
Working women and IT professionals are not into heavy gold ornaments, which can be mostly worn only during weddings and cannot be used regularly, he said.
However, even now there are regular sales for traditional jewellery like Palakka and Nagapada, he said.
Kerala women used to wear heavy gold ornaments, but demand for 10 to 15 sovereign gold necklaces has come down and women now prefer lightweight jewellery in gold and diamonds,he said.
According to P P Sunny, CEO Sunny Diamonds, gold jewellery sales has gone down by 10-30% throughout the state, with interest in diamonds picking up from Kozhikode to Thiruvananthapuram.
New designs and patterns are being created every day and new trends are being launched every quarter to woo customers, he said.
Sunny Diamonds has manufacturing units at Kochi and Bangalore.
Diamonds, which were earlier thought to be beyond the common mans reach, are now available in an amazing price range from Rs 1000 to Rs 3 crore. A diamond necklace and a pair of earrings can be purchased for Rs 1 lakh.
The 100 % buy back scheme for diamond jewels is also drawing customers. People are now willing to offer even upto Rs 10 lakh for diamond jewels, Sunny said.