By Eshwar Surana,
Throughout history, diamonds have been a symbol of love, happiness and power and celebrate life’s special moments and no symbol has the same wonder, uniqueness and beauty as a natural diamond. As the economy grows at a fast clip, we are very optimistic about the ongoing festive season and beyond for the diamond and jewellery industry. Consumer sentiments have picked up in a big way and compared to the previous two seasons, big public celebrations are back and consumers’ mood has picked up and they are eager to celebrate. Given this upbeat atmosphere, consumer spending has naturally seen an increase as the industry steps out of the shadows of the pandemic. While the overall atmosphere has created a positive sentiment, there are other reasons why there has been a pick-up in demand for diamonds. Let us look at a few of them:
PENT-UP DEMAND FOR JEWELLERY
There is pent-up demand for jewellery and hence this festive season is seeing extremely strong consumption trends, accelerating the momentum of diamond jewellery purchase. There is huge demand for multiple designs and especially large-sized diamonds. With festivities in full swing, we see clear preference and demand for diamonds compared to other luxury goods among consumers. We see a sharp rise in consumer sentiment in the younger generation owing to their high disposable income, rapid mobility and higher standard of living, all made possible by robust economic growth.
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SYMBOL OF CELEBRATION AND AUSPICIOUS MOMENTS
Diamonds are presented to mark special occasions and celebrations of our lives. Be it marriage, gifting, marking a milestone like the first job, achieving great heights like running a company, etc., diamonds are a great option to present to everyone. A diamond is a remarkable symbol of celebrating long–cherished relationships and such celebratory moments are unique and have to be marked by a gift that is also unique and rare – undoubtedly the diamond. Marriage is one such occasion as we step into a bonding that is permanent and seek blessings to live a life that is happy and vibrant. Every moment’s value is heightened by the ubiquitous presence of diamonds.
JEWELLERY INTEGRAL PART OF INDIAN CULTURE
Culture is an important element in the lives of people and this is evident in increasing purchase of diamond jewellery. Jewellery has for a long time played an integral and significant role in Indian culture and each item of jewellery holds relevance and meaning in traditional customs, festivals and weddings. Traditionally, owning jewellery collections signifies power, standing, and immense prosperity of the family. Diamonds have sparked their way through to enhance the daily and festive ornaments on men and women alike making it one of the most preferred purchases. Additionally, owing to their inherent preciousness, diamonds are more sought after.
EXTENDED WEDDING SEASON
The wedding season this time has been a long one and people are eager to adorn themselves with the best of diamonds. Coinciding with the festivities, the wedding season has been extended and the younger generation has been liberal in spending on jewellery and diamonds in particular. The consumer climate is highly positive and is expected to go well into the new year. This season consumers have a keen sense of presenting themselves at their best as weddings having experienced dampness over the last two years. From bedazzling the Roka ceremony to wowing the reception, women can be seen wearing eye-catching diamonds.
SELF-PURCHASE ON A REMARKABLE RISE
Self-purchase is on a remarkable rise in India and women wish to buy their own jewellery to signify a special moment like a festival or celebrate a personal milestone. Diamonds have an emotional connect and mark that unique memory by holding time in place, yet being eternal. As more women are becoming financially independent, diamond purchases continue to rise. In recent times, we have seen changing consumer practices by women with more and more of them buying diamond jewellery for themselves. There has been a spike in demand for diamond jewellery also because it complements traditional, western, and Indo-western festive wear.
In conclusion, it can be said that the jewellery industry is witnessing tremendous demand and in recent times, there has been a shift in consumer buying patterns as they are now more inclined to purchase items that hold significance and play a role in their everyday life. The new age consumers are looking towards products that give expression to their individuality and personality in ways that are distinct and stately. Indian consumers are expressing strong demand for diamond jewellery as they seek out purchases with emotional meaning and enduring sentiment. We are optimistic that the diamond industry has a brighter and more exciting future than ever before.
(The author is Managing Director, Raj Diamonds. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)
