New Delhi: The gemstone and jewellery sector is witnessing a resurgence in demand now, after taking huge damage during the pandemic in 2020.
There are a variety of reasons why coloured gemstones are always in demand. There are numerous explanations for this, which vary from person to person and even location to location, ranging from their spectacular and sumptuous appearance to their Vedic and astrological properties.
Pawan Gupta, Director, P.P. Jewellers and Rohan Sharma, Managing Director, RK Jewellers shares six differences in the demand of coloured gemstones in India vs overseas:
Middle class vs. Upper class: Overseas countries with a large upper-class population have long been recognised as prospective markets. However, in the previous few decades, demand for coloured gemstones has increased in emerging countries, with the majority of medium and low-income countries seeing an increase.
Many reasons are contributing to the shift in demand for coloured gemstones in nations like India. Social media impact, rising middle-class desires for a luxurious lifestyle, and an ever-improving standard of living are among these reasons.
History & Culture: It's more about tradition and legacy in India, which has been passed down from generation to generation. Jewellery has traditionally been regarded as a secure asset, particularly among women. Gold, gems, and silver jewellery were once referred to as "StreeDhan," which meant "a woman's possession." This tradition of giving jewellery to daughters in marriage is still practised in many families today; however, today's girls are more aware of and active participants in choosing the right jewellery for them, and the majority of modern brides prefer coloured gemstones with the same, if not greater, value but trending appearances over traditional Gold and Silver jewellery.
Cultural differences: Some of the key reasons for considering gemstone jewellery in overseas countries include their strong financial potential or their sumptuous appeal. While in India, the bulk of the public still believes that coloured gemstones have Vedic powers that may help them align their chakras and stars.
Trends& fashion: India is still a developing country, and not everyone is up to date on the current fashion trends, especially when it comes to luxury jewellery. Apart from monarchy, the majority of Indians feel that gold and silver jewellery is still seen as a precious accessory or something that is worn in marriages and festivals as a symbol of wealth and prosperity.
However, as times have changed and enhanced mass communication methods such as social media channels, digital photography, and influencer trends have emerged, the world has shrunk in size. People are more aware of all the newest trends and fashion throughout the world because the internet connects the entire planet. It's as if the entire fashion industry is in sync today. As a result, while coloured gemstone jewellery is currently popular among Hollywood celebrities, coloured gemstone jewellery is also popular in India.
Young Demography: Young generations nowadays prefer gemstones for a variety of reasons, ranging from following the newest trends and aesthetic reasons to being conscious of the mining process and other issues related to it. India has one of the world's youngest populations, which is beneficial for a variety of reasons, but it also explains why the demand for coloured gemstones in India differs from that of other countries.
Brides preferences: Weddings have a significant part in the global demand for the purchasing of jewellery. In India, a bride's traditional wedding gown is a colourful or brightly coloured lehnga or saree that looks stunning with heavy gold or coloured stone jewellery. In contrast, a bride's attire for an international wedding is typically a white gown with a light and beautiful diamond necklace that looks stunning.