2 days ago
Roll over gold, Indians now gemming to coloured stones
Kolkata: Young Indians are increasingly opting for
coloured gemstones
like tanzanite, paraiba tourmaline and morganite, for studded jewellery, in a craze driven by
Bollywood celebrities
, as gold nears ₹1 lakh per 10 grams and
natural diamonds
grow pricier.
India's coloured gemstone market revenue is estimated to have touched $825 million in FY2025 from $770 million in FY24 and $600 million in FY2020, according to Tehmasp Printer, managing director of International Gemological Institute (India), an international coloured gemstone certification agency.
"The market outlook remains bullish, with forecasts suggesting it could reach $1.9 billion by 2033, driven by an increase in demand. From FY2023 to FY2033, this represents a robust CAGR of around 10.5%," he said.
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Jewellers said the popularity of coloured gemstones picked up significantly last fiscal, driven by increased awareness.
"Social media posts by Bollywood celebrities in coloured gemstones are helping the industry a lot," said Alok Sonkhiya, president of the Jewellers Association Jaipur. "And also, the rising
gold prices
, to some extent, are fuelling the growth of
gemstone-studded jewellery
as the gold content is less."
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Studded jewellery is made in more affordable 18 and 14-carat gold, unlike plain gold jewellery, which needs 22-carat gold.
While traditional favourites like emerald and ruby are still in demand, there is a clear shift towards rare and
investment-grade gems
like padparadscha sapphires, tsavorites, and tanzanites, according to Ramit Kapur, managing director of Gemological Science International (GSI), a gemstone certification company.
Emotional and experiential value is taking precedence over pure price comparisons with diamonds, he said.
GSI has experienced an increase in the submission of coloured gemstones for certification. "The increase has been over 50% higher in FY25 than FY24, and it's not just the traditional big three - ruby, emerald, and sapphire," Kapur said.
Prices of a carat of these coloured gemstones vary widely from as low as ₹1,000 to ₹1 lakh and more, depending on quality and clarity.
Paraiba tourmaline, one of the most priced gemstones, costs as high as ₹5 lakh per carat.
Natural diamonds cost ₹2.5-3 lakh a carat.
Globally, too, the coloured gemstones market is also on an upward trajectory, projected to grow to $5.7 billion by 2035 from approximately $1.9 billion in 2025, exhibiting a CAGR of 11.3%.
The
gemstone industry
is witnessing a recovery in demand after suffering huge losses during the pandemic in 2020.
This shift in demand is driven by various factors including growing influence of social media, middle-class aspirations for a luxurious lifestyle, and rising living standards, explained a senior executive from Gem & Jewellery Export Promotion Council who requested not to be identified.
Coloured gemstones are largely imported from different parts of Africa and Brazil and are cut and polished in Jaipur. There are more than 10,000 cutting and polishing units in Jaipur, which employ more than 300,000 people.
