Young, rich Indians have started a gem of a trend as demand for rubies, sapphires grow

NEW DELHI: Maybe a diamond is forever, and gold never loses its sheen — but for now, and for many young, rich Indians, rubies, sapphires, emeralds and aquamarines will do just fine. Demand for precious, pricey stones and jewellery made from them is increasing in India, whether for wedding rings or as high fashion accessories.Data from Gem & Jewellery Export Promotion Council, a trade body supported by the ministry of commerce and industry, shows imports of rough gemstones grew to $906 million in 2017-18 from $106 million in 2008-09. These imports include precious and semi-precious gemstones.In the April-August 2019, coloured gemstone imports went up 150%. Rough diamond imports are much larger by value but its imports fell 22.9% in the same period.Gems are usually imported into India from countries such as Sri Lanka, Myanmar, the US and Australia. They are polished and made into jewellery then.71947735 Young Indians prefer gems for a variety of reasons — from aesthetic to concerns about their mining process.Bengaluru-based Ankita Sharma, 31, did not want diamonds on her wedding ring. The way diamonds are mined was one of the main reasons she and her fiancée settled on a blue sapphire ring, she said.Celebrities around the world, including the British royalty, have also opted for gemstones.Global brands like Tiffany and Cartier have ultra high-priced pieces created out of emeralds, rubies and sapphires.Lot of Global Work Done in JaipurJewellers said some stones that have been part of the Indian heritage are also gaining popularity. Yash Agarwal, creative director of Jaipur-based Birdhichand Ghanshyamdas, said the company has seen customers wanting alternatives to all-white and all-yellow jewellery. “Adding a pop of colour adds a lot of interest to the piece... whether the stones are rubies, sapphires or emerald,” Agarwal said.Hyderabad-based jewellery brand Kishandas & Co’s CEO Pratiksha Prashant said rubies and emeralds have had a strong presence in traditional Indian jewellery, especially in the south.In north India, gold dominates the wedding jewellery market but a range of customers are now looking to pay top price for what the traders call coloured pieces.Representatives of Tanishq and Zoya, Tata Group’s two jewellery brands, said that precious gems account for 10-15% of their sales. According to company’s data, urban buyers are experimenting much more with such jewellery.Jaipur, the manufacturing capital of gem jewellery in India, does a lot of global work. “The best gems are brought to India from Myanmar, Thailand, South American and African countries. We cut and polish them here. Even companies like Cartier and Bvlgari have come here for the level of karigiri or workmanship,” said Amrapali founder Rajiv Arora. Like in the case of diamonds, a big chunk of the world’s gems are cut in India Top class gems are the most expensive — ranging from a few lakhs to crores. The excellent quality stones can often be as expensive, if not more pricey, than the most sought-after diamonds, said jewellers. Mid-market gem-based jewellery starts from around Rs 30,000-40,000, and top-of-the-range pieces are priced at crores. Most jewellers disclose their prices only to customers willing to place an order.

from Economic Times https://ift.tt/33rwZmy