JB Insights
Consumers seeking jewellery that blends tradition with modernity, self-expression, and craftsmanship
The festive season in India is a critical period for the jewellery industry, driven by cultural traditions, gifting rituals, and consumer sentiment. Diwali, followed by the wedding season, inspires purchases that are both emotional and investment-oriented. Despite high gold prices, consumer confidence is on the rise, with buyers seeking jewellery that blends tradition with modernity, self-expression, and craftsmanship. Across the spectrum—from gold and platinum to diamonds, both natural and lab-grown—retailers report strong demand for designs that are meaningful, versatile, and contemporary, reflecting evolving tastes across generations. The following quotes capture the perspectives of leading industry figures on this year’s festive trends.
Consumer Trends and Jewellery Preferences
Suvankar Sen, MD & CEO – Senco Gold & Diamonds
“Consumers are ringing in Diwali celebrations with meaningful and versatile gold jewellery. Younger buyers are opting for diamond jewellery designs that are lightweight and contemporary but with a touch of traditional elements. Emotional purchases and festive cheer continue to drive gold, diamonds and platinum purchases this season. At Senco Gold & Diamonds, consumers can choose from a range of popular, festive collections including our ‘Elements of Nature’ range and Aham – a specially curated collection for men.”
“Senco’s offerings cater to a wide range of price points — from Rs.25,000–Rs.50,000 for young diamond buyers, Rs.50,000–Rs.5 lakh for festive and occasion wear, and Rs.5 lakh–Rs.20 lakh for wedding jewellery.”
Lisa Mukhedkar, Founder & CEO – Aukera
“This festive season, jewellery continues to be a key choice for gifting and self-expression, with consumers drawn to pieces that are meaningful and unique. At Aukera, we see a growing preference for grown diamonds, especially our signature Infinity Diamond^TM — meticulously co-created with Dr Jai Madaan, based on ashta lakshmi, to attract prosperity and abundance.
Buyers are increasingly valuing both the brilliance and the story behind their jewellery, making thoughtful gifting more important than ever. With optimism and celebration in the air, we anticipate a strong festive season, driven by consumers seeking designs that capture joy, personal milestones, and lasting memories.”
Anurag Lunia, COO – Solitario Diamonds
“This festive season, we’re witnessing a strong surge in consumer confidence and intent to purchase since we have kicked off our vermeil campaign. Jewellery has always been an emotional investment in India, and this year, the sentiment is driven by self-expression and conscious luxury. Customers are leaning towards designs that reflect individuality and value, rather than just occasion-led purchases. At Solitario, our lab-grown diamond collections are seeing exceptional traction, especially as consumers appreciate the blend of authenticity, innovation, and responsible brilliance that defines the modern festive spirit.”
Subhasis Roy, Director – Radha Gobindo Roy Grandson Jewellers
“This Festive season, we are quite positive about jewellery sales. The market sentiment is improving, and customers are showing more confidence in buying gold and diamond jewellery. In Cuttack and nearby areas, we are seeing good demand for bridal collections as well as lightweight daily wear pieces. People still consider gold a safe and auspicious investment, especially during the festive period. Customers are also looking for fresh designs. Overall, we expect a healthy growth this season with higher footfall and a strong festive mood.”
Hetal Vakil Valia, Jewellery Consultant & Industry Expert
“This festive season promises renewed sparkle for India’s jewellery market. With gold prices steadying and optimism returning, buyers are making thoughtful choices rooted in both emotion and value. I see a clear shift towards meaningful luxury—lightweight gold, bespoke craftsmanship, and lab-grown diamonds that reflect individuality. Consumers today want jewellery that celebrates who they are while holding lasting worth. It’s a season of mindful celebration, where every piece purchased is as much a statement of sentiment as it is of investment.”
Rupesh Jain, Co-Founder – Lucira
“This festive season, consumer sentiment is distinctly upbeat, people want to celebrate but with meaning. Shoppers are embracing lab-grown diamonds for their blend of purpose, personal significance and timeless design. While weddings and festivals still drive nearly two-thirds of India’s jewellery demand, at Lucira we’re consciously building balance.
Everyday wear, gifting, and self-purchase pieces are helping smoothen sales year-round. We expect a 40% uplift this festive period, led by lighter, versatile designs and solitaire-led statements. To meet this surge, we’ve scaled inventory, expanded touchpoints and are running campaigns across digital screens, hoardings, lift posters, pamphlets, and in-store events.”
Ramesh Kalyanaraman, Executive Director – Kalyan Jewellers
“Gold continues to be valued both as a long-term investment and as part of our traditions. With Diwali followed by the wedding season, purchases are occasion-driven rather than discretionary. Customers naturally plan within their budgets, but they continue to invest in jewellery for these key moments. The ongoing quarter has started off well, and we are encouraged by robust footfalls across all our major markets.
We are upbeat about the festive season, supported by healthy pre-bookings, fresh collections, campaigns, and the launch of 15 more Kalyan showrooms before Diwali. Overall, demand remains strong, and 22K and 18K jewellery continues to be the preferred choice for most customers.”
Dr. Joy Alukkas, Chairman – Joyalukkas Group
“The festive season in India has always been a celebration of love, prosperity and tradition. This year, we are witnessing an exceptionally positive consumer sentiment, with families eager to celebrate together and invest in timeless precious jewellery pieces that hold both, emotional and financial value. At Joyalukkas, we are delighted to make these moments even more meaningful with a flat 50% off on making charges across all our jewellery and also give customers our popular old gold exchange offer.
We believe these offers will not only inspire festive shopping and celebration, but also strengthen the deep cultural connection people share with gold during this auspicious time.”
Jignesh Mehta, Founder & MD – Divine Solitaires
“This Diwali season has been very promising for the jewellery industry, with strong festive sentiment and rising consumer confidence. Despite high gold prices, customers continue to purchase, believing it’s the right time to purchase. Interestingly, diamond jewellery has gained even more attention, as diamond prices have remained steady and, in some cases, slightly corrective. Consumers who once planned to buy gold are now turning towards diamonds, finding them more value-driven and aspirational.
The spending power is clearly increasing, and we’re witnessing remarkable growth from Tier 2 and Tier 3 cities. Our unique product, the Diamond Coin, has also received an exceptional response this festive season, reflecting the growing trust and preference for diamond jewellery among modern buyers.”
Dr. Chetan Kumar Mehta, President, Jewellery Division – IBJA; CMD – Laxmi Diamonds, Bengaluru
“This festive season, India’s jewellery story shines brighter than ever! Despite higher gold prices, the sparkle of consumer confidence is unmistakable. From timeless gold to radiant diamonds, chic platinum to versatile silver — every metal is finding its moment. Buyers are celebrating meaning, craftsmanship, and emotion, choosing jewellery that blends tradition with individuality.
Lightweight, design-forward, and investment-worthy pieces are ruling wishlists across metros and heartlands alike. Retailers, armed with fresh collections and festive campaigns, are ready to meet this wave of joy.”
Eshwar Surana, Managing Director – Raj Diamonds
“Buyers continue to value natural diamonds for their rarity, prosperity and heritage. Rising disposable incomes, the growing influence of GenZ and millennials, and a preference for meaningful investments are driving this demand. The overlap of festivals and the wedding season further amplifies diamond sales. With gold prices at record highs, demand for natural diamond-studded jewellery, crafted with minimal gold, has surged.
The bridal market, once dominated by gold, is seeing a strong shift toward natural diamonds that lab-grown or other gemstones can’t replicate. Consumers are also embracing 18-karat closed settings and 14-karat contemporary jewellery, reflecting modern tastes. Interestingly, diamond jewellery is gaining popularity among men, with collar cuffs, brooches, and zipper necklaces leading the trend.”
Since the publication of our Why gold in 2025? A cross-asset perspective report earlier this year, much has happened on the policy front and in the broader economy. Uncertainties and vulnerabilities remain across geopolitical, fiscal, and trade domains. Investors are particularly concerned about growth and inflation, creating a challenging situation for policymakers as the dual policy goals of the Federal Reserve are in direct conflict. With persistent fears of stagflation, gold has once again stepped into the spotlight, rising more than 50% this year.1 Importantly, the core reasons for considering alternative assets such as gold, as outlined in our May report, remain largely unchanged.
First, equities appear complacent. US equities have posted remarkable gains in recent months, reigniting concerns about valuation excess and concentration risk. Indeed, investors face a market that feels euphoric on the surface but remains fragile underneath. Should economic pressures mount , investors may increasingly seek refuge in safe-haven assets, with gold standing out as a historically resilient option, as outlined in our mid-year outlook.
Second, bond markets remain uncertain. The Fed officially resumed its easing cycle in September, cutting the federal funds rate by 25 basis points in response to a cooling labour market (Chart 1) – an action widely anticipated by markets. However, US long-term yields could face renewed upward pressure if tariffs and reshoring efforts drive domestic costs higher, complicating the Fed’s inflation target. At the same time, long-term treasuries remain exposed to concerns over the Federal Reserve’s independence and the US government’s sizeable fiscal funding needs.
Against this backdrop, gold’s appeal as a hedge against both equity and bond market instability is growing – though risks exist. As we discussed in our recent blog, gold’s rapid ascent could prompt rebalancing and profit taking. For example, from a technical standpoint, the monthly Relative Strength Index (RSI) is above 90 and gold is sitting more than 20% above its 200-day moving average. These factors could lead to short-term reversals. In addition, the sharp increase in the gold price could dampen consumer demand while global trade normalisation and a pick-up in GDP growth could revive risk appetite further.
In summary, maintaining a diversified approach and remaining vigilant to shifting market dynamics is essential. Amidst a growing investor base, secular US dollar weakness and continued geoeconomic uncertainty, gold’s enduring resilience and diversification benefits remain as relevant as ever.
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