Young Indians are increasingly  turning to colored gemstones like tanzanite, paraiba tourmaline and morganite for their jewellery collections. The trend, amplified by Bollywood celebrities flaunting vibrant stones on social media, is transforming India’s jewelry market and creating new opportunities in a sector that has traditionally been dominated by gold. Gemstone-studded jewelry typically uses 14- or 18-karat gold, compared with the 22-karat gold required for traditional Indian jewelry, making pieces more affordable for younger consumers.

India’s colored gemstone market generated an estimated $825 million in revenue during the fiscal year ending March 2025, up from $770 million the previous year and $600 million in 2020, according to Tehmasp Printer, MD-IGI.

The broad price range of colored gemstones—from 1,000 rupees ($12) per carat for lower-grade stones to more than 100,000 rupees ($1,200) for premium specimens—appeals to consumers across income levels. Paraiba tourmaline, among the most prized colored gemstones, can command up to 500,000 rupees ($6,000) per carat, while natural diamonds typically cost 250,000-300,000 rupees ($3,000-$3,600) per carat.

The global colored gemstone market is projected to grow from approximately $1.9 billion in 2025 to $5.7 billion by 2035, representing an 11.3% compound annual growth rate, according to industry forecasts.

The shift toward colored gemstones represents a notable evolution in Indian jewelry preferences, traditionally dominated by gold’s cultural significance and investment appeal. As prices for traditional precious metals and diamonds continue climbing, colored gemstones are providing an accessible entry point into luxury jewelry for India’s growing middle class.

Vummidi Bangaru Jewellers (VBJ), one of South India’s most respected jewellery houses, has appointed Deepansh Bhargava as Senior Vice President and Head of Marketing. The move comes as VBJ celebrates its 125th anniversary and embarks on a bold new phase of growth both in India and abroad.

Bhargava brings extensive experience in retail and lifestyle marketing, having led brand strategy and digital initiatives across prominent fashion and premium retail companies. His previous roles include contributions to the national rollout of Central under Future Group, and early-stage brand-building efforts for Brand Factory and Foodhall. At DLF Luxury and Premium Retail, he deepened his understanding of consumer behavior in upscale retail environments and developed an expertise in experiential marketing.

Announcing the appointment, Amarendran Vummidi, Managing Director of VBJ, said, “Our journey toward becoming a Rs 5,000 crore brand is just beginning. After the successful launch of our showroom in Dallas, Texas, we are preparing to expand further in the U.S. with new stores in Chicago, California, and Virginia. At home, we’re focused on deepening our presence in Tamil Nadu, with upcoming stores in Coimbatore, Trichy, Madurai, and additional Chennai locations such as T. Nagar and Chrompet. We believe Deepansh Bhargava’s leadership will bring strategic depth to this exciting journey.”

Jithendra Vummidi, Joint Managing Director, added, “Jewellery is both an emotional and cultural investment. Staying relevant means staying connected with our customers’ evolving aspirations. Deepansh’s insight and creativity will help us strengthen our brand while staying rooted in our heritage.”

Speaking about his new role, Bhargava said, “I’m honoured to join VBJ at such a landmark moment. It’s a privilege to be part of a legacy brand known for exceptional craftsmanship and deep cultural significance. I look forward to helping shape the next phase of its growth and relevance.”

VBJ, known for its exquisite gold, diamond, and silver jewellery, operates flagship stores in Chennai and has announced aggressive expansion plans across South India and internationally. The company opened its first overseas store in Dallas in 2023 and is now eyeing further growth in key North American markets.

Platinum Guild International (PGI) successfully hosted the 2025 Platinum Jewellery Business Review (PJBR) on May 21, 2025, in London. Themed “Platinum Jewellery – Ready to Shine in a New Era of Demand”, the event convened leading stakeholders from across the platinum value chain—including producers, industry experts, investors, analysts, and marketing professionals—to assess market trends and explore new growth opportunities for platinum in the global jewellery sector.

Tim Schlick, CEO of PGI, opened the event by presenting a comprehensive review of the global platinum jewellery market. He highlighted the emerging opportunity for platinum to gain market share from white gold, particularly in light of favourable price differentials.

Schlick also unveiled PGI’s new global brand proposition for platinum jewellery: “Metal of Truth.” This positioning reaffirms platinum as a symbol of authenticity, rarity, and lasting value, and aims to strengthen its emotional resonance with consumers during life’s most meaningful moments. As a naturally white metal with a high purity level (typically 95%), platinum continues to distinguish itself as the ultimate material for fine jewellery.

Industry Panel Discussion

Tim Schlick moderated a panel discussion featuring:

• Wilma Swarts, Director of PGM Research, Metals Focus
• Hilton Ingram, Executive Head of Marketing, Valterra Platinum
• Andrew Morton, Managing Director, Weston Beamor
• Masakazu Tanaka, CEO, Tanaka Precious Metal Retailing Co., Ltd.

The panel explored how platinum jewellery could capitalise on the widening price gap with gold, particularly by targeting substitution opportunities in white gold segments (14-karat and above). Insights were shared from various points of the value chain, underscoring collaborative efforts required to drive growth.

Market Outlook and Strategic Insights

Zhenzhen Liu, Director of Global Corporate Marketing at PGI, presented an analysis of 2024 market performance and the 2025 outlook. Liu outlined how PGI’s strategic, consumer-led initiatives are stimulating demand and reshaping perceptions of platinum across core markets.

Regional Market Highlights

India and the Middle East

• Despite disruptions due to national elections in Q2 2024, platinum jewellery fabrication in India rose by 14% year-on-year.
• The Men of Platinum brand, including the MS Dhoni signature collection, has emerged as the top retail sales contributor across PGI brands.
• PGI successfully piloted branded jewellery initiatives in the UAE, targeting Indian expatriates, other South Asians, and local Emiratis.
• Double-digit growth is forecast for both India and the UAE in 2025, led by increasing demand for men’s jewellery.

United States

• Retail sales of platinum jewellery increased 7% year-on-year, driven by a strategic shift from white gold to platinum, supported by price advantages and trade engagement.
• The rise of lab-grown diamonds has incentivised retailers to adopt platinum to increase average transaction values and margins.
• PGI USA introduced Inoveo Platinum, a new alloy developed by Valterra Platinum and Alloyed, which enhances manufacturing efficiency. Over 30 manufacturers have adopted the alloy since its launch in June 2024.

Japan

• Substitution from gold to platinum intensified, with gold fabrication declining by 7%, while platinum fabrication increased 11%.
• Retail ounce demand rose 6%, driven by asset-based jewellery, bridal rings, and inbound tourism.
• Platinum’s share of white metal jewellery increased to 28%, continuing to outpace white gold (down to 19%), with further gains expected in 2025.

China

• Platinum jewellery fabrication rebounded by 10% year-on-year in Q4 2024, accelerating to 50% growth in Q1 2025.
• The market benefited from rising gold prices, prompting manufacturers to pivot towards platinum.
• New dedicated platinum wholesale showrooms opened in Shenzhen, and several gold manufacturers converted production lines to platinum.
• PGI’s industry partnerships and interventions are expected to help sustain this upward momentum in 2025.