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Luxury is more than just the value of a product; it’s a state of mind: Ishu Datwani

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Ishu Datwani, a first-generation diamantaire, established Anmol Jeweller in 1986. Innovation in design, unparalleled service and values have been at the helm of everything at ANMOL. Today, ANMOL is revered by who’s who of cinema and uber celebs – and has had the distinction of doing wedding jewellery for quite a few of the high-profile Bollywood actresses.

JewelBuzz spoke to Ishu Datwani on luxury, craftsmanship, and how Indian luxe jewellery can be a leading player on the global stage.

Ishu, what does luxury mean to you?

For me, luxury is more than just the value of a product; it’s a state of mind. It’s about how the product makes you feel, the experience it offers. Whether it’s a product or a service, it should evoke a sense of exclusivity and elevate your spirit. Luxury, in my view, transcends the mere value of a precious metal or gem. It’s an ethereal experience, a state of mind that the jewellery evokes. A truly luxurious piece should be  cherished for the profound sense of joy and self-expression it provides.

When you’re creating a new product line, how do you translate this “state of mind” into the design process?

We meticulously consider every aspect, from the finest finishes and impeccable craftsmanship to the quality of stones. We strive to ensure the wearer experiences unparalleled comfort and lightness. These elements are integral to achieving true luxury. We believe that true luxury is about effortless elegance and a harmonious interplay of form and function.

You view luxury through the lens of design. You’re known for emphasizing craftsmanship and intellectual property in your designs, rather than simply focusing on commodification. Comment.

Absolutely. For the jewellery industry to evolve, we must treat each piece as a unique work of art. Commoditization diminishes the value and artistry of our creations. Each design should be distinct, and exceptional craftsmanship is paramount in elevating its beauty. Our focus lies in creating enduring pieces of art, not fleeting fashion trends. Exceptional craftsmanship, coupled with innovative design, is the cornerstone of our philosophy.

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What are the current trends in the Indian luxury jewellery market, particularly regarding natural diamonds?

While lab-grown diamonds have gained popularity, the allure of natural diamonds remains undeniable. Discerning customers, those who truly appreciate the nuances of luxury, continue to gravitate towards the unique beauty and rarity of natural stones. The journey of a natural diamond, from its origin to its final form, imbues it with a unique history and character that cannot be replicated.

How can Indian jewellery truly become a global force?

To compete on a global stage, we must move beyond the mindset of commodification. We need to cultivate a strong brand identity, similar to iconic brands like Tiffany & Co. While Indian jewellery excels in design and craftsmanship, we need to invest heavily in building a powerful brand presence. Investing in robust marketing and branding strategies, coupled with a commitment to sustainability and ethical sourcing, is crucial for establishing a strong global presence.

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JB Insights

India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports

With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.

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India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.

Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.

The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.

According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.

Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.

The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.

Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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