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PM Narendra Modi inaugurates Surat Diamond Bourse

SDB to enhance India’s global presence in diamond trade; will boost local economy and employment

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Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse on Dec 17, 2023. He said SDB will “revolutionise the diamond industry, enhancing India’s global presence in gem trade”.It will also boost the local economy and provide employment, he further said.

“Today marks a special milestone with the inauguration of the Surat Diamond Bourse. This world-class hub is set to revolutionise the diamond industry, enhancing India’s global presence in gem trade while boosting local economy and employment,” Modi wrote on X. PM Modi speaking at inauguration said “Surat diamond industry giving employment to 8 lakh people; with the coming up of new diamond bourse, 1.5 lakh more will get jobs”.

In August, the building, which is part of the Diamond Research and Mercantile (DREAM) City, was recognised by the Guinness World Records as the largest office building in the world Surat Diamond Bourse will be the world’s largest and modern centre for the international diamond and jewellery business. The building will be a global centre for trading of both rough and polished diamonds as well as jewellery, the statement added.

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JB Insights

From Gold to Experience: How Jewellery Retail Is Evolving into Lifestyle

Anil Jose, Managing Director, TT Devassy Jewellery

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Changing consumer preferences are transforming jewellery retail, with experience-led showrooms, everyday wear and personal expression redefining how brands connect with customers

For generations, buying jewellery in India has been entangled with occasions. Weddings, festivals, anniversaries and family milestones have traditionally shaped when and why people purchase jewellery. Gold, in particular, has a unique place in Indian households, representing not just beauty but also security, tradition and long-term value.

That relationship remains strong. What is changing is the role jewellery plays in everyday life. Consumers are increasingly buying jewellery not only to mark an occasion, but also to express their personality, complement an outfit, celebrate a personal achievement or simply enjoy something they connect with.

For jewellery retailers, this represents a significant shift.

Jewellery Showroom as an Experience

The modern jewellery customer journey is becoming more experiential. A customer may discover a design on social media, explore collections online, compare options and then visit a store to experience the product in person. The showroom is therefore no longer simply a place to display products; it has become an important part of the brand experience.

This is also reflected in the expansion of organised jewellery retail in India. As per a research, jewellery’s share of organised retail leasing in India rose from 2% in 2019 to 8% in 2025, making it one of the country’s top three retail demand drivers. At the same time, larger, experience-led formats are gaining ground, with stores exceeding 8,000 sq. ft. accounting for half of jewellery retail leasing in 2025, compared with 14% in 2019.

The implication is simple: a jewellery store can no longer be just a place where products are displayed. It needs to be a place where customers discover, explore and connect with a brand.

From ownership to self-expression

Traditionally, jewellery was often purchased with a long-term perspective. It was an asset, an heirloom and something intended to be passed down through generations.

Those motivations remain important, but a new layer is emerging; personal expression. Younger customers are increasingly drawn to lightweight, versatile and contemporary pieces that can reflect their individual style and be worn across occasions.

Building a jewellery wardrobe

In many ways, jewellery is beginning to develop its own version of a wardrobe. There are traditional pieces for weddings and festivals, minimalist designs for everyday wear and statement pieces for celebrations.

This creates an opportunity for retailers to move beyond individual transactions and become part of more moments in a customer’s life. When jewellery becomes relevant to more occasions, it naturally becomes less occasional and more habitual.

Trust remains timeless

For all the changes in jewellery retail, one factor remains constant, trust.

Transparency in pricing, confidence in quality and dependable after-sales service continue to shape customer relationships. Today, that trust extends to every part of the brand experience, from digital communication to the showroom itself.

Jewellery has always been about more than gold and precious stones. It represents relationships, memories, celebrations and identity. What is changing is how frequently and personally consumers choose to express those emotions through jewellery.

The opportunity for retailers is to evolve from occasion-driven sellers into lifestyle brands; brands that understand how customers live, what they value and how jewellery fits into their everyday stories.

Gold may remain timeless. But the experience surrounding it is becoming the real differentiator.

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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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