JB Insights
The Quiet Luxury of Carved Gemstones
By Ramit Kapur,MD – GSI India
The world of gemstones is beyond their brilliance, color, transparency, and phenomena. When we think of carvings, we’re not just talking about gemstones used in jewellery. Carving today spans everything from trays and coasters we use every day to idols, vases, and other collectibles that become cherished pieces of art. It’s an often-overlooked art form that deserves recognition for the immense artistry and craftsmanship involved.
As someone deeply embedded in the industry and leading GSI India, I can confidently say that people won’t invest in a piece; no matter how precious the stone: if the carving isn’t done right. So, the first selling point centers around craftsmanship, of course followed by the authenticity and value of the gemstone used.
The quiet poetry of carved gemstones exists beyond the bounds of conventional jewellery design and often go unnoticed in mainstream narratives. Yet they carry some of the richest legacies, the most intimate expressions of craftsmanship, and a cultural gravity that no ideal cut or laser inscription can replicate. Today, as jewellery evolves into a medium of meaning and identity, carved gemstones are experiencing a powerful resurgence. Whether it’s a delicate floral motif on a tourmaline or a symbolic script etched into an emerald, these stones embody permanence with purpose.
For a generation that values intention over ornament, carvings offer exactly that: a wearable emotion, a personal artifact, and a story that transcends carat weight. At GSI, we celebrate jewellery in every form, especially those that carry soul, tradition, and storytelling in their very structure.
From Courts and Temples to Contemporary Studios
Gemstone carving isn’t a trend; it is a tradition. Long before modern jewellery, carved gems were speaking their own language: one of spirit, status, and storytelling. From temple idols to royal signets, they’ve carried meanings deeper than beauty.
Two classical techniques form the backbone of this craft: Intaglios, with designs engraved below the surface for wax seals, and Cameos, where raised motifs emerge in sculptural relief. Both require not just precision, but intuition, a dialogue between artist and stone.
Germany’s Idar-Oberstein remains a living museum of this legacy. Here, stones like agate and jasper are sculpted into heirlooms, passed down as both art and ancestry. Every piece is a story carved in silence.
If Idar-Oberstein is Europe’s carving capital, Jaipur is India’s beating heart. Developed with Mughal patronage particularly by emperors Akbar, Jahangir, and Shah Jahan for their distinguished taste in art, it has since then grown into a global hub; transforming roughs into divine figures, florals, and high fashion commissions. Its edge? A rare blend of old-world mastery and new-world relevance.
And then, there’s Fabergé: the master of turning carving into couture. His works in quartz and chalcedony weren’t just intricate; they were emotional. A blossom. A bunny. A memory in mineral form.
Today, carving is everywhere; from bespoke jewels to vases, coasters, and collectibles. Artists across the world are reimagining tradition for the now. And in an age of instant everything, carved gemstones stand apart: timelessness you can touch, and craftsmanship that speaks with soul.
What the Eye Misses, the Lab Must Find
Carved stones pose a very unique gemological challenge. At our GSI labs, we encounter an extraordinary variety of carved gemstones; each one unique in form, scale, and sentiment. Some are delicately slivered into symbolic motifs, while others are grand in presence, demanding custom instrument setups and careful handling. Testing these pieces, especially when set in jewellery, requires precision, adaptability, and a deep understanding of gemstone behavior.
Carvings, by nature, are emotionally charged. They’re often adored not just for beauty, but for meaning. But emotion must be backed by authentication and the right certification; especially in today’s high-value, high-stakes market. Whether it’s identifying treatments, or distinguishing natural from imitations, our role is to bring clarity to complexity.
At GSI, we don’t just verify a gemstone; we translate its unspoken story. From the delicate depths of an intaglio to the elevated relief of a cameo, our certification doesn’t just protect value; it protects legacy.
Technology Has Unlocked New Possibilities
Modern lapidaries are now able to carve harder materials with precision that was once unthinkable. For a long time, artists chose softer, more affordable stones, to avoid breakage, and preserve weight. Using precious gems was simply too risky. But with time and technology, that’s changed. Today, gem material like sapphire, spinel, and topaz, once considered too delicate to sculpt, are being carved with remarkable precision. What was once unthinkable is now part of the craft’s evolving canvas.
But while tools evolve, the soul of carving stays rooted in intention, vision, and a deep respect for the stone’s natural voice. That interplay between human and mineral is what makes a carving come alive.
Today, luxury is no longer defined by price tags or perfection alone; it’s about meaning, craftsmanship, and cultural richness. Carved gemstones carry all of that, and more.
At GSI, we believe that true appreciation begins with understanding. Whether it’s a carved idol, a custom tray, or a fine piece of jewellery, the value of a gemstone lies in both its beauty and its authenticity. That’s why certification matters: not just for what a gem is, but for the story it tells.
JB Insights
AKSHAYA TRITIYA 2026 – The Focus Now Is On Buying With Clarity, Purpose, Value and Personal Relevance
OVERVIEW
As Akshaya Tritiya 2026 approaches, coinciding with India’s peak wedding season, the jewellery and bullion sector is gearing up for robust demand. Market sentiment is distinctly positive, underpinned by gold’s safe-haven appeal, evolving consumer preferences, and strategic industry initiatives expected to deliver healthy growth across key markets.
While the traditional appeal of gold and diamonds remains a powerful driver, a clear transformation in consumer behaviour is underway. Buyers are increasingly seeking lightweight designs, personalized storytelling pieces, and value-conscious exchange programmes. Despite elevated gold prices and external geopolitical uncertainties, purchase intent has remained consistently strong. Silver demand has also gained significant momentum, driven by its affordability and investment value potential.
CONSUMER SENTIMENT & BEHAVIOUR
The modern jewellery and bullion buyer is more discerning than ever. Key behavioural trends this season include a growing preference for lightweight designs, personalized pieces, diamond-studded options, and value-conscious exchanges through old gold programmes. Interest in digital gold and silver is also rising, reflecting evolving investment preferences.
— Darshan Chauhan, Wholetime Director, Sky Gold and Diamonds Ltd
“Consumer sentiment this Akshaya Tritiya carries a quiet confidence — measured, yet deeply rooted in tradition. The occasion continues to transcend transaction; it remains a moment of belief, of beginnings, and of considered indulgence.”
Price volatility has prompted consumers to be more strategic, using gold exchange programmes and rate protection schemes to optimize value. Emotional resonance — jewellery that tells a story or marks a milestone — is becoming a primary purchase motivator.
— Eshwar Surana, MD, Raj Diamonds
“Today’s consumers are increasingly drawn to pieces that go beyond tradition, reflecting individuality and enduring value. We are also increasingly seeing a preference for larger diamonds with an excellent cut grade that are masterfully crafted for maximum sparkle and brilliance.”
INDUSTRY OUTLOOK & DEMAND DRIVERS
Gold’s Enduring Cultural Significance
Gold continues to be a mandatory purchase for millions of Indian households during Akshaya Tritiya, reinforced by its deep cultural symbolism as a harbinger of prosperity and good fortune. Its safe-haven appeal amidst global economic uncertainties further bolsters demand this season.
— Rajesh Rokde, Chairman, GJC
“Gold is a mandatory purchase for many households during this period, and its safe haven appeal amidst economic uncertainties will further bolster demand. However, jewellers and consumers should remain cautious of potential short-term volatility in gold prices, influenced by rising geopolitical tensions in the Middle East.”
Silver’s Rising Momentum
Silver demand has gained remarkable traction this season, driven by both its affordability relative to gold and its growing recognition as a high-beta investment opportunity. The convergence of industrial and investment demand is positioning silver as a compelling parallel play alongside gold.
— Prithviraj Kothari, MD, RiddiSiddhi Bullions Ltd | National President, IBJA | Chairman, JITO
“Gold and silver are no longer just safe-haven assets — they are the market’s clearest signal of global uncertainty. With the US-Iran ceasefire still fragile, FOMC minutes flagging inflation risks, and central banks continuing to accumulate gold at a record pace, the structural bull case remains firmly intact. Every meaningful dip remains a buying opportunity, not a reason to exit.”
Wedding Season Synergy
The overlap of Akshaya Tritiya with the auspicious wedding season creates a powerful demand multiplier. Bridal trousseau purchases, gift sets, and investment jewellery all see significant upticks. This synergy has encouraged leading jewellers to extend store hours and launch dedicated bridal collections.
— Eshwar Surana, MD, Raj Diamonds
“We are expecting good traction in high-value diamond-studded and wedding jewellery, as there are a lot of weddings planned this summer. The demand for quality diamonds has already been very strong in the run-up to Akshaya Tritiya.”
Transparency & Innovation as Growth Levers
Industry associations such as the GJC are placing renewed emphasis on consumer confidence through transparency initiatives, innovative design, and digital accessibility. These efforts are expected to broaden the addressable market and attract younger, first-time buyers.
— Avinash Gupta, Vice Chairman, GJC
“At GJC, our focus remains on empowering jewellers and enhancing consumer confidence through transparency, innovation, and exceptional designs, thereby driving growth in the jewellery sector.”
LEADING BRAND STRATEGIES
PNG Jewellers — Targeting 25–30% Growth in Central India
PNG Jewellers has launched aggressive campaigns across Goa, Uttar Pradesh, Madhya Pradesh, and Maharashtra. The brand is projecting a buying cycle well beyond the festive day itself, supported by:
◆ Attractive benefits on the old gold exchange
◆ Reduced making charges for the season
◆ Exclusive new collections curated for Akshaya Tritiya
◆ Extended store hours to maximize footfall and conversions
— Dr. Saurabh Gadgil, CMD, PNG Jewellers
“This Akshaya Tritiya, we are anticipating a strong and extended buying cycle, as the festival coincides with the wedding season. We are projecting healthy traction, with a targeted growth of 25% to 30% over last year, particularly in Central Indian markets such as Uttar Pradesh and Bihar.”
KISNA Diamond and Gold Jewellery — Gold Rate Protection Plan
For KISNA, Akshaya Tritiya is a cornerstone event contributing 15–18% of annual revenue. Recognizing heightened consumer sensitivity to gold price movements, the brand has introduced the innovative Gold Rate Protection Plan:
◆ Protects buyers against price increases post-purchase
◆ Expected to contribute approximately 25% of the monthly business
◆ Addresses growing demand for lightweight and diamond-studded pieces
◆ Actively promotes old gold exchange as a value-add mechanism
— Parag Shah, CEO, KISNA Diamond and Gold Jewellery
“This year, we are seeing a more value-conscious consumer, with gold price movements shaping purchase behaviour in the lead-up to the festival. We have introduced the Gold Rate Protection Plan as a strategic intervention to provide greater confidence and flexibility in the purchase journey.”
Raj Diamonds — Premium Bridal Collections
Raj Diamonds is focused on the premium end of the market with its signature high jewellery collections — Ruby Splendour and Ancient Splendour — designed for the discerning bridal buyer who values intrinsic quality alongside cultural significance.
◆ Ruby Splendour and Ancient Splendour signature collections
◆ Larger diamonds with excellent cut grade for maximum brilliance
◆ Crafted for consumers seeking individuality and enduring value
◆ Estimated 20–25% growth in value terms over the last year
BULLION MARKET PERSPECTIVE
Beyond jewellery, the bullion market is seeing parallel momentum driven by institutional and retail investment demand. The convergence of macro uncertainty, central bank accumulation, and silver’s industrial demand profile is creating a compelling case for both gold and silver this Akshaya Tritiya season.
— Narayan Debnath, MD, RadhaKrishna Jewellery Retail Pvt Ltd
“Market sentiment this Akshaya Tritiya is distinctly positive, supported by the continued rise in gold prices and its safe-haven appeal. There is also a clear uptick in interest towards digital gold and silver, reflecting evolving investment preferences. Silver demand has gained significant momentum this season, driven by its affordability and value potential.”
RISK FACTORS & MARKET CONSIDERATIONS
While the overall outlook is optimistic, industry leaders have flagged several considerations that jewellers and consumers should be mindful of:
◆ Short-term gold price volatility linked to geopolitical tensions, particularly in the Middle East
◆ Elevated base gold prices may compress margins if demand softens unexpectedly
◆ Shifting consumer preferences require continuous product innovation and design investment
◆ Growing expectations around transparency and certification demand robust supply chain practices
— Rajesh Rokde, Chairman, GJC
“Jewellers and consumers should remain cautious of potential short-term volatility in gold prices, influenced by rising geopolitical tensions in the Middle East.”
CONCLUSION
India’s jewellery and bullion industry enters Akshaya Tritiya 2026 with well-founded confidence. A combination of enduring cultural demand, strategic promotional campaigns, consumer-friendly financial schemes, and an industry-wide pivot towards transparency and personalization is set to deliver robust growth.
The clearest signal from this season is that the consumer of 2025 buys with intention. Whether it is a lightweight everyday piece, a bridal set, a premium diamond investment, or a silver bullion coin, the purchase carries meaning — and the industry is rising to meet that expectation with clarity, value, and variety.
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