Despite rise in prices, sales of diamond jewellery have grown by an impressive 30-35 per cent in volume, on a year-on-year basis, so far this fiscal. The growth is primarily attributed to increasing shift from gold to diamond jewellery, according to Mr Siddharthaa Sawansukha, Chief Executive Officer, Sawansukha Jewellers.
Diamond prices increased by approximately 25 per cent over the last four to six months.
“Surge in gold prices has encouraged people to look at diamond jewellery. Close to 20 per cent of the growth in sale of diamond jewellery is on account of the shift from gold to diamond, while 10-12 per cent has been contributed by people graduating from small to big diamonds,” he said.
Mr Sawansukha was talking to newspersons on the sidelines of a press meet to announce their partnership with Forevermark, the diamond brand from the De Beers group of companies here today.
The diamond market in the country stands at about $3 billion and accounts for close to seven per cent of the global market, said Ms Binita Cooper, Managing Director, Forevermark. The company plans to foray into the Kolkata market through specially tailored partnerships with select jewellers like Sawansukha, India Gems and Jewellery and B Sethia and Sons.