Diamond Jewellery Rocks

Published on 07/12/09

The yellow metal still rules the roost when it comes to buying jewellery in the city, but diamonds are not far behind.

The volatile economic situation of the world’s jewellery hub Dubai, combined with the spiraling gold prices has led to diamond exporters focussing on the domestic market.

And they are not disappointed.

Diamonds are now the ‘in’ thing in the jewellery market.

Recently, 27 diamond manufacturers and 90 diamond jewellery retailers together launched the Anant series of single line diamond jewellery in the country. The Gems & Jewellery Exports Promotion Council (GJEPC), an umbrella organization of diamond manufacturers, is coughing up a whopping Rs 12 crore to market the product in the country.

Jewellers including Sheetal Bhatt of Bapalal and Co. and Princeson Jose of Prince Jewellers say there has been a steady rise in the sale of diamonds of late, especially among the youth in the budgeted lightweight jewellery sector.

“The export of diamond jewellery has decreased this year. But demand has increased steadily on the domestic front, and is expected to rise until next February,” explained Sanjay Kothari, convenor, GJEPC.

The diamond market, which accounts for Rs 20,000 crore of the Rs 120,00,000 crore jewellery business in the country, is also seeing a high demand in Tier II cities including Coimbatore and Kochi.