High on luxury and the preferred choice.
The Indian Jewellery Consumer is changing. More aware, more discerning & wanting the best of brands, this consumer wants it all & is ready to experiment.
This is evident with luxury brands making a regular appearance in the Indian Jewellery market & being lapped up with passion, clearly luxury as an attitude is here to stay.
It is no surprise then that diamonds as a category has grown tremendously. The past decade has seen a gradual shift towards diamonds.
Diamonds are being perceived as being fashionable, trendy &modern. The wearer feels beautiful and confident - making a woman feel like a million bucks!
Somehow, the emotions associated with wearing a flawless rock cannot be compared by wearing any other piece of jewellery.
India as a country has always been jewellery-centric. From the times of the Maharajas to the present day, jewellery has been firmly ingrained in the culture & tradition of India. Though gold has always been considered the preferred metal of choice in most cases, diamonds have started becoming an integral part of a woman’s wardrobe. Every new design- whether with white gold or yellow gold-has the inclusion of diamonds.
The Indian Diamond Jewellery market has been growing steadily the past decade and has been showing a consistent growth. This year the Diamond jewellery market is expected to show a growth of 26%, like last year.
Half yearly growth stands at an impressive 11%. India has always been a very importantmarket for the diamond jewellery industry.
The reasons for this growth are manifold. A booming economy, an ever-growing IT sector, stock markets on the go, standards of living improving and on the rise & a burgeoning middle class.
There has been an explosion of diamond jewellery brands catering to both the masses & the classes. And most importantly the ever-changing mindset of a consumer who is well traveled, well informed & wanting the best has only added to the growing demand for diamonds.
Diamonds are slowly making its way to the most wanted list on a consumer’s mind. Diamonds are high on the indulgence list and compete effortlessly with other luxury brands. Infact, with new, top end designs in diamond jewellery brands coming in, Indian consumers could not be happier! What is most interesting is that diamonds make for great investment as well.
Along with economic growth and increased spending power other inherently Indian cultural and social factors have also contributed to the growth of diamond consumption. These include the big, fat Indian weddings where brides have started expressing themselves by wearing diamonds for the most important day of their lives & the ever-growing influence of the Bollywood.
Hence, while exclusive diamond jewellery stores, making the consumer feel like king, have to come up along with stand alone stores, it would be equally important that Diamond Jewellery outlets have a presence in malls and department stores. Malls in India are playing an important role. They are giving Indians a taste of how much fun shopping can be. They are also exposing Indians to branded retailing & getting them used to paying higher prices.
But one fact emerges very strongly that the Indian consumer, irrespective of which slot he belongs to, in terms of his class and status, is willing to spend provided he gets absolute value for money. And there will always be the friendly neighborhood family jeweller to fall back on!
Swamynathan & Sons has the motto "Forever Diamond. Forever You".