Coloured gemstones rock the jewellery market

Kolkata: Coloured gemstones are emerging as a new growth driver for India's premium jewellery market, with sales surging 40% during the festive season as affluent consumers increasingly look beyond traditional gold and diamonds for investment-worthy and distinctive jewellery. From rare Paraiba tourmalines costing around ₹5 lakh per carat to emeralds, spinels, tanzanites and aquamarines, jewellers are witnessing growing demand for gemstones that offer exclusivity, individuality and a more personalised expression of luxury.

The trend is also reflected in the growing contribution of studded jewellery to the sales of organised retailers. At Kalyan Jewellers, studded jewellery accounted for a little less than a third of sales in the recently concluded second quarter of FY27, indicating the growing appetite for jewellery featuring diamonds and coloured gemstones.

"Gemstones are moving from the margins to the centre of the jewellery conversation, and we are seeing this reflected in our numbers, with studded jewellery contributing 31% of our sales in the recently concluded quarter," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers. The company noticed two distinct trends: coloured gemstones being used as accents alongside natural diamonds, and jewellery in which the gemstone itself is the centrepiece. While the former has wider acceptance across Indian markets, the latter remains a specialised but growing category, attracting consumers looking for individuality and distinctive designs.


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Demand for the second category of jewellery is particularly visible in Delhi, Jaipur, Surat, Ahmedabad, Bengaluru and Hyderabad, Kalyanaraman said.

The premiumisation of coloured gemstones is also pushing up prices. Paraiba tourmalines, among the rarest varieties, command around ₹5 lakh per carat in the Indian market, with demand particularly strong among high-net-worth buyers in Mumbai, followed by Delhi and South India.

Prices of select rubies, emeralds and sapphires have risen three to four times over the past two years, driven by limited mining supply, growing international collector demand and increasing preference for untreated natural stones, said Alok Sonkhiya, director, Valentine Group and former president of the Jewellers Association of Jaipur, the hub of cutting and polishing of coloured gemstones.

"This festive season, coloured gemstones have done very well, and sales have surged by 40%," he said.

High-quality unheated sapphires have seen annual price increases of 15-20%, while rare Kashmir and Burmese stones continue to command record prices at international auctions. Rare varieties such as Paraiba tourmaline and spinel are also appreciating significantly.

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The changing consumer profile is widening the market beyond traditional bridal jewellery. Affluent women, HNIs and CXOs are increasingly buying coloured gemstones for festive occasions, gifting and personal collections. Younger high-income consumers are also showing interest in stones that offer exclusivity and a distinctive design statement. "Gold and diamonds have traditionally represented value and permanence, but coloured gemstones bring a different dimension to fine jewellery, one that is deeply personal. No two gemstones are quite alike, and it is this individuality of colour, character and natural formation that makes them so fascinating," said Siddhartha Sacheti, creative director and CEO, Jaipur Gems.

Beyond emeralds and rubies, the company is seeing growing interest in spinels, tourmalines, tanzanites and sapphires across a wide spectrum of colours, he said.

The increase in demand is also reflected in higher consumer spending. "Demand starts from ₹7 lakh onwards. Accessible pret pieces such as rings and bracelets are driving festive gifting, while bespoke high-jewellery pieces command multi-crore valuations for rare, collector-grade stones," said Renu Oberoi, founder and creative director, Renu Oberoi, the fine and luxury jeweller in Mumbai's Nariman Point.