Craving that solitaire ring? Now might be the perfect time. A steep drop in diamond prices is reshaping jewellery buying trends in the country, with solitaires seeing heightened demand among consumers aged 28–40, according to industry executives. Sales in this segment have surged nearly 25% year-on-year as improved affordability drives more buyers to the market.Neil Sonawala, managing director of Zen Diamond India, told ET that the price shift has significantly reduced the cost of popular pieces. A 1-carat engagement ring that was priced at Rs 7–8 lakh in the previous financial year is now available at around Rs 5–5.5 lakh.He added that demand is also rising in the lower price band. Stones priced near Rs 2 lakh are seeing higher offtake as record gold prices encourage buyers to choose diamond-heavy jewellery that uses less of the precious metal.“We have witnessed a 25-35% year-on-year increase in solitaire demand in the current fiscal. This growth has been primarily driven by improved affordability following global price corrections, along with a stronger consumer shift toward investment-led purchases,” Sonawala added.Industry executives peg the size of India’s diamond market at Rs 80,000–90,000 crore.Natural diamond prices have declined sharply amid weaker export demand. The slowdown follows high tariffs imposed by US President Donald Trump, while China, the second-largest buyer of Indian cut and polished diamonds, has also reduced its offtake.Rajiv Popley, managing director of Mumbai-based Popley & Sons, said the shift in buying behaviour is being led by younger consumers.“Since the gold content is much less in diamond-studded jewellery, the young aspirational generation is opting for solitaires for engagements and anniversaries. Millennials form the majority of buyers. They are buying solitaires worth Rs 2 lakh, which are cheaper than 20 gm gold rings or chain. The surging gold prices have given a boost to the offtake of solitaires,” he told the agency.Zen Diamond India is reporting a surge in new customers as well. The company has recorded nearly 35–40% growth in first-time buyers, particularly in the 28–40 age group. While engagements continue to dominate purchases, buying motivations are widening.“While engagements remain the primary purchase driver, nearly 30% of solitaire purchases are now self-purchases or milestone-driven,” Sonawala said.Jewellers said the correction in diamond prices has lowered entry barriers and expanded the consumer base.Atul Sinha, chief operating officer at CaratLane, said younger buyers are increasingly prioritising meaning and individuality over heavy traditional designs.“Younger audience wants jewellery that reflects individuality, simplicity and meaning over traditional opulence. Customers today are actively seeking accessible yet premium alternatives, and that has accelerated the traction for categories like 9-carat and 14-carat gold, as well as lightweight natural diamond jewellery,” Sinha said.He noted that the Bureau of Indian Standards (BIS) hallmark certification for 9-carat gold has strengthened consumer confidence.“The recent BIS (Bureau of Indian Standards) hallmark certification for 9-carat has further strengthened confidence in these offerings, and since hallmarking began, we’ve seen close to a 200% surge in monthly 9-carat sales, reflecting how quickly consumers are embracing these newer caratages,” he said.According to a report released on Tuesday by India Ratings & Research, high gold prices have weighed on traditional gold jewellery demand even as studded jewellery records an uptick.“Reshaping consumer behaviour to accept record-high gold prices as the new normal, along with realigning the product mix by increasing the proportion of studded jewellery, lower-purity (9-carat, 14-carat and 18-carat) gold jewellery, light and ultra-light pieces for the mass segment to accelerate inventory turns, will aid jewellers in navigating industry challenges over the near to medium term,” said Preeti Kumaran, senior analyst, India Ratings & Research.
