There is a new trend seen in the Indian jewelry sales. According to several recent reports, tremendous growth has been witnessed in the sale of single diamonds. The sales figures are up by as much as 15-20 per cent. According to industry experts, the rise in the affluent middle class is the reason for the upward trend.
The director of Popley & Sons, Rajiv Popley said that the buyers usually fall between the age group of 40-50 years. Not only are they earning well but have the aspiration of buying solitaires as marriage, anniversary and birthday gifts, he said. Popley continued by saying that most of the buyers come from tier II Indian cities such as Coimbatore, Bhopal, Lucknow, Nagpur, Cuttack and Guwahati. People living in suburb Mumbai are also developing a taste for solitaires, he added.
Echoing similar thoughts, the director of Kiran Gems, Mavji Bhai Patel said that the sales of solitaire have increased by 20 to 30 %, vis-à-vis last year. Patel said that if aspirational levels have increased on one hand, diamond prices have also come down by 10-15 per cent which has further increased the buying pattern. He also reasoned that since the global demand for diamonds hasn’t picked up yet, the prices have dropped locally.