The Lasting Impression of India’s Fine Jewelry

A coveted symbol of abundance, cultural aestheticism, and regalia, Indian fine jewels continue to polish industry standards and meet consumer expectations. 

The Story of India’s Long-standing Affair with All That Glitters

A potboiler of cultures, a quick look at history reveals how Indian jewelry has been a patchwork of influences from across geographies and time periods. Contemporary Indian designs boast of versatility because every era has added something new to the repertoire and we are spoilt for choice.

As far back as the Indus Valley civilization, India has always had a keen sense of appreciation for the fineries of life. Supplying precious gemstones in plenty, the lands of Golconda, Kashmir, and the Gulf of Mannar have been focal points of attraction for merchants across the world.  

The ethereal beauty of these shimmering stones symbolized supremacy, status, and affluence. Having developed intricate engineering skills, the early craftsmen have left a veritable cornucopia of art for the modern archaeologists’ curiosities.  

Although it began with certain simplistic pieces, the technological prowess soon evolved to allow for delicate filigree work, micro-granulations, enameling, and embossing with continuity in design. A look at the exquisite sculptures of Amaravati or the temples of Bengal shows the preserved merits of the precision of the ancient jeweler’s hands.

The advent of the Mughal rule further transformed our understanding of lush extravagance by amalgamating the Indian and Central Asian styles. The Mughal obsession with emeralds, rubies, and diamonds led to the creation of rigid-collar necklaces studded with these gems, which were protective talismans.

The British era brought with it Indian jewelry designs that had absorbed the influences of its colonial rulers. Cartier, the renowned European jeweler took it upon himself to create beautiful pieces in Paris for the maharajas using Indian stones. History notes his famous ‘tutti frutti’ designs inspired by the floral motifs of South Indian jewelry.

No mention of the legacy of Indian jewelry can be complete without speaking of the infamous Kohinoor. This priceless diamond, the size of a ping-pong ball, was found in 13th-century Andhra Pradesh, although its ownership is disputed by India, Pakistan, Afghanistan, and Britain. Currently housed in the Tower of London, it serves as a constant reminder of the power and influence a rare precious gem can hold in the face of wars and conflicting global interests.

Likewise, India is the origin place of the famously cursed Hope Diamond, a spectacular lustrous blue gem, weighing 45.52 carats, that is rumored to bring ill luck to its owner. Believed to have been plucked from a sculpted statue of a goddess in a temple, the stone was bought by King Louis XIV in 1668.

While the sublimity of Indian jewelry designs through the ages is unmissable, the collective industry that is responsible for the manufacture and exports has not always had the smoothest journey.

Rough Roads and Market Shares

The early diamond stones from 4^th century India were transported through the Silk Road trade routes to the rest of the world. Until the 18^th century, India was famously the only known source of diamonds. This rarity provided it with an outlandish characteristic, adding immense value to every purchase.

It wasn’t until the opening of the Kimberly Mine operations that diamonds became a mass-produced commodity, thereby declining public interest in what was so easily available and popularizing the use of alternate gemstones like rubies, sapphires, and emeralds. The supply of diamonds was reduced and by 1919, they were devalued by a whopping 50%.

To recapture the world’s imagination, DeBeers Consolidated Mines Ltd. commissioned N.W. Ayer, a leading advertising agency to market diamonds as the only choice for engagement rings. Thus, the phrase ‘A diamond is Forever’ was coined, and its influence has been so lasting that today, more than 78% of engagement rings contain this precious stone.

Despite losing its monopoly over the diamond industry, India continues to provide 11 out of every 12 processed diamonds for jewelry globally. More than 1.3 million Indians are employed in the diamond sector. At present the Indian gems and jewelry market is pegged at USD 39.14 billion, with the Government aiming at USD 70 billion through export by 2025.

Although highly fragmented for years, in the recent past, the Indian jewelry market has become more organized. The market share of national and regional chain stores has increased considerably over the last decade. This has been driven by a change in consumer behavior and government regulations.

Preserving Legacies in Unprecedented Times

The rapid expansion of the market has fostered growing competition which ultimately encourages innovation and value addition. One such brand that has remained resilient through changing times is Diamdel Inc.

With a 150-year-old legacy, Diamdel continues to offer the same attention to detail and impeccable quality that it once did to the Royals of India, by keeping up with the times and constantly reinventing itself in the face of market changes. Specializing in white and fancy-colored diamonds, it offers the finest cuts that are actively used by royalties and conglomerates alike.

Founded in the Multan region by the visionary Roopchand Naheta in 1893, the family-run business has served prominent members of the royal society, including the Khan of Kalat, Mir Mahmood Khan Baloch, and General Nawab Sadiq Muhammad Khan Abbasi. In 1962, the business was handed over to Tilokchand Naheta, who carried forward the legacy of manufacturing diamonds and crafting exquisite jewelry along with his sons, Anil and Kamal Naheta. Currently, the brand is run by Akhil Naheta, and with offices in Japan, Thailand, and Hong Kong, can cater to a wide array of customer needs in the fine jewellery space.

Embracing the Online World

Indian appetite for jewelry is well known, but with the influences of globalization in action, the interest in Indian gemstones has been growing exponentially from all directions. Gone are the days when independent brick-and-mortar stores dominated our shopping experiences. The world is moving online, and so is the jewelry market.

Startups and legacy brands have understood the power of eCommerce to preserve and supercharge the success of sales. However, precious jewelry falls in the tactile category, meaning people prefer to touch and feel the product before purchasing it. Considering that consumers might still be hesitant to make high-value purchases online, brands are taking care to create a robust, idiot-proof system that assures and inspires.

From independent startups to organized players like Tanishq, Malabar Golf, and Kalyan Jewelers, no one is exempt from getting accustomed to the overturning market influences. Keeping afloat necessitates those with the intention of serving the quality-conscious to embrace the new while integrating the values of the old. Trust and authenticity continue to remain the two most important requirements put forth by consumers due to the nature of the investment.

The pandemic saw several market players testing out new and innovative strategies to improve user experiences, such as offering e-catalogs, 360-degree product views, and virtual try-on options. To eliminate doubts about its authenticity, several brands provide hallmark certifications to ensure the product’s purity.

The Future: A Diamond in the Rough?

The pandemic shifted perspectives on plenty of rigid beliefs held by businesses across sectors. Changing B2B and B2C buying habits left those unprepared to tackle the consequences. While some suffered huge losses, many were cautioned about what the future may hold in store.

Digital became the new norm and for those that managed to navigate it successfully, there was no looking back. The game-changing influence of technological advancements has been felt the world over, particularly in India. According to the forecasting report published by Gem & Jewelry Export Promotion Council, the future looks promising. The nearly 6 trillion-rupee industry is expected to grow a significant 3-4% by 2025.

Focusing on consumer preferences, offering customizations, and prioritizing ethical sources have been working in favor of brands apart from embracing digitization.  The millennials in particular are no longer satisfied with the 4 C’s of age-old marketing. They require transparency and the assurance that their purchase does not entail any hidden harm to the environment during the manufacturing process.

Furthermore, as borders continue to open up post-pandemic and the export industry bounces back, the Indian gems and jewelry industry is expected to pick up the pace by bringing in foreign exchange.

The slow but steady recovery of the industry will witness further improvements as the wedding season and festivals will increase the demand for new fashion pieces like solitaire diamonds and svelte gold jewelry.

As much influence as market changes have on the business of jewels, the undeniable fact remains that our love for beauty can never subside and as such no matter the economic implications, there will always be a demand for precious gemstones. It’s time to keep an eye out for how the current trends shape the future of the industry.

Courtesy The Sublime India Issue by Vissionaire

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