This article first appeared in the JNA May/June 2025 issue.

Changing market dynamics amid economic and geopolitical challenges are reshaping the landscape of the jewellery industry by driving shifts in product development and operations.

Affordable luxury is all the rage, with the market gravitating toward high-quality designs at more accessible price points. Consumers are also increasingly favouring jewellery that is sustainably sourced, noted Aspire Design Ltd CEO David Shah.

KGK Group Vice Chairman Sanjay Kothari identified classic designs and daily-wear items as current market darlings, with more subtle, lightweight items such as studs, delicate pendants and simple bracelets moving well.

Colour is in too, with coloured gemstones, fancy colour diamonds, enamel and other materials brightening up jewellery pieces. Arjun Dangayach of Color Jewels noticed stronger demand for larger, more creative jewellery pieces. The company has refreshed its fancy colour diamond jewellery line, adding touches such as diamond halos around the main stones.

“Rising gold prices are driving consumers to view jewellery as a smart investment, boosting demand for our natural fancy colour diamond offerings,” Dangayach said. “Challenges like market fluctuations remain, but the growth opportunities tied to this investment mindset give us an optimistic outlook for the year.”

Business endeavours

The coloured gemstone space, meanwhile, is witnessing more strategic purchasing. Kobi Sevdermish, CEO of Advanced Quality ACC Ltd, pointed to a shift toward cautious, curated buying, with fewer bulk purchases and greater demand for specific, high-quality selections.

“The biggest challenge is the move toward just-in-time inventory, meaning buyers prefer smaller, more targeted orders,” said Sevdermish, noting greater opportunities for ready-to-use items like curated gemstone sets, pairs and layouts for precise purchasing as well as digital-friendly packaging and marketing to help retailers showcase stones effectively online.

E-commerce is indeed yielding fresh prospects – and requirements. Shah explained, “As online shopping becomes a dominant force in the consumer market, many large chain stores and department stores now seek suppliers who can provide attractive designs that are as visually stimulating on a computer screen as the physical piece.”

The shortage of suitable rough is also prompting more creative sourcing. German lapidarist Gustav Caesar is revisiting old stock, buying back stones and refreshing their cuts, and purchasing pre-loved jewellery for their gemstones. CEO Paul-Otto Caesar said, “Given the high gold prices today, we keep our cuts shallow so our clients can create a bigger look while using less gold.”