As 2024 draws to a close, the jewellery industry reflects on a year marked by innovation, resilience, and evolving consumer preferences. From record-breaking gold prices, to growing demand for natural diamonds and polki jewellery, the year saw it all. Industry stalwarts share their perspectives of 2024, and offer a glimpse into the year to come
Juan Carlos Artigas, Global Head of Research, World Gold Council
Gold is having a record-breaking year due to a confluence of factors, driving the gold price and demand to record levels. And while the current consensus on global economic performance suggests that gold could move sideways, the uncertainty surrounding the geopolitical landscape could provide a springboard for gold next year.
2025 is set to be marked by evolving fiscal and economic policies that may result in shifting global dynamics. For gold, 2025 will be a tale of two halves – first, we may experience more risk-on appetite as we wait for strategic and tactical drivers to unravel, leading to more clarity and direction for gold’s performance later in the year. This could really ring true if there is a significant drop in interest rates, or a marked increase in market volatility to further fuel investor interest. We also expect global central bank demand and Asian markets to continue playing a pivotal role.
Amit Pratihari, MD, De Beers India
As 2024 draws to a close, we consider a year characterized by a steadfast desire for natural diamonds, as well as a dedication to creativity and workmanship. Today’s consumers are more conscientious than ever, and hence they are investing in luxury products that hold emotional value and demonstrate an assurance of authenticity. Hence, natural diamonds — valued for their preciousness and enduring significance — have emerged as the preferred choice of consumers.
This year, we witnessed a strong trend towards incorporating diamonds into all occasions, as seen in the increased popularity of minimalist and everyday-wear diamonds. The younger generation is opting for jewellery that defines its unique style, and fits with its personality. The Gen Zs and millennials are acquiring diamond jewellery for its versatility, wearability, and multifaceted purpose. Simple, modern designs are gaining traction, although solitaire natural diamonds continue to remain strong favourites.
The demand for transparency, ethical sourcing, and environmental responsibility has also reshaped the diamond market. We believe consumers will continue to spend on bespoke and niche jewellery that conveys a strong emotional bond.
In India, the market for diamond jewellery has remained steadfast, and has grown to be an essential component of the country's ethos and culture. Fuelled by rising disposable income, fast urbanization, e-commerce, and digitalization, and customer preference for investing in jewellery and gems, the market is expected to grow significantly in the near future. Also, diamond acquisition rates in India are well below those in mature markets, which provides a significant opportunity to catalyze further growth for natural diamond jewellery in India. The allure of diamonds is eternal, and we believe that natural diamonds will continue to shine in 2025, and beyond.
Dilip Dassani, Partner, Dassani Brothers
2024 has been a fulfilling year for polki jewellery, with its timeless elegance continuing to captivate people across different generations. At Dassani Brothers, we have witnessed an increased appreciation for jewellery that is both handcrafted and meaningful — offering a balance between preserving traditional craftsmanship and embracing unique personal styles. The year also saw an encouraging rise in consumer interest, especially within the wedding sector, where demand for both bridal and groom jewellery, including lightweight and statement jewellery, grew significantly.
Additionally, there has been steady growth in the demand for export jewellery, with international markets recognizing polki jewellery as an essence of luxury and heritage. Participation in leading trade shows like IIJS and JJS has further fuelled industry exposure, enabling us to showcase our craft to a wider audience, and connect with a discerning clientele.As we look toward 2025, we remain hopeful of another exciting year for the jewellery industry. With the growing trend of destination weddings and custom-made designs, there is an increasing desire for jewellery that combines tradition with contemporary flair. We believe polki jewellery will continue to gain global recognition for its intricate beauty, acting as a bridge between India’s rich cultural legacy and modern luxury. Dassani Brothers is eager to continue leading this evolution, creating jewellery that reflects both timeless tradition and the ever-changing tastes of today’s sophisticated clientele.
Suvankar Sen, Executive Director, Senco Gold & Diamonds
This year, we have witnessed a positive trend in gold buying despite market fluctuations. While rising gold prices have reduced volumes by 4%-5%, we expect a value growth of 12%-15%. Modern lightweight sleek designs are in demand, alongside traditional ones. However, there is more use of coloured gemstones and pearls as trends for this season. One of the major highlights this season was weddings. This year’s wedding season helped us to produce Rs 5.9 lakh crore in revenue, with 48 lakh weddings. Delhi was the market likely to play a key part, with 4.5 lakh weddings projected to take place in the Capital alone.
For Senco Gold and Diamonds, 2024 was a year of remarkable milestones. Aggressive retail expansion through the opening of new stores at strategic locations enhanced accessibility for customers, while the launch of iconic collections celebrated India’s rich heritage and craftsmanship, resonating with diverse sensibilities.
Looking ahead to 2025, we anticipate transformative trends that will redefine the industry. For Senco Gold and Diamonds, the focus will remain on expanding our reach, launching designs that blend tradition with modernity, and amplifying sustainability efforts. As design trends evolve, we foresee a continued shift towards minimalist, yet statement-making pieces, personalized jewellery, and a growing demand for versatile collections that can transition from day to night. Consumer engagement will also be at the forefront, with increased emphasis on digital experiences, virtual try-ons, and personalized services that cater to the evolving preferences of younger, tech-savvy buyers. Despite potential challenges, such as economic fluctuations and regulatory changes, we are confident of turning these into opportunities for growth and differentiation, ensuring our legacy shines even brighter in the coming year.
Yash Kataria, Co-Founder, Kumari Fine Jewellery
2024 has been a remarkable year for Kumari Fine Jewellery, one filled with creativity, craftsmanship, and the joy of being part of our clients' most meaningful celebrations. From classic statement pieces, to bold and modern designs that spoke volumes to exquisite designs featuring diamonds, vibrant gemstones, and simply plain gold as well, each piece was a testament to our love for blending timeless elegance with contemporary artistry.
This year also marked a milestone for us with the launch of our flagship store at Kala Ghoda, a space that brings our vision to life. As we welcome 2025, we look forward to continuing this journey of creating jewellery that reflects individuality, tells stories, and brings a touch of magic to every moment.
Tiara Dhody, Founder, Treasures by Tiara
2024 has been a year of incredible creativity and milestones for Treasures by Tiara. From designing whimsical pendants that spark conversations, to introducing statement pieces that blend tradition with a modern twist, we have seen our collections resonate across generations. This year, there has been a growing appreciation for unconventional accessories — gloves, cufflinks, and hairbands have become defining style statements, showcasing how jewellery and fashion can work together to tell unique stories.
We have also explored new avenues, from venturing into global sourcing of exquisite gemstones like rubies from Africa, and emeralds from Colombia, to preparing for our first solo fashion show — an exciting showcase of exclusive pieces that blur the lines between art and accessory. 2024 has taught us the value of pushing creative boundaries, while staying connected to our brand’s ethos of elegance and individuality.
As we look ahead to 2025, we are excited to embrace sustainability by incorporating lab-grown diamonds into our designs, and continue crafting jewellery that celebrates self-expression. The coming year promises to be one of bold experiments, inspiring designs, and deeper connections with our customers. Treasures by Tiara is ready to shine brighter than ever, and make 2025 a year to remember.
Divine Solitaires, Jignesh Mehta, Mumbai
Despite market challenges, 2024 brought several positive milestones for Divine Solitaires. We successfully launched and promoted Diamond Coins as a contemporary gifting solution, which received an encouraging response from customers during the festive season. Our integration of transparency tools, such as detailed lab reports and pricing verification, reinforced our brand’s trustworthiness. There is a huge opportunity in the engagement and weddings space, and we see more and more couples seek to seal their bonds with solitaires. Furthermore, the growing self-gifting trend among career-oriented women and the demand for milestone purchases highlighted a shift in consumer behaviour, presenting new opportunities for us to cater to these evolving preferences.
In 2025, our primary focus will be on enhancing customer experiences through omnichannel integration and expanding our reach in Tier-2 and Tier-3 cities. Investments will be directed towards opening more exclusive solitaire experience centres like our Divine Lounge and other in-store exclusive brand experience in more parts of the country. Developing personalized shopping experiences using predictive analytics and making unique gifting experiences for our customers will be a priority.
Additionally, we will prioritize sustainability by introducing eco-friendly practices in production and packaging, aligning with the growing demand for conscious luxury.
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