India's jewellery market is undergoing a dramatic transformation, moving beyond traditional gold weight pricing towards valuing artistry, craftsmanship, and design innovation. Today, younger consumers, especially millennials and Gen Z-ers, are driving this change, seeking pieces that reflect personal style and emotional connection, rather than just investment value.

From Investment to Expression

Historically, jewellery was purchased as a financial asset, its value determined by gold weight and gemstone size. Now, a generational shift prioritizes design and personal expression. A Natural Diamond Council survey reveals that for young female diamond buyers, design outweighs other considerations, followed by versatility and long-term style. 

As per a report of McKinsey & Company, lightweight, wearable jewellery now dominates the market, with the category  sales growing by nearly 30% over the past three years. Vedant Anand from Punjabi Saraf, Indore, notes, "Jewellery happens to be the only asset class which can be worn, admired and be talked about. People buy jewellery for adding something extraordinary to their collection..” He also observes that younger buyers, with less exposure to traditional jewellery-buying, prefer minimal options that speak to their personalities.

Design-led collections that command higher margins are the new focus. Suraj Santhakumar from Kirtilal Kalidas, Coimbatore, says, "While earlier the focus was mainly on jewellery as a form of savings, today's customers are more emotionally and aesthetically driven. They want pieces that reflect their personality, that they can actually wear and enjoy. We highlight the attention to detail, the inspiration behind the design, and the artistry that brings it to life. It is not just a product — it is a story in precious form."

Designing Value Beyond Metal and Stones

The jewellery industry is increasingly moving away from traditional pricing models that focused on raw materials like gold, diamonds, and gemstones. Instead, designers and brands are focusing on the intrinsic value of creative design, craftsmanship, and emotional connection. This shift is clearly visible in the growing importance of design in setting prices, with many jewellery pieces now carrying a design premium beyond the raw material cost.

As Hema Shah from House of Sparsh in Mumbai notes, “Creating new designs requires a lot of research and time. However, designs in a fixed and reasonable budget are more beneficial to us as a company. Designs may add to the price, but they give the jewellery a unique appeal that reflects our brand values.” This emphasis on design and craftsmanship is crucial for differentiating pieces in a crowded market, and justifying a premium price point.

Ishu Datwani of Anmol Jewellers, Mumbai, concurs, “At Anmol, we have always believed that exceptional design is paramount. Our customers prioritize the unique style and artistic merit of our pieces over their weight in gold. They are drawn to jewellery that expresses their individuality and makes a distinct design statement.” 

This focus on individuality and design-driven value has helped Anmol establish a loyal customer base that appreciates the artistry behind each piece, demonstrating how design can play a significant role in shaping the perceived value of jewellery.

Storytelling and Brand Identity

Today, brand identity and storytelling are crucial differentiators. Consumers seek pieces that resonate with their values and personal journey. Brands like Tanishq, Kirtilals, Cartier, and Tiffany embed emotional storytelling into their collections.

As Varuna D Jani, a leading designer in Mumbai, explains, “The most important thing is the innovation, the way it is crafted, the aesthetics that go into making it. Design is what makes a piece valuable.” Her approach to jewellery has always focused on creating pieces that are more than commodities — they are wearable art that speaks to the individual’s personality and story. This perspective is echoed across the industry, where jewellery is increasingly seen as a means of self-expression, rather than just a financial investment.

For brands looking to succeed in this new paradigm, the message is clear -- storytelling, design, and brand identity are the key differentiators. Today’s consumers are willing to invest in jewellery that reflects their identity, tells a story, and provides them with a sense of emotional connection. Modern brides are increasingly seeking versatility in their wedding jewellery.

According to a 2024 luxury report by Bain & Company, more than 65% of young consumers prefer jewellery that can be worn beyond special occasions, favouring modular designs that adapt to different outfits and events. This shift reflects a deeper emotional connection to pieces that evolve with their lives, rather than being stored away after a single use.

Pitching Design and the Story to Customers

The shift towards design and emotional value is evident on the shop floor, where retailers are adapting their sales approach. Rather than focusing solely on weight or material costs, sales associates are now engaging customers in conversations about the inspiration behind a piece, the craftsmanship involved, and how the jewellery reflects their personal style. 

On the shop floor, storytelling is becoming a key sales strategy. Retailers now focus on explaining the craftsmanship journey, from design inspiration to final creation. Industry observers say that customers respond more strongly to emotional narratives and authenticity than to traditional selling points like carat weight or metal purity.

Clearly, today’s jewellery market is defined by design, storytelling, and brand identity. As younger generations continue to prioritize individuality and emotional connection, jewellers who focus on creating unique, expressive collections will thrive.