Fancy diamonds in pear and marquise shapes are in deficit due to a great demand
In the above video, the cute couple Harsh who is lovingly referred to as Golu and Ishmita Badalia from Kolkata-based Badalia Diamonds share their diamond story. Diamond prices were a hot topic of discussion post Covid and the lockdown; and why not, diamond rates had leapfrogged after almost a decade. It is almost 2 years since then and a good time to find out from diamond traders participating at domestic events their trending diamond story.
Jigyasu V Kothari, from Alux Diamonds and Jewels LLP states that rising prices of diamonds is a good thing. “Jewellers keep hoping that the rates should increase. Not all shapes and sizes are doing well. Fancies and especially the pear and marquise cuts are currently in demand.”
Nirav Goti from Goti Exports says, “The rising rates are due to increase in rough prices. Fancy diamonds are in trend now, especially the pear and the marquise shapes and GHI colour. There is low inventory of these shapes in the market as most of them are sold out. There is an apparent scarcity and limited production so prices are not expected to go down.”
The Badalia couple state that though pear and marquise in fancy diamonds are trending, it is the solitaire that has taken the cherry on the cake. They are of the opinion that “Solitaire jewellery is doing well. Prices of fancy diamonds is on the rise, round shape the price is stable and generally the diamond price and market is stable.”
Most fancy diamond sales are for fashion jewellery and earlier trends would change every decade, however trends in diamond cuts, sizes change every 2 years.
Sustainability & LGDs
‘We don’t think CVDs have a future because they do not have resale value’ is a doubt expressed generally by the diamond traders. The logic is that a diamond, like gold, is generally considered as an investment in India. “A couple of years down the line, LGDs will replace CZ and moizanites,”says Kothari and reasons that rising supply will cause falling prices. “LGDs are driven by mankind, whereas nature manages the production of real, natural diamonds. ‘Growers’ is a trending word in LGD manufacturing. Unprecedented competition where anyone can open a laboratory or create diamonds is a threat,” he adds. “Natural diamonds have a barrier to enter and it is rare also one needs to mine them. These barriers are missing in LGD industry.”
Dr Snehal Patel CEO of Bhanderi Lab Grown Diamonds says, “LGDs are good for the eco-structure. Hollywood celebrities, millenials are already creating a huge demand which is expected from the luxury industry in the future. LGD is a brand by itself and a dream that will be available to everyone. The diamond dream was earlier available to 5% of the world; now 50% of the world’s dreams associated with diamonds will be fulfilled. Just like in the year 2000 a handful of people had mobile phones and today only a few do not own one.”
Kothari feels that “sustainability” is a marketing gimmick. He says, “In the real world ‘sustainability’ does not work. Pricing and innovation is what drives diamond sales and the market.”
Abhishek Sand from Savio Jewellery feels that innovation is the most important aspect of trade. “Everyone who approaches us inevitably asks for something new – new ways of setting, new finishes, new updates in cuts.” Kothari reinstates the same and adds that “price may not drive a sale as-much-as what’s ‘new’ that we have to offer. Eighty per cent of clients buy the regular product, but ask ‘what’s new?’”
Sand says that in design along with diamonds colour is trending. “When you see influencers and celebrities donning coloured stones, you know they are trending. Shine and colour create a visual appeal that consumers get attracted to. Emeralds, rubies, sapphires, tanzanites are the hottest running and a favourite innovation in design.”