Precious stones and diamonds are in increased demand mainly among working women this Diwali, while Indian households are retaining their traditional inclination for gold jewellery and coins despite prices of the metal going sky-high.
While sales of gold jewellery and coins gather momentum during the festive season around Diwali, loose diamonds, precious and semi-precious stones too are becoming popular not only among the upper middle class and rich but also among the working women.
Consumers, especially the financially independent working girls, are willing to spend more on diamonds and stones that are more in fashion globally.
"Instead of purchasing jewellery for an investment purpose, consumers today buy ornaments that are in vogue," MMTC General Manager (Hyderabad Division) J Kishan told PTI at the 'Festival of Gold' in New Delhi, which is drawing upwardly mobile crowd not only for gold but also diamonds.
Another reason for widening customer choices is wide fluctuations in the bullion market, while the precious stones follow an upward but stable trend.
"The demand for diamonds is increasing since gold prices keep fluctuating," an official from Gitanjali Jewellers, owner of diamond brands Nakshatra and Asmi, said.
Another trend to be in vogue this Diwali is that of studded jewellery both in gold and diamond.
"Gold and diamonds studded with rubies, jade, turquoise and pearls are in great demand this festive season," MMTC General Manager (Goa division) SN Nayak said.
Prices of gold touched an 18 month high of Rs 10,310 per 10 grams in the bullion market late last week.