Ten percent of the business for them comes from coloured stones but in terms of profitability, it's much more profitable. Sapphires come from Sri Lanka and Madagascar. The company sources its rubies from Mozambique through Gemfields auctions and other open markets. Sapphires are slightly less popular because of the "shani" or blue colour," says Sanjay Kothari, vice chairman at KGK group of companies which manufactures and distributes gems and diamonds. "We see the demand for rubies and emeralds in India growing. One mining company based out of Hong Kong has noticed that diamonds are going through a transitional phase because of the pessimistic world economic situation. She adds that if you invest in a good stone, the price of the stone can shoot up substantially. Most of them disclose prices only to customers willing to place an order.Ī good to top quality gem can increase in value over time because stones become rarer and rarer, says Ruchi Durlabhji, partner at Jaipur-based jewellery firm KS Durlabhji. Mid-market gem-based jewellery starts from around Rs 30,000-Rs 40,000, and top-of-the-range pieces are priced at crores, jewellers said. Jewellers said excellent quality stones can often be as expensive, if not more pricey, than the most sought after diamond. The company said its data shows urban Indian customers are experimenting much more with such jewellery.Īnd, of course, top class gems are expensive – prices range from a few lakhs to a few crores. Ten to 15% of Tanishq and Zoya's sales come from precious gems, say its representatives. In the North, gold dominates the wedding jewellery market but a range of customers are now looking to pay top prices for what the trade calls coloured pieces. Hyderabad based jewellery brand Kishandas & Co.'s CEO Pratiksha Prashant said rubies and emeralds have had a strong presence in Indian traditional jewellery, especially in the South. “Adding a pop of colour adds a lot of interest to the piece…whether stones are rubies, sapphires and emeralds…”, he said. Yash Agarwal, creative director, Birdhichand Ghanshyamdas, headquartered in Jaipur, said the company has seen customers wanting alternatives to all-white and all-yellow jewellery". Indian jewellers said some stones have been part of the Indian heritage and are also gaining popularity.
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