The Indian jewellery market is witnessing a shift, with growing demand for ‘affordable luxury’ being driven by changing consumer preferences, experts say. Industry leaders point to younger buyers, especially women, seeking stylish, versatile, and value-driven pieces over traditional, high-ticket jewellery.
According to Disha Shah, Founder & Designer at DiAi Designs, the trend is largely fuelled by smart spending choices.
“Today’s buyers don’t want to compromise on style but also seek better value. Lab-grown diamonds give the same sparkle without the premium price,” she said.
Shah added that consumers are researching before making purchases and are open to alternatives, mirroring a trend long established in Western markets.
Post-pandemic, consumer behaviour has further evolved.
Neil Sonawala, Managing Director at Zen Diamond, noted that jewellery is seen as a form of personal expression.
“Consumers are buying not just for ceremonies or milestones, but as a way to celebrate themselves,” he said, highlighting a surge in self-purchases and everyday wear jewellery.
Candere Director, Ramesh Kalyanaraman, noted that lightweight, versatile pieces are gaining popularity among millennials and working women who value both style and practicality.
The rise of affordable luxury has also prompted large brands to launch dedicated collections. Tata’s Trent, for example, introduced Pome at Westside with solitaires priced nearly 30% lower than traditional options, while Senco Gold’s Sennes line is gaining traction.
Candere has expanded to 79 showrooms, with plans for 80 more in FY26, and recently launched a high-profile campaign featuring Shah Rukh Khan.
Zen Diamond and DiAi Designs are focusing on design-led, everyday jewellery that balances premium quality with accessible pricing.
Industry data points to a growing contribution from this segment. According to Mint, lab-grown diamonds accounted for about $0.4 billion of India’s $6.2-billion diamond jewellery market in FY25.
Estimates suggest that affordable luxury now contributes 35-40% of organised jewellery retail sales in urban India, with diamond pieces under ₹1 lakh among the fastest-growing categories.
Experts also highlight a broader shift in purchase patterns. While gifting and weddings remain important, more consumers are buying jewellery for self-expression, frequent wear, and lifestyle integration.
Shah emphasised that versatile pieces such as minimal Mangalsutras or dainty solitaires are popular, reflecting a demand for jewellery that fits into everyday life.
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