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Solitaire is the New Indian Bling

Solitaire

Rising affluence has increased the sale of single diamonds by 20-30% over last year.

Dipak Barua, a 45 year old IT executive from Guwahati gifted a 1 carat solitaire ring worth . 2.5 lakh to his wife Sunita, an HR ` professional, on their last marriage anniversary. So did Nishant Shukla, an executive with an MNC in Lucknow whose wife is an IT executive. Both Barua and Shukla belong to the new category of consumers who live in tier-II cities or suburbs and are well paid to buy solitaires.
“The age group of these new set of buyers lie between 40-50 years.They are earning well and they aspire to buy solitaires to celebrate their marriage anniversaries or birthdays,“ said Rajiv Popley, director, Popley & Sons. In jewellery parlance, the word solitaire is used to describe a single diamond or gemstone set into piece of jewels.

These buyers come from tier-II cities like Bhopal, Coimbatore, Nagpur, Lucknow, Guwahati, Cuttack.“Even people living in suburbs of Mumbai have developed a taste for solitaires,“ said Popley. In last two months, the sales of solitaires have increased by 20% -30% vis-a-vis last year. “While the aspirational level has gone up on one hand, the prices of diamonds have also eased by 10% -15% which has given a fillip to demand. The prices have dropped because global demand for diamond has not picked up,“ said Mavji Bhai Patel, director, Kiran Gems ­ one of the leading exporters of diamonds in India.

“Even the youngsters are buying solitaires. We have seen a growth of 20% in last two months. Some movement has also been noticed in medium and small diamonds category as well,“ Patel added.

In the solitaire category the demand is more for 1-3 carats range.The price of solitaires depend on quality, colour and size. Depending on these parameters, the price of 1 carat of diamond may vary between Rs.50,000 to 6 lakhs. The highest priced variety, a 3 carat diamond may fetch is around Rs.25 lakh.

Source : ET, Sep.2015



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