Gemstone industry banks on lower carat jewellery as exports dip

Jaipur: With exports to Dubai and the US facing strong headwinds, and the sector finding itself at the crossroads after gold import restrictions and high prices, the colour gemstones industry is looking for opportunities in lightweight jewellery and domestic demand.

Amid the broader challenges facing the sector, representatives of Jaipur’s colour gemstone industry — the world’s largest — pointed out that the trade is swiftly adapting to evolving market conditions.

“Gold prices have become very high and restrictions on imports are also affecting buying sentiment. The industry is now moving towards lightweight jewellery in 9- and 14-karat gold while increasing the use of coloured gemstones to reduce gold content,” Raju Mangodiwala, president of Jewellers Association Gemstone Show (JAGS).

He added that colour gemstones such as emeralds, rubies and tourmalines are witnessing growing acceptance in the domestic market, especially in wedding and designer jewellery.

“Celebrities and changing fashion trends are driving demand for colour stones. Consumers are now willing to experiment with gemstone-studded jewellery in bigger and bolder designs,” he said.

Jaipur, one of the world’s largest cutting and manufacturing hubs for colour gemstones, processes stones sourced from countries such as Zambia, Russia and Sri Lanka before supplying them to domestic and export markets.

Prakash Baid, convenor, JAGS, said, “Younger consumers are increasingly preferring lightweight and contemporary jewellery over traditional heavy ornaments. Many families are also remodelling inherited jewellery into modern designs, further boosting demand for lower-carat and gemstone-based products.”

According to traders, the gemstone and jewellery sector in Jaipur supports lakhs of jobs directly and indirectly and contributes significantly to exports from Rajasthan.