Noida, August 9: In the evolving world of lab-grown diamond jewellery, a new wave of designers are redefining luxury. They are focused on creating beautiful, affordable pieces that excel in colour, clarity, and cut, making high-quality jewellery accessible to a broader audience. Understanding what drives women to make these purchases—whether it’s a sense of achievement or security—is a complex issue that many in the industry are keen to explore.
Shuchi Gunwant, Co-Founder and CMO at The6C, provides insight into this complex issue. “Several factors influence a woman’s choice, ranging from geography and demographics to behaviour and technological adaptability.” For instance, a woman in a rural Tier-3 or Tier-4 market might view gold jewellery as a symbol of security. In contrast, a woman in a Tier-1 market may choose diamond jewellery to celebrate personal achievements, Gunwant explains.
Recent shifts in the online fashion and jewellery segments reveal that nearly 85% of women are influenced by online products when making purchasing decisions, even if they prefer to buy offline. This trend is also evident in the gems and jewellery sector. Gunwant notes, “Even in Tier-2 and Tier-3 markets, women often inquire about designs they have seen online and will frequently place orders for similar jewellery pieces which often are not available in stock with the jewellers.” Many jewellers are responding to this trend by curating their inventory based on popular designs seen on platforms like Instagram and Pinterest.
The choice between gold and diamond jewellery is influenced by various factors. Rising gold prices have contributed to a shift from gold towards diamonds. However, diamonds are also expensive and often lack price transparency, which affects their appeal. “One of the biggest reasons why the diamond jewellery market in India represents only 5% of the overall market share is the poor after-sales service and the limited availability of high-quality diamonds at affordable prices,” Gunwant adds. This can be particularly challenging as smaller diamonds with lower colour clarity may lose their brilliance, while the high-quality larger diamonds are accessible only to the affluent.
“Our target audience includes first-time diamond buyers who have previously found diamonds unaffordable, as well as those who aspire to own larger, high-quality solitaires without exceeding their budget. This demographic largely comprises middle-class households, amounting to approximately 20 crore in India,” she explains. While the question of what motivates women to purchase jewellery might seem straightforward, exploring consumer psychology reveals a more nuanced understanding. People are looking for jewellery that they can wear every day, but they also want pieces that stand out and remain affordable.
