Many consumers are making purchases in a staggered manner to navigate price volatility and diamonds are steadily gaining prominence in jewellery baskets, boosting sales of studded products, said Sandeep Kohli, CEO of Indriya at Aditya Birla Jewellery.
Gold price is showing extreme volatility since the US-Iran war began, with prices falling to 1.4 lakh per 10 gm on Thursday from a high of Rs 1.8 lakh per 10 gm in the beginning of the year.
India increased import duty on gold to 15% from 6% effective May 13 as part of efforts to check a steep fall in the valuation of the rupee.
While this caused a lull in demand for two weeks, “after that, consumers started purchasing gold jewellery,” Kohli said.
Indriya, a two-year-old design-led brand, has 80 stores and it plans to soon expand the door count to 100. Almost half the brand stores are in the metros and big cities and the rest in tier-2 and tier-3 cities.
More than 20% of Indriya’s sales now come from diamond-studded jewellery. Old gold exchange has also shown an uptick, rising to 50% of total sales of the company “in the first three months of FY27” from around 40% earlier, Kohli said.The Indian diamond jewellery market is currently pegged at Rs 80,000 crore with Gen Z and millennials accounting a substantial portion of this market.
Aditya Birla Jewellery has introduced an industry-first natural diamond selection benchmark focused on superior sparkle, going beyond the traditional 4Cs of diamond grading.
The brand evaluates diamonds based on light performance—brilliance (white light reflection), fire (dispersion into spectral colours) and scintillation (sparkle during movement)—to ensure visual appeal. “Only one in five natural diamonds meets Indriya’s stringent selection criteria, which include optimal proportions, superior light return and minimal light leakage,” Kohli said.
The initiative comes as India, which cuts and polishes over 90% of the world’s diamonds, still has diamond jewellery consumption below 15%, highlighting significant growth potential for the category.
To enhance transparency among consumers, Indriya has launched SparkleScope, an in-store technology that allows customers to visually measure and compare a diamond’s sparkle.