Jewellers recorded up to 35% growth in demand for diamond-studded jewellery in this year's Valentine's Day period that started on February 4, compared with last year, according to industry estimates. Items priced in the Rs 20,000-50,000 range were especially in high demand, with the customers primarily being in the age group of 25-45 years.

"Jewellers are now using 14 karat gold in diamond-studded jewellery instead of 18 karat which has made the studded jewellery more affordable to the young couples. Reports from our member jewellers across India show that they have witnessed good sales," said Rajesh Rokde, chairman of the All India Gen & Jewellery Domestic Council.

Diamond jewellery is preferred by young couples as the price is less compared with plain gold jewellery made of 22 karat gold. It also fulfils the aspiration of owning a diamond jewellery for many.

Items like rings, earrings and pendants witnessed good traction, said Suvankar Sen, managing director of Kolkata-based Senco Gold & Diamonds. “Also, we have witnessed that older couples too are coming to buy studded jewellery for the Valentine’s Day, which was not the case a few years ago,” he said.

Pune-based PNG Jewellers, a listed jewellery firm with 50 stores, has witnessed a similar trend during the Valentine’s period. “Apart from diamond-studded jewellery, even plain gold jewellery and colour gemstone-studded jewellery also saw traction. The footfall started increasing 10 days ahead of Valentine’s Day. Sales were up by 30% more compared to the same period last year,” said managing director Saurabh Gadgil. “Also, there are many weddings lined up in March. People also bought diamond jewellery for gifting purposes.”

Meanwhile, gold rebounded on Tuesday again to Rs 85,725 per 10 gm from Rs 84,959 Monday, as concerns about a possible global trade war and geopolitical developments fuelled demand for safe-haven assets.

“In terms of geopolitics, a group of European leaders decided during a conference in Paris on Monday that they were prepared to provide Ukraine with security assurances, but that it would be risky to reach a truce without also reaching a peace deal,” said Renisha Chainani, head of research at Augmont Gold.

Courtesy: ET