Gold has always been the first word in Indian jewellery shopping. This festive season, though, a quieter shift stole some of its shine. Coloured gemstones, long treated as the supporting act next to gold and diamonds, saw sales jump 40% as affluent buyers went looking for something rarer, more personal and harder to copy.
Jewellers across the country say the change is visible on the shop floor. Customers who once walked in asking for a gold bangle or a solitaire are now asking about emeralds, spinels, tanzanites and aquamarines. The stones are not just an add-on anymore. For a growing set of buyers, they are the point of the piece.
Why buyers are moving beyond gold
Two forces are pushing the shift. The first is price. Gold has stayed expensive, and even after a correction of roughly 20% from its January 2026 peak, many buyers feel they are paying mostly for metal weight. A coloured stone lets them buy design, colour and rarity instead of grams.
The second force is individuality. A gold necklace looks like a gold necklace. A Paraiba tourmaline, glowing electric blue-green, looks like nothing else in the room. For buyers who want their jewellery to say something about them, that difference matters. Jewellers say younger, design-conscious customers in particular are choosing stones that feel personal rather than pieces that simply signal wealth.
Alok Sonkhiya, director of the Valentine Group and former president of the Jewellers Association of Jaipur, summed up the season plainly: coloured gemstones did very well this festive season, with sales surging 40%.
The numbers behind the sparkle
The trend shows up clearly in the sales mix of organised retailers. At Kalyan Jewellers, studded jewellery, pieces built around diamonds and coloured gemstones, contributed 31% of sales in the second quarter of FY27, which recently ended. Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said gemstones are moving from the margins to the centre of the jewellery conversation, and the company’s numbers reflect that.
- 40%: rise in coloured gemstone sales this festive season
- 31%: share of studded jewellery in Kalyan Jewellers’ Q2 FY27 sales
- Rs 5 lakh: approximate price of a Paraiba tourmaline per carat
- Rs 7 lakh: starting price for bespoke gemstone jewellery
- 3 to 4 times: rise in prices of select rubies, emeralds and sapphires over two years
Not just a festive-season story
Industry watchers say this is more than a Diwali blip. Prices of select rubies, emeralds and sapphires have risen three to four times over the past two years, which tells its own story about demand. Ankur Daga, founder and CEO of Angara, noted that coloured gemstones continue to grow at around 35 to 40% year on year, as shoppers look for distinctive, design-first pieces rather than buying purely for metal weight.
Gold, for its part, has not lost its place. Indians bought 52 tonnes of gold worth Rs 72,000 crore this festive season, according to the India Bullion and Jewellers Association, a 30% rise in volume. The correction in gold prices brought back buyers who had been waiting on the sidelines. But the season’s real surprise was that a large share of the excitement sat beside the gold counter, in the gemstone trays.
What buyers should keep in mind
Gemstones reward careful buying more than gold does. A gold coin is a gold coin, but two emeralds that look alike can carry very different values depending on colour, clarity, origin and treatment. Experts suggest a few basics before spending big:
- Buy from a reputed jeweller and ask for a certificate from a recognised gemmological lab.
- Check whether the stone has been treated, as heating and oiling are common and affect price.
- Compare prices across at least two or three sellers, since gemstone pricing is far less standardised than gold.
- Think of gemstones as a style and legacy purchase first, and an investment second.
For now, the trade is enjoying a season it did not quite expect. Coloured stones spent years as the quiet corner of the jewellery store. This festive season, they became the conversation. If the growth rates hold, the next wedding season could see them take an even bigger share of the spotlight.
FAQs
How much did coloured gemstone sales rise this festive season?
Sales surged 40%, according to jewellers and industry reports, as affluent buyers looked beyond gold and diamonds.
Which gemstones are in demand?
Emeralds, spinels, tanzanites, aquamarines, rubies, sapphires and rare Paraiba tourmalines are seeing the strongest demand.
How much does a Paraiba tourmaline cost in India?
Rare Paraiba tourmalines sell for around Rs 5 lakh per carat, and bespoke jewellery built around them starts at about Rs 7 lakh.
Why are buyers choosing gemstones over gold?
High gold prices, a desire for distinctive design and the rarity of coloured stones are the main reasons, jewellers say.
Is buying gemstones a good investment?
Prices of select stones have risen sharply, but experts advise treating gemstones mainly as a style and legacy purchase, and to always buy certified stones from reputed sellers.
India’s jewellery story this festive season had two heroes: gold held its ground, and coloured gemstones finally stepped into the light.
