Demand for Diamonds Wanes in India
The demand for diamonds is likely to wane in India as the price of gems surge. India is the largest exporter of polished precious stones in the world. However the representatives of Titan Industries Ltd feel that current price rises of 60-70% for polished stones may see consumers buying gold over diamonds.
Sandeep Kulhalli, vice president of retail and marketing at Tanishq - a prominent jewellery retail chain owned by Titan Industries feels the sheer price-value equation was so unfriendly to the consumer that the people were now moving back to gold. Gold is far closer to the psyche, ethos and culture of Indians than diamonds. This would have a big impact on growth rates of diamond sales.
Titan Industries’ Eastern Business Manager Dwaipayan Sen said that they had achieved 65 percent growth of overall Titan industries and 71 percent growth of the jewellery division. So they would like to give an opportunity to the customers by offering 20 percent discount on all diamonds sold at Tanishq.
Rajiv Mehta, chief executive officer of diamond manufacturer Dimexon Diamonds Ltd., said that demand for diamonds would increase in double digits for the coming decade. He added that diamonds, as any other luxury product, must be aspirational, it must be something that people need to be seen as a ‘high-end’ luxury product.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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