India’s established diamond companies who have traditionally marketed high-end diamond jewelry to their upscale clientele are now targeting youngsters and teenagers with a new line of affordable diamond jewelry, according to The Economic Times.
Firms such as Krishniah Chetty & Sons, Tanishq, and Gitanjali are rolling out diamonds that cost as little as 500 Indian rupees, the equivalent of $10, The Economic Times reported.
The goal is for companies to expose their brands to a younger demographic comprising college students and teenagers who will drive India’s economy in the years to come.
De Beers predicts that India, China, and the Middle East will become as important as the US in the global diamond jewelry market. According to the World Gold Council, demand for jewelry in India grew by 13 percent last year.
Gitanjali, the world’s largest branded jewelry retailer, projects that its reach into the youth market will translate into an addition 7-8% in revenues within two years.
“Teenagers and young adults are moving from costume and junk jewelry to light gold, silver and diamonds since it adds value to their lifestyle and fashion,” Mehul Choksi, Gitanjali’s chairman and managing director, told The Economic Times.