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Gold up 54% since last festive season, jewellers expect diamond jewellery sales to grow 15-20% this festive season
Our read
Joyalukkas and Senco are more likely than not to see festive diamond jewellery growth near the 15-20% they expect, driven by lighter, mid-priced pieces rather than heavy gold.
For operators
Weight your festive diamond assortment toward the Rs 10,000-Rs 1 lakh bracket, with everyday-wear pieces at Rs 30,000-Rs 1 lakh as the fast-movers, and plan lighter necklaces of about 60 grams instead of 100 grams as gold is up 54%.
Watch
Joyalukkas diamond growth above the 20% it expects, by the end of the festive season, would mean diamonds are winning buyers priced out of gold, at gold-heavy rivals' cost.
The report,
Joyalukkas expects 20% growth in diamond jewellery as lower-caratage gold fits shoppers' budgets, while Senco Gold & Diamonds expects everyday-wear diamond jewellery to grow 20%. Small diamond prices are about a quarter less than in the 2025 festive season.
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Reported figures
From the report. Source details below
| Popular diamond jewellery price bracket: | Rs 10,000-Rs 1 lakh |
|---|---|
| Senco fast-moving price range: | Rs 30,000-Rs 1 lakh |
| Necklace weight shift: | 100 grams to 60 grams |
Why it matters for the brand
With gold up 54% and demand concentrated at Rs 10,000-Rs 1 lakh, everyday-wear diamond lines and lightweight design capability look like the most attractive assets to partner for or acquire ahead of this festive season.
What to track next
- Senco's sales share in the ₹30,000-₹1 lakh bracket in its next results
- Average necklace weight falling further below 60 grams in jeweller commentary
- Gold price direction against the 54% rise over the festive weeks
- Industry diamond jewellery growth landing below the 15% low end of the forecast
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Joyalukkas is likely to push lightweight diamond ranges and festive offers in the ₹10,000-₹1 lakh bracket where demand is concentrated.
- Senco Gold & Diamonds is likely to widen its everyday-wear diamond line around the ₹30,000-₹1 lakh price points that move fastest.
- Rival jewellers may match with diamond-led promotions or making-charge offers to stop gold-priced-out buyers going elsewhere.
- Customers are likely to keep shifting to lighter pieces, with necklaces nearer 60 grams than 100 grams.
- Expect jewellers to lean on diamond and lightweight gold in their festive-season messaging as gold stays expensive.
The counter-case
The case against this reading — not reported by the source.
The 15-20% figure is a forecast from jewellers who sell the product, not measured sales. It is stated in value terms while gold has risen 54% in a year. Diamond jewellery is mostly set in gold, so higher gold prices alone could lift rupee sales with flat or falling unit volumes. The signal's own detail points the same way: necklace weights falling from 100 grams to 60 grams, and demand clustering in the Rs 10,000-Rs 1 lakh bracket, suggest shoppers are trading down and buying lighter pieces, not spending more. Diamond may be gaining share only because it offers a lower-gold, lower-ticket way to buy something festive, which would be substitution inside a squeezed wallet, not stronger demand. Quoting 20% from both Joyalukkas and Senco also looks like management optimism or an anchored talking point, not independent confirmation. Joyalukkas is mainly a gold retailer, so growth on a small diamond base says little about the business overall. If gold corrects or festive footfall disappoints, the forecast has no cushion.