The diamond market is going through a massive boom right now, and with it, demand for quality jewelry and a higher price.
That’s what is fuelling the rise in the diamond industry.
It is the same with jewellery, a growing industry, and its price is rising.
The jewelers are not doing the lion’s share of the production.
In the past, the jewelry industry had to wait to sell its products until the market was ready for them.
Now, with the demand for the quality diamonds rising, many jewellers are moving in and out of the business.
Some are going into the business of selling diamonds directly to consumers.
Some have even started to offer discounts for people to buy their products directly from them.
“I had a diamond for sale, but it was not a good diamond, so I sold it for Rs 3 lakh,” said Shoaib, a jewelers from Pune, who asked that his surname not be used.
“I am looking at other options for my diamonds, and I am not happy about it.”
Shoaib bought his diamond, which was valued at Rs 4 lakh, from a diamond dealer in Pune.
In an industry where prices go up every day, Shoaiv’s experience is typical.
He bought a diamond at a diamond shop in the city, which he had to go to twice to find a suitable diamond.
The price rose to Rs 6 lakh.
“There were a lot of sellers who said I would get a good price if I sold the diamond for Rs 6 crore, but I couldn’t afford that,” Shoai said.
“This time, I am happy with the diamond.”
He then sold the diamonds for Rs 4 crore, and he sold the jewelry for Rs 1 crore, all in one go.
Shaiba, who sells jewelry in a boutique in Puducherry, said it is the industry’s job to sell the diamond to people at a fair price.
“People are coming in, and they are looking at it as a luxury item,” he said.
“We are trying to sell our product at a price which is acceptable for the market.”
He is not alone.
A survey conducted by an industry body said in 2016, only 14 per cent of the country’s diamond market was open to the public.
The diamond industry is also facing the challenge of the increase in demand for diamonds in India.
According to industry experts, there is a large number of people who have never owned a diamond before, or who have only used a diamond ring as a wedding gift.
“The market is saturated,” said a diamond broker from Mumbai.
This is not only about a shortage of diamonds, but also about people being scared to buy jewelry because they have to pay close to Rs 1 lakh.
But what about the people who don’t want to pay a lot for jewelry?
“They may not want to get a diamond, but they do want to give it away for charity,” said an industry professional.
“If we don’t sell it, we will have to give away it.”
For Shoaiah, this is his first time buying jewelry directly from the diamond dealer.
“My dream is to become the richest man in India,” he told NDTV.
While Shoaibi’s dream is still not realised, he said that he has no regrets.
“Even though I am earning only Rs 200,000 a month, I still have enough money to buy diamonds for charity.”