Coloured gemstones are now increasingly finding place in jewellery sets of the young and fashion conscious Indian consumers. Gone are those days a few years back when people in India used to wear coloured gemstone jewellery with astrological purposes. Today, the trends are changing and coloured gemstones have caught the fancy of modern Indian consumers. Indian domestic market now offers the best potential for the future of the Indian colored gemstone industry. Mr. Ian Harebottle, Gemfields Chief Executive Officer says, "According to our estimates, the demand for coloured gemstones in India has increased by 50% per year over the last four years alone, and Gemfields expects that this percentage would grow higher in the coming years. The overall popularity of gemstones in India has significantly increased in pursuit of owning something unique and unparalleled. In-fact, most of our Company's gemstones are sent to India to be cut and polished." Gemfields recently unveiled a unique set of fine jewellery collaborations with 36 leading international designers. These collections accentuate not only beauty of the gemstones but also the range of shades, shapes and sizes that make up Gemfields' portfolio. It also unveiled a new global advertising campaign featuring its brand ambassador Ms. Mila Kunis wearing ethically sourced Zambian emeralds and Mozambican rubies.
Mr. Ian says, "About 60% of Gemfields'gemstones are exported to East and West Asia and the balance 40% to West. Of that, over 60% is exported to India. Coloured gemstones in India have a market share of 8%. We have observed that the demand for coloured gemstones in India has increased by 50% annually over last four years alone.Gemfields expects this demand to grow further in the coming years." One of the leading coloured gemstone dealers based in Jaipur says, "Traders in India had been stuck selling coloured gemstones for astrological reasons and that's what is stamped foremost in the Indian consumer's mind. Because the astrological purpose to acquire and wear a colored gemstone does not require the stone to be of high quality, we had wound up selling high volumes of really bottom-end stuff. But the irony is that the Indian domestic market today, with changing fashion quotient offers the best prospective for the future of the Indian coloured gemstone industry in India." India especially Jaipur - cuts and polishes about 250 million USD of the total emerald market estimated at 330 million USD. Prices may range from a few hundred rupees to tens of lakhs per carat, but the strongest selling range varies from Rs.5,000 (89 USD) to Rs.20,000 (357USD) per carat. However, the prime problem is still irregularity of supply. Apart from Gemfields supply from its Zambian mines, India imports rough emeralds from countries like Brazil, Colombia, Zimbabwe, Afghanistan, Russia and Pakistan. Emerald rough is also found in India's Orissa, Ajmer and Udaipur. But many manufacturers have, over the years, turned to other stones because of the random supply from these areas. Although, it is the fashion industry that dictates the affluences of the colored gemstone industry in domestic markets more than any other single factor, a colour or set of colours generally govern emerging fashion trends. These colour trends fairly translate into demand for gemstones that match or complement them. But the sector still has to build a new relationship between consumers and colored gemstones. It must develop a specific image for its products. Also, the sector needs to gain consumer confidence and educate people about gemstones. This will in turn bring India's industry into wider focus.
