Jewelry through culturally important and is the one accessory that immediately uplifts any outfit adding character to the simplest of ensembles. It has the quintessential factor that expresses the wearer's personality by just the choice of the piece worn.

Consumers today are on the constant lookout for brands that reflect their own values and help them express their unique personalities. Purchasing jewelry is ingrained in Indian culture and will continue to be so. What has changed are the buying patterns and the reasons for purchase. Women now are looking to buy jewelry namely diamond jewelry that is simple yet versatile, that is classic yet contemporary, working to create their own style statement.

A piece of jewelry represents tradition, emotion, strength, luck, power, and romance. Unlike most things, you can never have enough jewelry.  

Here are a few key trends that will be seen prominently in 2023 as per our latest research report.

Socially conscious purchases and the importance of trusted brands

Today’s consumers predominantly, Gen-Zs are more conscious of the ecological and social consequences of their purchase decisions. They prefer buying from a brand that is in tune with their own personal values. They are interested in the source of the product, where, how, and whom it has impacted on its journey, and how it came to be. This notion of social purpose and self-awareness has come to sit at the heart of the consumer proposition for all luxury brands – and even more when it comes to highly meaningful luxury purchases such as diamonds.

Branded offerings appeal most to Gen Z consumers, who see brands as contributing to their sense of self-worth and desire for self-expression. In addition, affluent consumers and those purchasing diamond jewelry for themselves are more likely to desire brands. Their attire is an extension of their personality, their beliefs, and their vision. This will become even more important and relevant with time.

Growth of Phygital retail and the Metaverse

Over the past few years, digital retail has strongly grown providing access to remote areas across the country and also making home-grown and international brands more accessible. Today a consumer goes online to research, view the product, compare pricing maybe even do a virtual try-on, experiencing the brand and product before visiting the store to finalize their purchase. It has become a seamless process of online to offline termed as phygital retail and will continue to gain momentum providing an enhanced shopping experience.

In fact, with the arrival of Web3, NFTs, and the metaverse, the physical and digital worlds will merge in previously unforeseen ways, bringing new virtual shopping, entertainment, and socializing experiences to digitally-savvy consumers.

Summing up, the consumer trends of today include a desire to purchase more sustainably, to buy from trusted brands, to know where and how a diamond is sourced, and to shop digitally will continue to progress as we move closer to new retail experiences.