Gaurav Singh Kushwaha, founder and CEO of BlueStone, said diamond and coloured stone jewellery demand is increasing among Indian consumers.

This shift indicates a changing consumer preference in the Indian luxury market, where traditional gold holdings are being repurposed into modern, studded designs. The trend suggests a move toward aesthetic diversification over simple gold accumulation.

Speaking in an interview with CNBC TV18, Kushwaha said that a significant portion of current transactions involves the trade-in of existing assets. He said that 50% to 70% [1] of jewellery sales are now in exchange for old gold from consumers.

This mechanism allows buyers to upgrade their collections without requiring entirely new capital. By leveraging the value of old gold, consumers are increasingly opting for pieces that incorporate diamonds and other gemstones.

Kushwaha highlighted the specific performance of the studded segment during the broadcast. He said, "Studded jewellery is doing well with diamonds and coloured stones picking up."

BlueStone, an online jewellery retailer, continues to track these consumption patterns as part of its growth strategy. The rise in coloured stone demand reflects a broader trend toward personalized, and fashion-forward jewellery choices in the region.

As the market evolves, the ability for consumers to swap old gold for new designs remains a primary driver of sales volume. This cycle ensures that high-value materials remain within the retail ecosystem while updating the style of the jewellery being worn.

“"50% to 70% jewellery sales are now in exchange for old gold from consumers."”

The trend of exchanging old gold for studded jewellery suggests that Indian consumers are transitioning from viewing gold primarily as a financial hedge to treating it as a liquid asset for fashion upgrades. By utilizing a trade-in model, retailers like BlueStone can maintain high sales volumes even during periods of gold price volatility, as the relative value of the exchange remains more attractive than a cash purchase.