Gold in India has never just been metal. It is legacy, pride, and investment. But in 2025, the alloy of aspiration looks different. The new gold glows softly, bends easily, and doesn’t weigh down wrists or lives. The Midas touch this Diwali time is different. Where once 24K gold reigned as the standard of virtue and value, jewellers across Surat, Coimbatore, and Jaipur are now turning to more wearable mixes: 14K (about 58.5 per cent gold), 12K (50 per cent), and, increasingly, even 9K alloys. These lower-carat compositions, strengthened with copper, silver, and other metals, make jewellery more durable, less prone to scratches, and infinitely better suited to everyday use. The Bureau of Indian Standards’ recent move to allow hallmarking for 9K jewellery has legitimised this shift; fine jewellery, once the preserve of the affluent, has become more democratic, opening a shimmering middle ground between luxury and accessibility.
Gen Z now prefers 12K and 14K gold adornments: while not exactly bijouterie, they don’t see gold as investment like Millennials and Boomers, but as style statements. Meanwhile what is gold without diamonds even if they aren’t mined by DeBeers? Lab-grown diamonds, once considered a compromise, are now a conscious choice. Semi-precious stones, vibrant and versatile, are taking centre stage. Arshi Nagpal, a young makeup artist working at a beauty store in Delhi’s upscale Khan Market, flaunts a ring with a lab-grown two carat cushion-cut solitaire surrounded by a string of smaller diamonds—a Harry Winston-inspired design. It was a surprise from her engineer husband on their first anniversary. “I know it’s lab-grown but I love the look on my customer’s faces when they see my rock is bigger than theirs!” she smiles.
Golden hour
How did India—the world’s second largest purchaser of gold according to the World Gold Council—go from revering their traditional jewels to shunning them in favour of less valuable pieces? On the morning of October 8, 2025, the price of gold surpassed every record previously held. Reaching a high of `1,26,600 per 10 grams in the national capital, this unprecedented rate was merely a reflection of global trends. What is a fashionista to do? Aayush Soni, managing director, The House of MBj, a legacy jewellery brand founded in 1897 in Ratangarh, Churu, Rajasthan, explains, “Today’s clients are seeking jewellery that is accessible, versatile and meaningful.” Vinnie Ghatiwala belongs to the family of Ghatiwala jewellers of Jaipur, known for creating fine jadau jewellery for three generations. She decided to branch out this year with Mèroh, a brand that creates ‘modern heirlooms’ at an accessible price range. Reason? She explains. “The first is a rise in Prêt Jewellery—the idea that luxury is becoming more accessible. The second is a ‘No Locker’ mentality towards jewellery. Pieces are now seen as fashion accessories to be worn and enjoyed daily.” People are even opting for trade-ins by returning their jewellery to brands and buying new designs in their stead. Jewellery saving schemes in the market providing returns as high as 25-30 per cent are designed to help younger consumers develop a habit of saving, while experiencing the joy and satisfaction of rewarding themselves with something meaningful.
As good as gold
If diamonds are a girl’s best friend, their lab-grown variant is a soul mate for unfulfilled diamond dreamers. Market giants like Titan and Malabar Gold have launched sub-brands Mia and Starlet, respectively, aimed at attracting young, working women. Says Abhay Mehta, the senior partner at Mehta Jewellery, “Ultimately, any form of art—be it jewellery, a sari, a watch, or even a car—is at its best when it is seen, used, and enjoyed.” The market has largely changed. Titan and Kalyan Jewellers have noted the impact of higher prices and are adjusting their price points and bottom lines accordingly. P.C. Chandra Jewellers’ ‘Amazea’ collection, brings 14K gold jewellery into the mainstream. On the digital front, Jewelbox is redefining the diamond market with lab-grown, ethically sourced diamonds. The new language of gold is softer, subtler. Its tone shifts delicately with the light: rose gold glows like dusk on skin, white gold shimmers like morning frost.
The low-K revolution is causing design shifts too. Shifting to affordably priced raw materials allows for greater creativity in designs. Nikita Prasad, co-founder and creative head at Bengaluru-based demi-fine jewellery brand GIVA, recounts the stories of two customers. A 31-year-old Mumbaikar discovered them through Instagram while searching for daily wear pieces in gold which weren’t prohibitively priced. “She loved that she could get certified 14K gold and lab-grown diamonds in designs that felt modern and wearable.” Another client from Bengaluru, aged 26, walked into their store looking for a gift for herself to celebrate a promotion. She chose a delicate lab-grown diamond pendant, calling it her “everyday reminder of how far I’ve come.” Each lab-grown diamond is born of precision and science. They possess a crystalline brilliance that plays with light in endless prisms. Against this radiance, there’s the tranquil haze of aquamarine; the soft rose of morganite; the moody greens of tourmaline and prehnite. Some are cabochon-smooth, others faceted just enough to catch a flicker of fire when the wrist turns or the neck bends. Designs today play with geometry and sensuality in equal measure—slender gold wires that coil like thought, delicate chains that fall like liquid, sculpted rings that hug the finger as if made for it. Surfaces are polished to a mirrored perfection or brushed to a matte glow. Each contour, each edge, is deliberate—minimal, but never austere. Lawyer Sudeshna Banerjee prefers to stand apart in a sea of embellished lehengas and shararas at any loud North Indian wedding by pairing her sleek white Zara dress with a massive choker made of mixed alloy metals and moissanite emeralds—a knock-off of a Sabyasachi design. The necklace boasts layers of kundan, uncut diamonds, and emerald droplets catching the light in a slow, regal shimmer. “All eyes are on me, and I know it” is Banerjee’s joy. According to a study conducted by market research firm Fortune Business Insights, the Indian lab-grown diamond market is poised for significant growth with a projection of reaching $1,192.3 million by 2033 from just $299.9 million in 2023. Another study by the Gem & Jewellery Export Promotion Council (GJEPC) showed a 200 per cent increase in lab-grown diamond exports from India between 2021 and 2023—proving this shift is a global one. Adaia jewellery, which began in 2022 in Chennai, has seen this up close. “Our collections like Adaia One and Adaia Nova directly respond to this shift, redefining what every day fine jewellery can look like,” says Darshana Balagopal, founder of the brand.
A new golden age
Designers have begun weaving new philosophies into metal: the idea that beauty need not be burdensome. Ethical sourcing has become a calling card. A 2022 survey by Nielsen noted that 63 per cent of Indian responders between the ages of 20 and 35 stated a preference for buying products, including jewellery, from brands that are environmentally responsible. A Reuters report on global jewellery trends earlier this year observed that consumers are now buying “sparkle with a conscience.” In India, these stones glitter in solitaires, multi-stone necklaces, cluster earrings, and even coloured accents and are seen across collections by brands like Ivana Jewels and PureCarat. The biggest shift is cultural. While many buyers are experimenting with lower value jewellery pieces, the lure of traditional jewellery still exists and thrives. As a millennial raised on her parent’s traditional ideas, 37-year-old writer Neha Sharma recalls buying her wedding set with her parents at the age of 21. “We were on a family vacation in Himachal Pradesh and a local jeweller known to my family, showed us some beautiful wedding sets. We were just there to browse,” she says. But when a gorgeous gold filigreed necklace, earrings and maang tikka set made its appearance, the whole family was sold. However, she only wore it once on her wedding day. “I prefer to wear smaller and less ostentatious pieces. But I don’t regret buying the wedding set—its value has skyrocketed!” For corporate professionals like 29-year-old Shivani Saha from Hyderabad, the necessity of looking presentable is greater than monetary investment. “If I need to outpace my colleagues, I have to maintain certain standards. My jewellery has to be minimalist and modern while also looking expensive,” she feels. Another buzzword in the industry is sustainability. More brands are now offering eco-friendly jewellery made from recycled metals and gemstones ethically sourced from conflict-free zones.
The golden mean
The days of the heavy kundan set are waning; in their place come pieces that whisper rather than proclaim. India Retailing describes how thin chains, tiny studs, and celestial pendants have become urban signatures with jewellery meant to move with the wearer, layered, stacked, mixed with silver or rose gold, worn to work, cafés, or airports. At Maaya Jewels and PureCarat, statement pieces gleam in large chandelier drops, geometric chokers, bold cluster necklaces, yet engineered to weigh less, catch more light, and move fluidly. The perception of fine jewellery is undergoing a big shift. Once seen as a marker of wealth, permanence and legacy, jewellery is no longer viewed as treasure to be passed down generations. It’s not necessary to own it either. Marketing professional Astha Jain proudly proclaims that her enormous polki and meenakari-adorned wedding set is rented. “I’m only going to wear it once and the money we save will help with other costs of the wedding. But I’ll still look beautiful in the photos. It’s a win-win!” The motifs, too, are being rewritten. The peacock, lotus, mandala, or diya are now stripped to their silhouettes, reinterpreted through Art Deco geometries or minimalist frames. Designers like those at Moissani India fuse the precision of hexagons, triangles, and chevrons with the sensuality of Indian motifs. Metals meet in unexpected marriages: rose and white gold in the same bangle, enamel detailing brushed over matte textures, oxidised accents lending antique depth. Technology has slipped seamlessly into this transformation. CAD and 3D printing allow artisans to sculpt complex lattices while reducing gold content by nearly half. The pavé and micro settings, halo designs, and invisible clasps all suggest craftsmanship that hides its hand. Bollywood stylist Hemlataa Pariwal has embraced the change for her clients. “My young clients are all about versatility, uniqueness and making statements. They are not afraid to experiment. Personally too, I love mixing and matching by pairing subtle essentials with fun, statement pieces.”
No diamond, no pressure
Pallavi Singh from Delhi is a 38-year-old social media strategist and content creator. For creating content, she chooses statement designs. She observes, “Quality and design matter more than sheer size or weight. Young buyers are drawn to modern minimalism, ethical sourcing and transparency in brand values.” This shining example is supported by Anand Lukhi, co-founder and CEO of Mumbai based Lukson lab-grown diamond jewellery, launched in 2025. He points to taste over tradition, “Customers seek transparency in the quality of the metal, sourcing and certification, as well as the ethics of the production and a fair and transparent price-to-design value.” This brand was the choice of 35-year-old Arjun Anand, an entrepreneur from Pune, who was keen on a non-traditional wedding band. He chose a custom-made piece which was inspired by a family heirloom but still held its own. At the heart of it, the new jewellery isn’t about status but story. Moissani India Pvt. Ltd. observes that stackable and convertible pieces—rings that lock together, pendants that double as brooches—now allow personalisation at a smaller budget. The buyer becomes co-creator, mixing forms and finishes to mirror emotion or milestone. Thin gold chains and diamond-dust pendants layer easily across outfits and identities. Chokers once reserved for ceremonies now appear at rooftop parties, paired with linen saris or blazers.
The pieces themselves speak the language of precision and poetry. Ivana Jewels’ Floral & Geometric Diamond Necklace, available in 14K and 18K gold, merges symmetry and softness: clusters of pavé diamonds bloom within geometric outlines, the gold shifting from yellow to rose to white. Maaya Jewels’ ‘Eternal Blossom’ ring folds 14K rose gold into a blooming silhouette, petals holding micro-set lab diamonds that shimmer with quiet intricacy. Its ‘Twilight Radiance’ ring traces a perfect circle in white gold, haloed by fine stones, evoking both classic glamour and contemporary polish. PureCarat’s festive line goes further still: their Navratri 2025 collection features chandelier earrings of mixed-cut diamonds, marquise and pear shapes arranged like droplets of light. Even the mangalsutra; that most traditional of tokens has been reinvented as a slender gold-and-diamond thread, elegant enough to wear with a silk shirt.
Fab not fake
All jewellery now fits a Millennial-plus-Zoomer lifestyle that goes from boardroom to date night, networking lunches to wedding sangeets, baby playdates to red carpet events, and casual family vacations to exclusive destination weddings. Therefore aspirational designs are more accessible than ever before. The proliferation of online jewellery stores like Carat Lane, Bluestone, Palmonas and more, have only made shopping easier. The numbers support this assertion too. A study conducted by Trade Jini shows the market size for traditional jewellery is projected to reach USD 150 billion by 2033 at a compound annual growth rate (CAGR) of 5.2-6.3 per cent, while another by Grand View Research positions India’s demi-fine jewellery market as reaching USD 460.6 million by 2030 with the CAGR doubling at a whopping 12.1 per cent. Further, a report published in 2020 by the World Gold Council shows that 70-80 per cent of online shoppers fell within the age groups 18-45, and spent an average of `25,000-30,000 on a single purchase.
The cumulative effect of these shifts is moral and aesthetic clarity. Accio calls it “the sparkle of sustainability.” The gold is less pure, the ethics more so. The diamonds are lab-born, yet the emotions remain mined from the same human need for beauty and belonging. In June 2025, a social media video made by diamond broker Hitesh Bellani went viral—he spoke of a collector friend strictly shunning lab-grown diamonds because if she bought one, people would assume her real diamonds were also lab-grown and hence fake, bringing their perceived value down. Soon after, a catty video featuring social media darlings Shalini Passi and Orry equated ‘lab-grown’ with the word ‘fake’.
Did this smear campaign pull down the value of lab-grown diamonds? Not in the least. “While lab-grown diamonds have sparked some debate, it hasn’t affected our growth in any significant way,” says Abhinav Kumar, President, ORIGEM, a Mumbai-based lab-grown diamond company. Much of the criticism online is for show. “Informed buyers understand that lab-grown diamonds are a credible, responsible and modern choice.” Radhika Jewellers, a legacy brand established in 1980 in Rajkot, Gujarat, which began as a humble jewellery store in the bustling lanes of Soni Bazaar now purveys both signature heritage and antique gold jewellery and diamond bridal pieces, rare gemstone jewellery and elegant, minimal designs to suit a modern lifestyle. Director of the brand, Jenil Zinzuwadia puts this down to today’s consumer being far more diverse, “Our design philosophy has evolved to reflect this balance between legacy and modernity.”diamond thread, elegant enough to wear with a silk shirt.
Golden opportunity
All this is not to say investment value of gold jewellery is not a factor that drives continued growth. Thirty-six-year-old Srishti Chhabria Chauhan, co-founder of TheCisterCo., a lifestyle platform, agrees: “I like to collect and hold on to it from a long-term lens. I personally don’t believe in the 12K/14K rise of gold.” However, Chartered Accountant Harshad Shah notes that people investing in physical gold are choosing 18K gold over 22K because it is more affordable, allows for a wider variety of designs and modern styles, and is often considered more durable due to its alloy composition. According to a survey conducted in 2024 by Moneyview, 65 per cent of Indians under the age of 35 prefer to invest in digital gold over buying its physical variant. The fractional ownership model, assurance of purity, pre-insured storage and ability to liquify immediately have made it a more attractive option.
Apart from the value of gold, craftsmanship is also appreciated. When 39-year-old Delhi entrepreneur Shikha Ghei got married 13 years ago, she rushed to break down the heirloom jewellery gifted to her, into more modern pieces. Then around six years ago, her jeweller told her to stop. “He said this kind of craftsmanship is dying out. So, pieces that were made 50 or more years ago will appreciate for their intrinsic value as well as for the rarity of their artisanship.” Abhay Mehta, the senior partner at Mehta Jewellery—a legacy brand based in Chennai since 1910, says, “Traditional consumers still value cultural and traditional aesthetics, but they want it expressed in a fresh, contemporary way. They don’t want to lose the essence of tradition, but they also want to look young and modern. At the same time, we have customers who prefer to remain fully rooted in tradition, while at the other end of the spectrum, modern consumers are seeking completely contemporary designs.”
In the vitrines of Maaya or Ivana, under warm spotlights, one can trace the evolution of Indian adornment: from locked-up investment to living ornament. Every brushed chain, every recycled alloy, every precisely set diamond reflects not just light, but a shift in what Indians consider valuable. Jewellery has become an act of expression, not exhibition in which lies a quiet gleam of individuality in a generation learning to wear its passions lightly.
