India’s ultra-wealthy are increasingly gravitating towards pink, blue and yellow diamonds, viewing them not just as striking jewellery but also as serious stores of value. Demand for coloured diamonds has risen sharply—by an estimated 20–25% over the past year—despite steadily climbing prices.
Coloured diamonds sit in a league far removed from traditional white stones. While white diamonds are relatively accessible, fancy colours command steep premiums due to their extreme rarity. Pink and blue diamonds, in particular, are prized assets, with per-carat prices reaching into the crores. Yellow diamonds, though more attainable, are fast becoming the preferred entry point for first-time buyers.
What’s fuelling this shift is scarcity as much as aspiration. With no new coloured diamond mines expected and the closure of the Argyle mine eliminating the primary source of pink diamonds, supply has tightened significantly. Over the last two decades, pink diamonds have multiplied many times in value, while blue and yellow diamonds have also delivered strong long-term appreciation.
Post-pandemic, Indian buyers—especially globally exposed HNIs—are aligning their tastes with international luxury trends. Celebrities, business leaders and high-profile weddings worldwide have amplified the allure of coloured stones. Notably, interest is no longer confined to metros; affluent buyers from tier II cities are increasingly entering the market, often starting with yellow diamonds.
Age-driven preferences are also emerging. Older collectors tend to invest in larger, high-value stones, while younger buyers are opting for smaller or mid-sized diamonds as a blend of luxury and investment. Retailers report that exposure to global fine jewellery brands has raised expectations, pushing Indian jewellers to craft more refined, contemporary designs.
Globally, coloured diamonds continue to shine at auctions, especially across Asia. With these rare stones accounting for less than 1% of total diamond production, competition among buyers is intensifying—cementing coloured diamonds as both coveted status symbols and alternative investment assets.