India’s top organized jeweller Titan Co Ltd is betting on coloured gemstones to buoy entry-level demand, as volatile gold prices weigh on affordability.
The Bengaluru-based firm has launched ‘Hues’, a range of coloured gemstone jewellery under its flagship Tanishq label. The collection features over 200 designs crafted from natural stones such as amethyst, tanzanite and tourmaline. Using over 17 gemstone varieties, the collection aims to be more accessible for younger consumers and is priced in the ₹40,000-2.5 lakh range. Nearly 70% of the collection carries a sub- ₹2.5 lakh tag.
India’s jewelley demand remains anchored in weddings and festivals, but it’s increasingly being reshaped by millennials, who are keen on lightweight designs, gemstone-led fusion pieces and craftsmanship.
The company already offered coloured gemstone jewellery, largely rooted in traditional designs. With ‘Hues’, it is pivoting towards more contemporary design pieces in 18-karat gold.
“There has been a clear rise in consumer interest in gemstones over the last few years,” said Arun Narayan, chief executive officer of Titan’s jewellery division in an interview with Mint. “While coloured stones have always been part of traditional jewellery, the category remains underexplored, and we see an opportunity to bring something new to consumers.”
Industry executives say the shift is being driven by changing consumer preferences. “Over the past few years, we’ve seen a clear move towards coloured gemstones, particularly as consumers explore alternatives beyond diamonds,” said D.P. Khandelwal, convenor of the coloured gemstones panel of the Gem and Jewellery Export Promotion Council. “Rarer gemstones tend to hold and even appreciate in value, which is also attracting investor interest.”
The push comes as rising gold prices weigh on demand in lower-priced segments across the industry. While higher-ticket purchases continue to gain traction, entry-level growth has slowed, pointing to affordability pressures and a gradual shift toward premiumization.
The launch timing is significant as it comes ahead of Akshaya Tritiya, considered an auspicious period for jewellery buys in India, and it typically drives a large share of quarterly sales.
“Our latest consumer sentiment study gives us reason to be optimistic ahead of Akshaya Tritiya. Interest in buying jewellery remains high across all segments, like investment buyers, value seekers and design-led consumers,” said Narayan. “With a favourable wedding season ahead and some cooling in gold prices, we expect an advancement of purchases, and overall, the factors leave us feeling positive about demand in the coming weeks.”
Titan’s latest move coincides with a more cautious overseas expansion strategy and slower store additions for its Damas Jewellery business in the Gulf region amid geopolitical tensions in West Asia. With external growth tempered, the company is leaning more on domestic demand and new product launches.
The gemstone push is part of an effort to retain consumers in the sub- ₹1 lakh segment. In its December quarter earnings call, managing director Ajoy Chawla flagged pressure in this category. “As a portfolio of brands, that’s our gameplan to ensure that we own that customer in the sub- ₹1 lakh space,” he said.
had earlier reported that Titan’s sub-brands—Mia and —are also stepping up focus on lower-ticket categories such as silver jewellery to retain younger buyers.
“We are seeing faster growth at higher price points due to premiumization, while lower segments have been relatively slower,” Narayan said, adding that consumers are increasingly split between investment buyers, value seekers and design-focused shoppers, with the latter gaining prominence.
In the December quarter, Titan’s -led jewellery portfolio, including and Zoya, reported revenue of ₹19,921 crore, up about 40% year-on-year, though Mia’s numbers are not disclosed separately. CaratLane posted revenue of ₹1,537 crore, up 42%. Titan’s Q3 consolidated revenue was ₹24,501 crore, of which over 87% came from the jewellery business.
“The country largely imports rough gemstones, processes and polishes them, and exports them to international markets, while the domestic market is still relatively small,” said Khandelwal of the export promotion council. He said gemstones, as a category for organized players, currently account for just 2-3% of their revenues. He said while there have been minor disruptions to imports due to tensions in West Asia, the overall impact has so far been limited.
According to data from the Gem and Jewellery Export Promotion Council, imports of coloured gemstones rose 7% to ₹3,374 crore in February 2026, while polished coloured gemstones grew 11% to ₹1,096 crore. Overall gemstones imports were at ₹4,470 crore, up 8%.
India continues to be a key market for coloured gemstones, accounting for 28% of the Asia-Pacific market in 2024, according to the Export Development Board of Sri Lanka. The market is projected to grow at a CAGR of 10.5% between 2025 and 2035, led by strong demand for emeralds, which account for nearly 42% of total consumption.
India is also a processing hub for the sector, with over 3,000 organizations engaged in gemstone cutting and polishing.