Natural gemstones gain ground as gold buying evolves this Akshaya Tritiya

In conversation with Arun Narayan, CEO, Jewellery at Titan Company Limited

Akshaya Tritiya has long been one of India’s most important gold-buying occasions, anchored in the belief that purchases made on this day bring lasting prosperity. But in 2026, the story of gold is no longer just about ritual.

Across India, a subtle but significant shift is underway. Gold continues to hold its place as a cultural and financial asset, but it is increasingly being reinterpreted through the lens of identity, design, and everyday wearability.

This evolution is also reshaping what consumers expect from jewellery itself. Beyond traditional forms and investment-led purchases, there is a growing appetite for pieces that feel distinctive, expressive, and aligned with personal style. It is within this shift that natural gemstones, once a niche within Indian jewellery, are emerging as a serious design category.

For Tanishq, this transition has translated into a sharper focus on design-led innovation, culminating in Hues, its latest collection built around natural gemstones. But as Arun Narayan explains, the move is less about launching a collection and more about responding to a structural shift in consumer behaviour.

Q. What kind of demand environment are you seeing this Akshaya Tritiya?

The broader sentiment this year is optimistic, supported by both macro trends and evolving consumer intent. However, demand is no longer uniform; it is segmented and increasingly driven by intent rather than occasion alone.

Arun Narayan:
We conduct consumer sentiment studies ahead of Akshaya Tritiya every year, and this time the outlook is clearly positive. Consumers are not only keen to buy jewellery, but many are also open to spending more than last year.

Broadly, we see three distinct consumer cohorts emerging.

The first is the investment-led buyer, who views gold as a financial asset and prefers coins or bars. This segment has strengthened over the past year, driven by gold’s performance.

The second is the value seeker, someone who wants to maximize what they get within a defined budget. This is where lightweight jewellery and 18-carat options are gaining traction, offering both affordability and design appeal.

And finally, there’s the design seeker, arguably the most interesting segment, who is looking for something new, expressive, and different from traditional formats.

Q. This idea of the ‘design seeker’ feels new for jewellery. What’s driving it?

This shift towards design is perhaps the most defining trend shaping the category today, and one that is directly influencing the rise of newer formats such as gemstone-led jewellery.

Arun Narayan:
It’s a reflection of how the Indian consumer is evolving. Jewellery is no longer reserved for lockers or special occasions; it’s becoming part of everyday styling.

Across cities, metro as well as tier two and three,e we’re seeing consumers seek jewellery that is wearable, versatile, and aligned with their personality. Exposure to global aesthetics through digital platforms has made preferences far more uniform across geographies.

What’s changed is intent. Consumers are no longer buying only for tradition; they’re buying to express who they are. They want jewellery that completes their look, tells a story, and feels contemporary.

Q. Is this shift influencing how Tanishq designs its collections?

For brands, this has meant rethinking not just design, but the role of materials themselves. Gemstones, historically used as accents in Indian jewellery, are now moving to the centre of design narratives.

Arun Narayan:
Very much so. Our focus has moved towards creating collections with strong narrative pieces that have character, not just craftsmanship.

That’s also the thinking behind Hues, our latest collection for Akshaya Tritiya. It’s our first major foray into natural gemstones as a design-led category. Instead of treating gemstones as accents, we’ve made them central to the design.

The collection uses a wide spectrum of stones, beyond traditional rubies and emeralds to include citrines, tourmalines, and tanzanites. The result is jewellery that feels fresh, colourful, and highly wearable, aligned with how consumers want to engage with jewellery today.

Q. How are you balancing rising gold prices with accessibility?

The growing interest in alternative formats like 18-carat gold and gemstone-led designs is also closely linked to affordability,y a key concern in the current pricing environment.

Arun Narayan:
Affordability remains a key consideration, especially for value-conscious consumers.

One of the ways we’re addressing this is through 18-carat jewellery, which can be significantly more affordable than 22-carat, while still retaining a strong visual appeal. Lightweight designs also make jewellery more accessible without compromising on design.

The idea is to ensure that jewellery remains both aspirational and attainable.

Q. What role does omni-channel play during high-intent periods like Akshaya Tritiya?

Even as product formats evolve, the buying journey continues to reflect the emotional nature of jewellery consumption.

Arun Narayan:
Omni-channel is critical, but its role is nuanced in a category like jewellery.

Consumers today spend a lot of time researching online, exploring designs, comparing options, and understanding pricing. But when it comes to purchase, most still prefer the in-store experience.

Jewellery buying is deeply emotional. It’s not just a transaction, it’s an experience. Families come together, multiple generations participate, and there’s a sense of occasion around the purchase.

So our digital platforms are designed to enable discovery and guide consumers into stores, rather than replace the physical experience.

Q. With the rise of affordable fashion jewellery, is gold losing relevance among younger consumers?

The expansion of alternative jewellery categories has not reduced gold’s importance, but it has changed how consumers engage with it.

Arun Narayan:
Not really. In India, it’s never a binary choice.

Consumers, especially women, engage across categories. They might buy fashion jewellery for certain occasions, silver for others, and gold for entirely different purposes.

What makes gold unique is that it combines multiple roles. It is both an accessory and an asset. It is personal, but also cultural. That combination continues to make it relevant, even as alternatives grow.

Beyond jewellery: What gold really means to India

At its core, gold’s relevance in India lies in its ability to hold multiple meanings at once—financial, cultural, and emotional. But increasingly, it is also becoming a vehicle for identity and aspiration.

Q. If you had to distill it, what does gold represent in India today?

Arun Narayan:
Gold in India is deeply layered. It is culture, emotion, and a store of value all at once.

It reflects identity and heritage, but it also carries financial security. And increasingly, it is becoming a way for individuals to express themselves, how they see themselves and how they want to be seen.

A story that captures the shift

If there is one moment that captures this evolution, it is a story Narayan recalls from a store visit in Tamil Nadu.

An elderly woman had come to buy jewellery not for herself, but for her granddaughter. When asked why she chose Tanishq over long-trusted local jewellers, her answer reframed the purchase entirely.

It was not about the product. It was about what it represented.

For her, the jewellery was a way of signalling the possibility that her granddaughter’s life could be different, more expansive, and shaped by her own choices.

In that moment, gold and by extension, jewellery itself became more than an adornment or investment. It became an aspiration.

The larger shift

As Akshaya Tritiya 2026 approaches, this is perhaps the most important shift to understand. India is not moving away from gold. It is expanding what gold can mean. And in that expansion, categories like natural gemstones, once peripheral, are moving to the centre, not as a departure from tradition, but as its evolution.

From inheritance to identity, gold is no longer just something that is bought. Itt is something that is chosen.

Note to the Reader: This article has been produced on behalf of the brand by HT Brand Studio and does not have journalistic/editorial involvement of Mint.