Cheap Diamond jewelry as a gift is emerging in the market and not only in the corporate sector but with so many brand ambassadors advertising the brands, it is growing at an individual gifting platform too. The most recent, 'Swaranjali' from Adora, to hit the marquee is the signature collection of noted playback singer Lata Mangeshkar, which is said to open a new spectrum in the premium branded jewelry segment in India. Further the retail scenario which is on an upswing in India is said to be supporting the growth of diamond jewelry. There are exclusive jewelry malls opening up in the cities where some of the best brands in the country are deciding to set up shops. Such malls are guaranteed to bring about a revolution in the highly fragmented jewelry industry where the retailers could provide which consumers deserved and desired. This will redefine jewelry-retailing standards, which will encourage Indian consumers, NRIs and foreign tourists to spend more on jewelry thus boosting the Indian industry.

One has seen that the dominant consumers of diamond jewelry for corporate gifting are the all major pharmaceutical companies and electronic companies. Diamond jewelry products are also used for cross promotions by many travelling agencies, cosmetic manufacturers, clothing industries etc. Even in the banking and service sector this kind of costume jewelry has worked as an effective promotional tool. Many well known banks present their premium customers with small branded diamond pendants on becoming the proud owner of their gold credit card and such other schemes. Branded diamond product serves to be an ideal gift to the valued customer and being branded it also comes with a touch of trust. The customers are known to preserve such gifts forever.

Last but not the least the Indian woman's persona too has changed perceptibly, she is young, urban and independent. The percentage of Indian women who preferred to have a diamond set has grown by more than 300 per cent. It is found by a survey that approximately 15 per cent of Indian women within the upper-economic class own diamond jewelry. Thus the new Indian woman is a reality that no marketer can overlook. Also the diamonds are not just restricted to cocktail rings and earrings they have now also become a part of a women's other personal accessories, like diamonds are now studded in watches and bracelets, in their hand bags, clips etc.

One needs innovative ideas to attract and retain customers. Apart from the privilege of choice offered to the consumer, the branded diamond jewelry market has to face competition from the local fragmented jewelry market too and one has to keep it's step cautiously. A customer today needs to be pampered and it is very essential to know your consumer, as it becomes easier to respond to their needs. Advertising has increased brand consciousness markedly and most importantly, branded and machine-made diamond jewelry has become increasingly more affordable. Diamond jewelry has consumption grown at a blistering 24 % in 2003. India has seen a similar growth pattern in 2004 & 2005 and it will be no different in 2006. The diamond has also stepped into the marriage market, until recently, which was had veritable strong hold of gold jewelry only. Diamond jewelry market is definitely at it's zenith and has a very promising future ahead as far as corporate and personal gifting is concerned.