According to the Times of India, diamonds are gaining popularity in India as gold becomes increasingly expensive to be used as a backdrop for the sparkling gemstones.



With gold prices around Rs 16,000 per 10g for 24-karat gold, most people are now opting for 14-karat gold in India. This saves jewelry buyers around Rs 5,000 per 10g. The remaining money can be used for buying diamonds. The 14-karat gold is generally of 56% purity with other metals mixed in.



When it comes to style, diamonds have always been an attractive proposition. According to Indian jewelry consumers, diamonds always make a greater fashion statement than gold.



The Times of India states that the increasing cost of gold has come as a blessing for diamonds dealers, because the stones are emerging as a more acceptable investment option.



The Times of India quotes Ashim Nagpal of Tanishq Jewelers, who underscores India’s shift in mindset: “Diamonds are as good a way to park you money as gold. People don’t mind spending on them if they have to shell out the same amount of cash. They are happy to get diamond-studded jewelry at the same price, even if the gold karats are low.”