If you have always craved diamonds but could never afford the rock of your dreams, it’s time to compromise a little. For a few thousand bucks, you could have a touch of ice glistening on your finger.

The budget diamond bandwagon is giving the young Indian woman a chance to satisfy her yen for some shimmer without burning a two-carat hole in the pocket. And the concept has caught on, with shoppers choosing to pamper themselves or pick them up as gifts.

Trend talk

“The diamond market in Calcutta grew by 31 per cent in 2003 and 30 per cent in 2004,” says Premjit Sengupta, regional manager, Diamond Trading Company. Though these figures do not apply exclusively to the budget diamond segment, low-end stones have contributed significantly to the rising figures.

“Budget diamonds have ensured women do not have to think twice before buying a piece of jewellery studded with diamonds. Women can now afford to buy diamonds even on impulse,” feels Brinda Ganguly Sirkar of The Gold Factory.

Watch out

Valentine’s Day ? popular with the young and usually cash-strapped -? has created a market for diamonds as cheap as Rs 1,000. But these, warn experts, are nothing more than diamond dust, which scores for neither clarity nor carats, and definitely have no resale value.

“When diamond is cut, the dust is collected and used for these little trinkets. The pieces one gets for Rs 1,000 do not have actual stones,” stresses Tehmasp Printer, managing director, International Gemological Institute, a diamond-grading agency.

It is the Rs 3,000 to Rs 15,000 bracket that is considered the budget diamond category. “The lower price does not necessarily mean bad quality diamonds. They are smaller stones but the clarity and carat count is good,” adds Sengupta.

Don’t think of these diamonds as an investment. “Though people hardly ever want to sell back these pieces, we do offer a buy-back policy that gives an 80 per cent refund just in case,” explains Sengupta.

Price points

Gifting a diamond engagement ring to your fianc?e even on a budget of Rs 4,000 leaves one with a whole range of design options. Single-diamond rings for women start at Rs 3,000 at The Gold Factory, for example.

In fact, at Rs 5,000, you might even pick up a ring that has as many as four decent-sized stones set in 18-carat gold.

Pendants generally start at Rs 4,000 and come in designs that range from floral to abstract, usually with two or three stones. The larger the number of diamonds, the higher the price.

“We offer a set for Rs 15,000 that includes a pendant and earrings,” adds Anargha Chowdhury of Anjali Jewellers, which started a budget line in 1999.

“We have pendants that start at Rs 1,500, which are sold more as gift items,” says Sanjay Modi of Orra. Earrings are more expensive than either a ring or a pendant, starting at around Rs 5,000.

Gili, Cygnus, Ishis, Asmi and Orra are among the other players offering budget diamonds in excellent designs and finish. These labels are available at multi-brand outlets and standalone stores across the city.

Set mostly in yellow gold, the best you can do is white gold, with the price tag making platinum out of the question.

Pictures by Pabitra Das
Model: Ruhi
Courtesy: The Gold Factory