Why coloured gemstones are a woman's new best friends

Could you talk about the source of the jewellery pieces in the auction?

Our leading lot, a pair of spinel earrings, was designed by Jaipur-based atelier The Gem Palace. The spinels in the lot were acquired decades ago by globally acclaimed designer Munnu Kasliwal, who had a particular affinity for the gem and created many important pieces of jewellery with spinels from his collection. Other items in the auction have been sourced from prominent families, individual collectors, dealers, and designers who are seeking to divest certain pieces and reinvest in different styles to enrich their private collections.

Why did you decide to do an online auction? Won't people want to see the jewellery and other objects in person first?

Jewellery from each online auction is showcased at our galleries in Mumbai and New Delhi several weeks before the auction. This allows clients to view, try on, and experience each piece in person before placing their bids.

Physical auctions without an online component limit participation as attendees have to be present at the venue. Our combination of a personalised viewing experience and the accessibility and transparency of our online auctions has boosted buyer confidence and contributed to the growth of the secondary jewellery market.

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The fine jewellery pieces in the auction have a more traditional look. Do you see a sudden interest in old-fashioned jewellery, considering people were talking about investing in functional pieces post covid?

There has always been a strong demand for traditional jewellery in India, which is known for its impeccable craftsmanship. With the recent global focus on sustainability and environmental concerns, young collectors have shown a renewed interest in vintage and period jewellery.

However, India has long been ahead of the curve in this respect. The practice of passing down heirloom jewellery has remained a tradition in Indian culture for generations. Today, buyers and collectors increasingly recognise the importance of preserving India’s vast and rich jewellery-making heritage, including techniques that are fading away. These heirloom pieces carry value far beyond their functionality, enriched by the stories and history they represent.

There seems to be a growing global interest in coloured stones, especially after lab-grown diamonds became popular…

Lab-grown diamonds were once seen as a major disruptor to the natural diamond market, but oversupply has led to a price drop. However, this isn't the driving force behind the growing interest in coloured gemstones.

Stones like tanzanite have gained value and popularity thanks to increased awareness, fuelled by marketing campaigns from industry leaders like Gemfields. Brands such as Tiffany & Co. have also partnered with celebrities like Beyoncé to promote these gems.

Coloured gemstones offer a wide range of hues, varieties, and cuts, making them ideal for creating unique jewellery pieces, and an appealing choice for buyers looking to make a stylish statement. Many gemstones, such as Burmese rubies and Colombian emeralds, have historically been highly prized for their rarity. Stones with personal significance, like birthstones, are in demand for their symbolic value, and there is also a growing interest in the spiritual and metaphysical properties of gemstones. Coloured gemstones have held a great importance in Indian jewellery and have been represented in traditional arts such as miniature paintings and sculptures of antiquity. For instance, in Indian culture, gems like ruby, emerald, yellow sapphire, and blue sapphire are part of the navratnas (or nine sacred gemstones), representing the power of the nine planets and believed to bring health and good fortune to the wearer.

What makes the Indian jewellery market unique?

The Indian market is distinct in that jewellery is worn for a variety of important occasions, not just weddings, unlike in markets in the West. Wearing jewellery is deeply rooted in Indian culture and is symbolic during festivals and significant occasions. Jewellery is embraced across all sections of society, not just by the wealthy. Many Indians also buy jewellery, particularly gold, for significant festivals and events such as Dhanteras. Both gold and silver jewellery have traditionally been passed on from parents to their children as an integral part of a bridal trousseau. Additionally, jewellery is often viewed as a form of investment in India.

How do you differentiate Saffronart from its competitors like Sotheby's and Christie's?

As a homegrown Indian auction house, we have the advantage of a deep understanding of the country’s diverse jewellery-making traditions and the significant social and cultural meanings attached to them. Combined with our practice of allowing clients to view and try on each piece before auction, this approach has been key in building trust among buyers and sellers.

Manish Mishra is a Delhi-based writer and content creator.

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