The upcoming Valentine Day week is exciting diamond jewellery companies and local retailers with expectations of a 25 percent increase in domestic diamond jewellery sales over the same week last year, as reported in a leading media. The markets are expected to churn business worth Rs. 700 crores in the week leading upto February 14, 2010. Availability of lighter jewellery at affordable prices and the recovery in markets are drivers for the youth to purchase diamond jewellery this Valentine season, reports add.

Jewellery between the price brackets of upto Rs.20,000 is being looked at as the target segment for sales this Valentine week. Luring the domestic young buyer, companies like Gitanjali are offering a special collection entitled L’Amour’, and price discounts, while Tanishq is introducing an affordable range of diamond jewellery beginning at Rs. 999 onwards. Carbon, the diamond jewellery brand of Forever Jewellery, is offering discounts.

Local retailers too are lining up their promotions with discounts on labour charges, gifting options and more. The markets are looking favourable for lighter diamond rings, earrings and pendants, reports add.

While the overseas markets are recovering, and with Valentine Day sentiments being high in such countries, Indian diamond companies and retailers are hopeful of the domestic market too gaining its grounds, as noted by Gem and Jewellery Export Promotion Council (GJPEC), reports say. Reports also state that while there is an increase in demand, there is also been a 10 percent improvement in prices, along with rise in prices for gold and diamonds, as noted by GJEPC.