Diamond a popular option among Indians this festive season

Jewellery buyers are looking at diamond instead of gold this festive season because of falling prices of the precious stone.

Though the festival of Dhanteras is associated with gold, people in Tamil Nadu are opting for diamond jewellery over gold.

Dhanteras falls on November 09 this year, two days ahead of Diwali.

"We are seeing a improvement in studded jewelries, especially in diamond jewelries. Earlier diamond jewellery was considered as, it is affordable only to very high value, high network individuals only but we have come out with many collections that is affordable to even working people. For less than one lakh you can buy a necklace set. We have a collection which came especially for Diwali," said Managing director of retail jewelry group, Malabar Gold and Diamonds, Osar.

Prices of rough-cut diamonds have fallen in India, said media reports. It also said that the export of cut and polished diamonds have declined due to weak demand from China and Hong Kong.