New Delhi, Oct. 10 -- When a woman tries on a piece of high jewellery, what makes her want to own it? Is it the diamonds, the precious stones, the craftsmanship, or the value of the materials? For Ajoy Chawla, MD, Titan Company Limited, the answer increasingly lies in something less tangible: how the piece makes her feel.

"You can see it in her eyes. The desire is in her eyes," Chawla said in an interview with Mint, describing the experience of watching a customer try on an exceptional piece of jewellery. The moment, he suggested, is not simply about how she looks in it, but also about what wearing it makes her feel.

It is a useful way to understand the changing business of luxury jewellery in India. In a market where gold has long repr...