HotFunz

Mumbai, India--Hooray for Bollywood--and all the new jewelry evoking the colors, styles and techniques of old-world India.

Despite gold's steadily rising prices, a growing number of consumers are gravitating toward modern interpretations of the ancient gold jewelry that originated in the land of maharajas and mogul jewels.

Even before Slumdog Millionaire won eight Academy Awards this year, a swirl of social, cultural, financial and fashion trends had already come together to create a passage to India for jewelry design.

"There are many reasons, not the least among them is the fact that India is an emerging nation with a growing middle class and a rich and colorful culture," says Ellen Sideri, founder and chief executive officer of trend-forecasting firm ESP Trendlab in New York. "And the movie that just won an Oscar brings more interest to that whole culture--which includes their ancient jewelry."

Ancient Indian jewels are known for a combination of design elements: Often handcrafted, the metal is warm, rich yellow gold, leading most modern-day designers to choose 22- or 24-karat, and the gemstones used are either vivid, Indian sari-inspired hues or white rose-cut diamonds. Design motifs include paisleys, snakes, scrolls and the om symbol.

Celebrities such as Angelina Jolie and Halle Berry are among the rising number of starlets photographed wearing Indian-inspired jewelry.

Meanwhile, on Main Street, where there is growing interest in yoga, meditation and spiritual symbol jewelry, discerning consumers are seeking handcrafted as well as higher-karat gold jewelry that is perceived as retaining its value. The recession has also prompted shoppers to seek out more understated jewelry, especially with less expensive rose-cut diamonds.