With gold priced at Rs 78,490/10 gm, and GenZs preferring lightweight jewellery, demand for low-carat gold is booming. No wonder, the government recently notified that 9-carat gold jewellery will also be hallmarked by end of the year.
Major players like Malabar Gold and Diamonds, Kalyan Jewellers, Mia by Tanishq and others are betting on lightweight jewellery this festive season. Mia by Tanishq has launched a new festive Disco collection that is lightweight and versatile, having roped in Zeenat Aman for the campaign. Shyamala Ramanan, business head, Mia by Tanishq, said, “We have a slew of modular jewellery like earrings that transform into pendants or playful fidget rings. We continue to see a marked acceptance of 14-carat, which means we are able to give a wider spread of high-quality products at attractive price points. This combination of accessibility and affordability not only allows customers to expand their collections but also encourages them to experiment with different styles.”
Added Ramanan: “With potential plans for entry into quick commerce, the brand in the first half of the year has seen a growth of close to 50% compared to last year, both online and in-store. This surge is a testament to how today’s generation is embracing versatile and lightweight jewellery.”
Malabar Gold and Diamonds has created various sub-segments in the lightweight jewellery category.
Chairman MP Ahammed said: “The demand for contemporary designs has seen a steady rise and we expect it to go further up this festive season.”
A spokesperson for Candere by Kalyan Jewellers, which has expanded from a digital-first into an omni-channel brand with over 35 retail locations across India, said: “There is strong demand for design-focused slim, minimalistic jewellery, and it has seen a surge this festive season, especially for 14 and 18-carat gold options.”
“Despite rising prices, there is consumer demand to wear gold at affordable rates,” said Surendra Mehta, national secretary, the India Bullion and Jewellers Association (IBJA), who feels the new 9-carat category will be a game-changer for the target consumer in the age group of 25-35 years.
“This is an ideal time to introduce the 9-carat hallmarking. This way retailers and jewellers will be able to create new designs, adapt new technologies and hallmarking mechanisms, and the move will not allow customers to be cheated,” said Mehta.
Piyush Gupta, director, PP Jewellers by Pawan Gupta, said he has received many queries regarding the value and quality of 9-carat pieces. He said target consumers are students, fashion influencers, budget-conscious people and regional buyers.
The hallmark guarantee will bring consumer confidence and trust in quality regulations, certification for purity and composition. “Low caratage is best for those who enjoy gold jewellery at affordable pricing. We anticipate curiosity around pricing, durability, and design options,” said Lucknow-based Vaibhav Rastogi, founder of Rahul Jewellers.
“Traditional locker jewellery is meant for special occasions, but lightweight easily fits in drawers,” said Kartik Khanna, creative director, Khanna Jewellers in Delhi.
“Convertible jewellery with multiple styling options is in demand for its versatility,” said Mumbai-based Parag Shah, director, Kisna Diamond & Gold Jewellery, who sees a significant rise in demand for low-carat intricate designs driven by consumers seeking elegant and budget-friendly options.
While millennials and Gen Z are opting for wearable pieces rather than pieces that need to be stored in jewellery lockers, Sonal Narang, creative head, Hazoorilal Legacy, said: “The lighter designs are preferred as they can be worn regularly and not occasionally.”
J&K-based Kunal Talla, director, Fortifino, a jewellery store, said, “Approximately 60% of our sales are driven by larger statement pieces. However, we have observed a growing preference for intricate designs with a 25-30% increase in demand in the past three years.” Vadodara-based Narayan Jewellers is seeing good demand for 18-carat designs. Ketan Chokshi, chairman & MD, Narayan Jewellers, said, “Lifestyle jewellery, particularly in 18-carat rose gold, has seen remarkable growth.”
Added Zeba Khan, director, fashion & beauty, Amazon India: “In the past one year, we have seen more customers opt for 14-carat purity, which is growing at 2.5X YoY, besides 18K growing at 75% YoY.”
The World Gold Council forecasts India’s gold consumption to 850 tonne, up from 750 tonne, in 2024.
From: financialexpress
Financial News
