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.”
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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.
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