By Kushal Dugar
The sheen of Gold never fades in Indian life. This Diwali is expected to be a big bonanza for Jewelers in India on account of improved sentiments, pandemic recovery, and hope of India emerging as a resilient economy while the rest of the world is staring at an imminent recession.
Gold and Kundan Meena Classics
India is a land of decadent jewelry that has a great mark all over the world. Its sublime crafts and jewelry depict heritage values that have been inherited down the centuries. Gold remains the mainstay of jewelry demand and Diwali has prompted marked into overdrive as gold prices are more or less stable ranging between Rs52000-54000 per 10 grams in the last year.
Gold and Kundan enameled jewelry consist the main chunk of the sale in the festive season but recent market surveys reveal that the young generation is more inclined towards lightweight gold jewelry studded with diamonds.
Demand for bulky gold jewelry is still strong in South India while rural India still prefers heavy silver jewelry. Interestingly, the young generation is much interested in keeping a set of traditional anklets, Jhumkas, and ‘rakhdi’ worn by their grandmother while using light designer jewelry in their daily lives. This not only enables them to ‘mix and match’ but empowers them in a different way which is typical “Indian”.
There are some things that never go out of fashion for Indians. Some of these are:
A traditional staple! Designed and incorporated using various types of gods and goddesses, these gorgeous pieces stand apart in a captivating way. Making bold impressions they have a peaceful and soulful aura.
Gracefully adorned on the head, these admirable pieces have always been popular. The little detail can dress up a look effortlessly while keeping the essence of ethnic Indian wear.
When it comes to traditional looks, the luxe and royal elements can do all the magic. Kundan includes gemstone jewelry with gold foil added to it. They are beautiful and add a great touch to any outfit.
From years of being a symbol of Indian jewelry, gold bangles make a strong statement. They add tremendous refinement and stunning looks to any outfit.
Diamonds are Forever
Marketed as ‘for forever,’ diamonds are attracting the imagination of the upwardly mobile, working-class Indians as it has become an expression of love and togetherness for young minds. An engagement ring with a solo quarter to half-carat diamond is in high demand and is the first choice in metros and tier-two cities. The lighter 14K to 18K jewelry with a few diamonds is selling like a hot cake as fashion jewelry.
The diamond jewelry market has been expanding by leaps and bounds in India on account of growing demand, improved modern design, and marketing efforts by corporate players.
Corporate giants like Tanishq, Malabar, Alukas, Caratlane, Bluestone, Kalyan, etc. are the biggest beneficiaries of the growing trend and take the largest chunk of the cake with their online and offline presence. The flexible payment options and monthly schemes have further facilitated the affluent. Moreover, the products from them are fully guaranteed for quality with certifications from a third party like GIA, IGI, or SGL which remarkably adds to the client’s confidence.
We have witnessed some of these corporates aggressively marketing their products and offering clients with “try-on” facility at home. They also guarantee a 100 percent buyback up to 30 days or so.
With the changing technology and high-precision machines, the designs of machine-made gold jewelry have been revolutionized in the last one decade. Traditional Indian motif designs are carved and forged in an impeccable manner by the machines and have become an article of choice for the rich clientele. The bulk of the work is now being done through computers so the cost of such beautiful jewelry has also come down significantly on account of reduced labor costs while quality has increased manifold.
Though the diamond market also faces challenges from lab-grown diamonds but still, natural diamonds have a place in every women’s heart that is irreplaceable. As they say – “Diamond are forever,” and rightly so, as nothing can replace or fade away the shine of natural diamonds.
A Transforming Market
Till a few years ago, almost every family had a legacy jeweler attached to them who was trusted for everything related to precious metal purchases on every occasion. But things are changing fast and so are the traditional shops.
They are increasingly going for third-party certifications for the purity of precious metals as well as the quality of diamonds. Designs are also being changed and updated on regular basis as per changing demands.
Despite the fact that the bulk of the gold and silver investment has shifted to the ‘digital form’, the precious metal remains a very part of the Indian way of life. After two years of devastation due to the COVID pandemic, markets are again looking up this Diwali. There is an increased footfall in the market and renewed zeal in the people to celebrate the festival of light.
Have a sparkling Diwali!
Kushal Dugar is Senior Managing Partner at Oorja Jewelry, Jaipur. A globe-trotter, he is a market expert on natural precious stones and trends in the Gems and Jewelry industry in India.
Disclaimer: The views expressed are not necessarily those of The South Asian Times