Gold prices have recorded a sharp rise from the levels seen in last year’s festive season prompting the buyers to shift towards the diamonds as an alternative. Retailers are projecting a 15-20% increase in diamond jewellery sales this festive season.
They said the Navratri season has begun on a strong footing for studded jewellery. In the season, shoppers look for pieces that offer value while staying within their budgets.
This trend has pointed to a broader change in consumer preferences, with diamond purchases increasingly driven by personal choices and everyday use instead of being limited to weddings and other special occasions.
The shoppers are increasingly exploring diamond-studded ornaments priced between Rs 10,000 and Rs 1 lakh with the gold jewellery becoming more expensive.
Further, the jewellers are turning to 18-carat, 14-carat and 9-carat gold for these pieces. The move aims to keep them in the reach of a wider range of buyers.
“Diamond jewellery sales have witnessed an uptick at Joyalukkas because it fits the budget of consumers as lower caratage gold is used,” Joy Alukkas, chairman of pan-India jewellery retail chain Joyalukkas told ET.
“We are expecting a growth of 20% in diamond jewellery this festive season. However, competition in the retail jewellery space is hotting up as many regional players are expanding their footprint and entering the equity markets with their IPOs.”
Reports also said the demand is also growing for modern diamond jewellery designs that can be worn regularly.
Gold prices edged 0.10 percent higher on the Multi Commodity Exchange and opened at 1.49 lakh per 10 grams.
According to goodreturns.in, today’s gold price in India stands at Rs 14,929 per gram for 24 karat gold (99.9% purity), Rs 13,685 per gram for 22 karat gold (91.6% purity), and Rs 11,197 per gram for 18 karat gold (75% purity).
Gold Gets Costlier, Diamonds Gain Appeal Among Festive Shoppers
