Retailers across India are upbeat about the festive and wedding season and are anticipating strong jewellery sales in Q4 – thanks to the easing down of lockdowns, the aggressive vaccination drive undertaken by the Government and the lowering of gold prices. Some have even predicted that sales may surpass or equal the 2019 Q4 figures. On the eve of Dhanteras, the year’s biggest auspicious jewellery-buying occasion that precedes Diwali, Solitaire International spoke to industry experts for their opinion.
Colin Shah, Chairman, GJEPC
This would be one the best Diwalis the retailers have seen in the last few years. Customers have started coming back to stores, and we are already witnessing a surge in jewellery sales, and this is going to grow during Diwali. Moreover, retailers have come up with new and innovative designs for the bridal segment as well as lightweight pret and couture lines to draw in the younger generation.
Somasundaram PR, Regional CEO, India, World Gold Council
We expect to see a spike in Diwali sales during Q4, which will be one of the best in many years. Manufacturers at IIJS Premiere said they were full up in terms of order bookings, which bodes well for a strong year-end performance at the retail level.
Ajoy Chawla, CEO, Jewellery Division, Titan Company Limited
We are continuing to see a positive momentum in consumer mood this festive season. Consumers are looking to celebrate small milestones as they want to make most of it in the present. Pent-up demand, the overall festive mood and wedding purchases are all converging to create a surge in both gold and diamond categories. We think this could continue right through to Diwali and hopefully beyond into the wedding season.
Vummidi Uday Kumar, President, Chennai Jewellers Association (CJA), and Director, Vummidi Ethiraj and Sons, Exports
Even before the onset of Diwali, we have been seeing good conversions happen. I have had the opportunity to travel to places across Tamil Nadu such as Tirunelvelli, Salem and Coimbatore, and it has been surprising to see a good customer presence in all these places. Jewellery has taken predominance over other luxury items. The mindset of the consumer has changed. There is no waiting until tomorrow. Everything is focused on now – celebrating the moments. Jewellery is back as a commodity of trust, love and value.
Sunil Nayak, CEO, Reliance Jewels
With life returning to normal, a lift in sale of gold and diamond jewellery will be witnessed as compared to Diwali 2020. Greater number of footfalls in the retail stores has resulted in 60% business as compared to 25-30% earlier. This year, we expect that consumers will spend more on jewellery items, and weddings that were downsized earlier will now be held on a bit more grand scale as the lockdowns have eased. We are expecting a strong recovery in the Diwali sales for the year 2021.
Aditya Pethe, Director, WHP Jewellers
We are very optimistic about the festive season and have very high expectations from the same. Slowly the clouds of the pandemic are fading. We are expecting a good uptick in demand and hope to achieve a growth of at least 35-40% year-on-year.
Ishu Datwani, Founder, Anmol Jewellers
We are expecting good sales this festive and Diwali season for both small and big-ticket items. The market sentiment is getting better, and the walk-ins are improving every day. We are introducing new collections especially for the festive season. Considering the pre-season demand we are expecting sales to go up by at least 15-20%. We are focusing more on customer experience rather than promotional campaigns.
Snehal Choksey, Director, Shobha Shringar Jewellers
The pandemic is already behind us. We had forecasted an uptick in demand a few months back and that has already shaped into reality. We are expecting this season to be far better than ever before. Many weddings that were planned for last year have shifted to this year. I feel rebound buying is also taking place wherein people are ready to splurge money on jewellery. Hence you also see a demand for bigger and heavier pieces of jewellery rising. Our expectation from this season is far higher than earlier and hence we have overstocked jewellery. The supply chain is in place, workers have returned to work sometime back and raw materials are also readily available.