The trend for minimal prêt gold jewellery has been gathering steam over the last few years but like a storm, it further intensified in 2020 and beyond.
Gold jewellery is becoming a daily essential for millennial. Staying cooped up indoors for most of the year, led people to opt for minimal jewellery essentials to brighten up their daily life. They are picking gold even it is of a lower cartage over fashion accessories as they seek to make meaningful, long-term purchases.
Brands retailing simple, timeless designs with a smattering of diamonds, pearls and gemstones are recording higher sales.
Rashi Sanghvi, co-founder of Stac Fine Jewellery, informs that June 2021 has been their best month of sales since they started the brand in 2018. As India emerged out of the second lockdown and sentiments picked up, so did their jewellery sales. “We registered 500% growth in June 2021 compared to June 2020. If we had to compare FY 2019 to 2020, we grew 100%. We are on track to achieve a targetted growth of 120% in the coming financial year,” shares Sanghvi, who adds that 80% their revenue comes from their website. Sanghvi, along with her co-founder Aakriti Tapuriah want minimal gold jewellery to be an extension of lifestyle purchases for consumers.
Natasha Khurana, founder, The Line, had written off 2020 in terms of business when the pandemic started but was pleasantly surprised as the year progressed. “We ended up doing better than what we had imagined,” shares Khurana, a fashion writer turned jewellery designer.
“The younger generation is finally waking up to the potential of gold and diamonds in India – beyond wedding/occasion jewellery. We want pieces that live with us, from desk to drinks,” shares Khurana.
Another positive impact of the pandemic is that brands are fostering a closer connect with their customers. “Direct sales through our website went up because it was hard for customers to go to the stores in 2020. Earlier what would happen was that we were in touch with our Delhi clients where we have a store, while we would sell from multi-designer boutiques in Mumbai and Chennai who would interact with customers. Now, we are in touch with our customers pan India,” shares Khurana.
Hailing from a family of jewellery exporters based out of Jaipur, 23-year-old Radhika Fatehpuriya, founder of RAF Fine Jewelry initially considered selling wholesale but made the switch to retail in 2019. She set up an Instagram page followed by an e-store. “Initially sales were slow, but they picked up once the brand was endorsed by a few celebrities and social media influencers,” shares Fatehpuriya. She caters to the youngsters from 16-year-olds to 50-year-olds. Her pieces are crafted in 14-karat gold, offering the perfect balance between price and quality for target audience.
Fategpuriya shares that her diamond-studded charms and stackable rings are most popular on the website with the average ticket price ranging from Rs. 12,000 to Rs. 25,000.
Khurana’s The Line has a collection called Everyday Essentials – plain gold studs, hoops, elongated hoops, a few necklaces with initials, etc. – priced under Rs.50,000 that is faring well.
At Stac by Sanghvi and Tapuriah, their emerald and evil eye collection are fast-sellers. Their watch chains, charms and recently launched journey bracelet are also gaining traction. “Self-expression in all forms is what people are connecting with,” says Sanghvi. She added that many clients were initially not used to buying jewellery online. “We did virtual appointments to help built trust and credibility. What we have seen is that consumers start out with small ticket sizes and increase the value of orders as the customer gets more comfortable.”
Another point of note is that while millennials may be doing most of the online shopping, Sanghvi shares that their mothers are always around to give the final nod of approval. “In a lot of our virtual consultations we have found that younger clients always want their mothers around while buying gold.”
As people are getting more comfortable with buying jewellery online, there are a growing number of existing as well as new jewellery brands that are creating new inventory for this category. Even though ticket sizes are small, the sector can’t be ignored and all three respondents expect the category to grow in the coming years.