With the onset of Navratri marking the start of India’s festive season, Shilpa Dhamija predicts consumer buying trends, featuring insights from prominent jewellers across India. They anticipate a prosperous festive buying season, driven by the recent reduction in gold import duty, boosting gold jewellery sales, while diamond jewellery, too, is expected to perform well due to the attractive pricing of natural diamonds.
In northern India, festive shopping traditionally peaks around the Dhanteras-Diwali season, while in eastern India, sales surge earlier during Durga Puja, which falls a few weeks before Diwali.
However, over the past decade, this trend has shifted with consumers in eastern India extending their shopping spree through Diwali, according to Sumeet Khimji, Director of Khimji Jewellery, Bhubaneswar. “This change is driven by attractive marketing and sales strategies adopted by local jewellers,” he shares. As in other parts of India, gold jewellery will continue to dominate the festive season in the East.
However, natural diamond jewellery that is witnessing a growing demand among both retailers and consumers, is expected to experience the highest growth trajectory, forecasts Khimji. “About 60-70% of the jewellery I sell during this season is gold,” he says, “but when I want to diversify, I prefer to sell natural diamond jewellery because I achieve better margins.” Platinum is also gradually gaining popularity in the East, thanks to marketing efforts by the Platinum Guild, Khimji adds.
Another noteworthy development in the eastern regions is the growing consumer in heirloom jewellery, a trend traditionally more popular in northern India. This newfound interest has led to a rising appreciation for timeless pieces with cultural and sentimental value in the region. “Such pieces are often pre-ordered months in advance, with delivery timelines planned to coincide with auspicious buying periods,” Khimji explains.
For younger buyers influenced by western aesthetics, Khimji notes that “jewellery with simpler designs, clean lines, and impactful gemstone usage is likely to trend.” He adds that pairing these pieces with meaningful storytelling is key to driving sales.
A similar pattern is likely to influence sales in western India, especially among discerning buyers. Dr. Siddhartha Sacheti, CEO of the Mumbai-based Jaipur Gems, says that purchases at his store during festive season are often driven by the unique story behind the gems in the jewellery. “While diamond prices have dramatically changed in recent times, we see a lot of our jewellery buyers opting for coloured and rare gemstones accompanied with natural diamonds.”
Sacheti highlights that the importance of design has grown considerably. “When a well-travelled buyer walks into the store, you don’t want pricing to be the only discussion. This is why the design and the story behind the gems are more relevant now than ever before,” he explains.
Natural diamond jewellery is gaining interest in southern India, a historically gold-dominated market. Contemporary designs that combine gold with diamonds are rising in demand as they offer a sophisticated touch, observes Amarendran Vummidi, Managing Partner, Vummidi Bangaru Jewellers, Chennai. “Additionally, vintage-inspired pieces that reimagine classic motifs paired with vibrant gemstones like emeralds, rubies, and sapphires, create timeless and elegant styles, seem to spark interest in the youth,” he says.
He notes that the versatility and emotional value of diamonds, often associated with special occasions, makes them a desirable choice. “Effective marketing and strong branding can further enhance their appeal and ensure that diamonds remain a compelling option for consumers,” Vummidi explains.
While diamond jewellery has gained interest in the south, solid gold jewellery maintains its sway among traditional buyers. According to Vummidi, “ornate temple jewellery that complements Kanchipuram sarees, traditionally worn during Diwali, are the preferred choice.”
Sacheti predicts that this festive season will surpass sales from previous years, with consumerism in India reaches new heights. In the east, Khimji expects a surge in sales, not only due to the auspicious timing but also because jewellers are poised to offer some of the year’s most attractive deals, ensuring a promising festive period for the industry.