New Delhi: Jewellery retailers saw double-digit growth in sales for gold and diamond jewellery during this year’s 2-day Dhanteras followed by Diwali. Moderated gold prices coupled with a positive consumer sentiment supported jewellery sales, shared retailers adding that they expect the upcoming wedding season to support and drive jewellery demand momentum in the country.
“The customer sentiment this festive season has been very positive. The upcoming marriage season is further driving sales for gold and diamond jewellery,” commented Amit Pratihari, VP, De Beers Forevermark.
Ajoy Chawla, CEO, Jewellery Division, Titan Company shared a similar sentiment. He noted that gold rates have moderated from their peak which was about 6-7 months ago. On the back of stable gold prices, the brand was optimistic for Dhanteras besides the upcoming wedding season thereafter, he said.
As per industry estimates, despite inflation, gold sales rose 35 per cent this Dhanteras as compared to last year.
While sharing a positive outlook for consumer demand as the festive season progresses, Ramesh Kalyanaraman, executive director, Kalyan Jewellers highlighted that it is important to be cognizant that the industry has started off this festive season on a higher base, with overall Diwali festive sales reaching record high levels in 2021.
Talking about the demand for wedding jewellery, Suvankar Sen, MD & CEO, Senco Gold & Diamond said that bridal customers for the upcoming wedding season have started their buying and it is contributing to approximately 25-30 per cent of total customer sales.
For Dhanteras sales, Sen shared that while ticket sizes have been marginally lower than that of last year, the customer sentiment was positive due to the recent reduction in local gold prices. He further added that the sales of diamond jewellery have been growing especially with lightweight everyday wear and statement pieces.
Sharing his thought, Pratihari from De Beers Forevermark said that the demand for diamond jewellery has been higher in comparison to gold this season, adding that both categories have grown by 30 – 35 per cent.
Avnish Anand, COO & co-founder, CaratLane, shared that customers are now moving away from the traditional plain gold jewellery and experimenting with different types of jewellery. He highlighted that the demand for lightweight and diamond jewellery is high for the festive and wedding season.
Anand further said that through its sister brand Shaya, the company is witnessing an uptick in sales for Silver this year. Caratlane has witnessed a growth of 60 per cent as compared to last year, he added.
Commenting on the consumer behavior, Kalyanaraman from Kalyan Jewellers said that the retailer is witnessing a paradigm shift in buying behaviour among consumers, with more and more consumers preferring organised jewellery players. He shared that the continued rapid formalisation of the jewellery sector will benefit the brand during the ongoing festive season and strengthen its market share across the country.