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Jewellers Offer Affordable 18-Carat, 14-Carat Options as Gold Prices Surge

With Gold Prices Rising Sharply, Jewellers Adapt by Introducing More Budget-Friendly Jewellery Choices

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Gold prices have seen a significant surge this quarter, crossing the ₹8,800 per gram mark, prompting jewellers to adjust their offerings to maintain customer demand amidst rising prices. The yellow metal’s price spike has been driven by global geopolitical tensions and trade uncertainties, leading many customers to reconsider their jewellery purchases during the busy wedding season.

According to Ramesh Kalyanaraman, the executive director of Kerala-based Kalyan Jewellers, “What happens usually is whenever there is a sudden spike of gold price or sudden fall of the gold price, the customer takes a pause to see the direction of what is happening. There have been three spikes almost in this (January-March) quarter. Of course, the pause cannot be more than 10-15 days.”

The price rise comes at a time when the wedding season is in full swing, a period which traditionally accounts for a large share of the jewellery industry’s revenue. Kalyanaraman notes, “almost 60 per cent of the revenue comes from weddings and related shopping.” However, he acknowledges that while customers may delay purchases in the short term, the wedding season eventually drives them to make purchases despite price fluctuations.

In 2024, gold prices increased by 26 percent, marking one of the best years for the precious metal. This surge had a tangible impact on jewellery demand, which declined by 2 percent to 563.4 tonnes in 2024 from 575.8 tonnes in 2023, according to the World Gold Council. Kalyanaraman adds, “customers typically walk in with set budgets. Therefore, when prices have gone up, their volumes may come down.”

In response to this shift, jewellers have introduced more affordable alternatives. For instance, Kalyan Jewellers has expanded its offerings in 18-carat gold, which provides a 15-20 percent price difference compared to 22-carat gold, making it more accessible to customers. “When you do 18-carat jewellery, there is a 15-20 per cent rate difference. That makes it more easy to buy jewellery even if the prices have gone up,” says Kalyanaraman.

Similarly, in the diamond jewellery segment, where gold is typically 18-carat, Kalyan has introduced 14-carat gold options to make products more affordable. This shift towards lighter, more budget-friendly pieces is part of a broader trend in the industry.

“We are also observing a shift in consumer preferences with a growing inclination towards lightweight, rose gold, and white gold, primarily among younger customers,” said Saurabh Gadgil, the Chairman and Managing Director of PN Gadgil Jewellers. “We also anticipate that by 2029, the demand for 18-carat gold will increase significantly, bringing further opportunities for growth in the industry.”

In terms of expansion, Kalyan Jewellers is planning to open 170 new showrooms in the upcoming financial year, including 90 under the Kalyan brand and 80 under its lifestyle jewellery brand Candere. Kalyan recently completed the buyout of Enovate Lifestyles, which operates the Candere brand, and is transitioning it to an omnichannel model. Kalyanaraman mentioned, “Candere is in a transformation phase. It was a 100 per cent digital company. The focus was completely online. From last year, we have started offline also. In the next financial year, we will start brand campaigns and store expansion will also happen.”

The company has set an ambitious ₹1,000 crore revenue target for Candere over the next 2-3 years. As part of its expansion strategy, Kalyan Jewellers is focusing on markets outside of southern India, with plans to open 75 of its 90 new Kalyan showrooms in non-southern regions, as well as international markets in the US, UK, and the Middle East.

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‘Made In India’ Jewellery Must Become The World’s Trusted Choice: Chirag Paswan At IIJS Bharat Premiere 2026

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  • Union Minister Shri Chirag Paswan inaugurated the Bombay Exhibition Centre (BEC) venue of IIJS Bharat Premiere 2026.
  • Calls on industry to build Brand India on trust, quality, innovation and reliability

Shri Chirag Paswan, Hon’ble Union Minister of Food Processing Industries, Government of India, today inaugurated the 42nd edition of IIJS Bharat Premiere 2026 at the Bombay Exhibition Centre (BEC), NESCO, Goregaon — highlighting the Indian gem and jewellery sector’s role in strengthening Brand India on the global stage.

Joining him as Guests of Honour were Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group; K.P. Abdul Salam, Vice Chairman, Malabar Group; and Lamon Rutten, Managing Director & CEO, India Gold Metaverse Pvt. Ltd. Representing GJEPC were Kirit Bhansali, Chairman; Shaunak Parikh, Vice Chairman; and Sabyasachi Ray, Executive Director.

Addressing the gathering, Shri Chirag Paswan, Hon’ble Union Minister of Food Processing Industries, Government of India, said:

“The participation of delegates from nearly 80 countries at IIJS Bharat Premiere reflects the growing global confidence in India’s gems and jewellery industry. Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, the Government is committed to introducing reforms that strengthen ease of doing business, remove bottlenecks and create new opportunities for growth. As India moves towards the vision of Viksit Bharat 2047, the jewellery sector will play a vital role.

I urge the industry to uphold the highest standards of quality and craftsmanship so that ‘Made in India’ continues to earn the trust of consumers worldwide and strengthens Brand India’s global reputation.”

Opening the ceremony, Kirit Bhansali, Chairman, GJEPC, said India has moved beyond being the world’s manufacturing hub to becoming a global leader in gems and jewellery. Recent Free Trade Agreements, India’s chairmanship of the Kimberley Process this year, Indian representation at the highest levels of global diamond bodies — including the presidency of the World Federation of Diamond Bourses and the vice presidency of the World Diamond Council — and an expanding global retail presence all stand as evidence of India’s rising influence. Bhansali reiterated GJEPC’s vision of achieving US$100 billion in gem and jewellery exports by 2047, supported by world-class infrastructure, policy reforms and skill development.

Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group, noted:

“India is far more than a market for De Beers. It is a trusted partner, a source of inspiration and increasingly a co-author of the next chapter for natural diamonds. The scale and energy of IIJS Bharat Premiere demonstrate the confidence of this industry. Despite global challenges, India continues to be the fastest-growing natural diamond market, and De Beers remains committed to supporting its long-term success through collaboration, skills development and consumer demand.”

K. P. Abdul Salam, Vice Chairman, Malabar Group, added:

“This is the moment for Indian jewellery. We have evolved from manufacturing for international brands to building Indian brands that are respected across the world. Platforms like IIJS Bharat Premiere connect our manufacturers with global buyers while showcasing India’s strengths in quality, innovation, sustainability and design. By strengthening trust, investing in branding and working together, we can take the industry to its next US$100 billion milestone.”

Highlighting technology’s growing role in jewellery retail, Lamon Rutten, Managing Director & CEO, India Gold Metaverse Pvt. Ltd., said:

“Technology is no longer just improving the way jewellers operate; it is transforming their entire business. By connecting retailers through digital ecosystems, jewellers can expand inventory, reach customers nationwide and unlock new financial opportunities without increasing working capital. The jeweller of the future will remain a trusted craftsman and advisor while becoming a national retailer, a financial gateway and a creator of wealth for the community.”

As IIJS Bharat Premiere 2026 continues, the BEC ceremonial opening set an optimistic tone for the days ahead, highlighting a shared commitment by government, industry and global partners to strengthen Brand India and position the country at the forefront of the global gems and jewellery industry.

Recognised as the world’s second-largest gem and jewellery B2B exhibition, IIJS Bharat Premiere 2026 spans over 135,000 sq. metres across two venues, featuring more than 2,100 exhibitors across 3,600 stalls. The show is expected to draw over 50,000 visitors, including 2,700+ international buyers from more than 80 countries.

The exhibition runs at the Jio World Convention Centre (JWCC), BKC, from 5 to 9 August, and at the Bombay Exhibition Centre (BEC), NESCO, Goregaon, from 6 to 10 August 2026. This year also marks 25 years of IIJS as India’s premier B2B gem and jewellery exhibition.

Running concurrently at the Bombay Exhibition Centre from 6 to 10 August, the India Gem & Jewellery Machinery Expo (IGJME) has established itself as the industry’s premier platform for advanced manufacturing technology.

The show also features The Select Club, a curated showcase of India’s finest couture jewellery; 20 Under 40, recognising emerging industry leaders; JewelStart Demo Day, spotlighting jewellery-tech startups; and Innov8 Talks, bringing together global experts to discuss the future of diamonds, AI, technology, precious metals and the evolving gem and jewellery business.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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