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Jewellery continues to play a dual role — fulfilling cultural needs and serving as a financial asset

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As Diwali approaches, the jewellery market in India is witnessing a surge in demand for gold, silver, and diamond jewellery, reflecting both the festive spirit and evolving consumer preferences. Rising gold prices have not dampened enthusiasm; on the contrary, they have strengthened the perception of gold and silver as safe-haven investments. Across the country, jewellery continues to play a dual role — fulfilling cultural and emotional needs while also serving as a prudent financial asset. Retailers are witnessing shifts toward lightweight, versatile, and contemporary designs alongside traditional preferences, suggesting a dynamic and optimistic festive season for the industry.

Industry Perspectives

Safe-Haven Appeal of Precious Metals

Aksha Kamboj, National Vice President, IBJA & Executive Chairperson, Aspect Global Ventures “As Diwali approaches, the demand for gold and silver is stronger than ever, reflecting the festive mood of homes across India. The rise in price has not reduced the excitement but enhanced the allure of buying these eternal securities as safe investments. This trend is taking place due to increasing demand for safe-haven assets. In India, there has always been an amalgamation of festive shopping with tradition and for many, gold and silver fulfills both cultural needs and a wise option to invest.

It is recommended that buyers should take a balanced approach, encouraging the enjoyment of festival indulgence while remaining mindful of long-term financial goals. This Diwali, the glimmer of precious metals continues to signify not just wealth, but heritage, emotions and celebration as well.”

Shifts in Consumer Preferences

“Despite Gold hitting new highs, festive-season buying remains strong, driven by tradition, higher disposable income, and cultural affinity for gold. While demand dynamics are likely to remain consistent, consumer preferences are rapidly shifting towards lightweight jewellery, more for the purpose of adornment rather than investment. Driven by this trend, the festive season is expected to see a significant surge in demand for jewellery in the 9k to 18k segment, with a notable preference for heavier jewellery. Given the current market scenario, we foresee a festive surge of ~18% to 20% in overall sales.”
Colin Shah, MD – Kama Jewelry

Emotional & Versatile Jewellery Demand

Joita Sen, Director, Head of Marketing and Designs – Senco Gold & Diamonds “At Senco Gold & Diamonds, Dhanteras is a celebration of emotions — of joy, prosperity, and togetherness, expressed through our exquisite range of gold, diamond, and platinum jewellery. This year, we’re delighted to offer our customers a beautiful fusion of tradition and modern design with our festive collections such as Shagun, Elements of Nature, Shakti & Lotus, and Aham — our men’s line, each perfectly suited for a Dhanteras purchase.

We’re witnessing a strong demand for precious yet lightweight pieces that are versatile enough for everyday wear and festive occasions alike, along with a growing preference for 9-carat jewellery that reflects a more practical, value-conscious way of celebrating. As we welcome this season of prosperity and new beginnings, we wish everyone a very Happy Dhanteras!”

Expanding Reach & Experiential Campaigns

“This festive season, we are delighted to expand our footprint and bring the Indriya experience to even more customers across the country. Our festive collection ‘Alka’, inspired by the beauty and bountifulness of Alkapuri — the mythical abode of Kubera, embodies the warmth and prosperity of the season. Our campaign beautifully captures this emotion through a story featuring Aditi Rao Hydari and Siddharth Suryanarayan, brought alive by a reimagined rendition of the timeless classic ‘Dil Abhi Bhara Nahi’. With the best gold rates and unmatched festive offers, we look forward to making this season truly memorable for our customers.”
Sandeep Kohli, CEO Indriya – Aditya Birla Jewellery

Investor Sentiment and Lightweight Designs

“As Diwali 2025 unfolds, the surge in gold rates has reached new heights, instilling confidence in investors and consumers alike. The significant returns on gold investments have been a boon for investors, and this festive season, we’re witnessing a notable shift in consumer preferences. In response to the growing demand and rising gold rates, Shankesh Jewellers is focused on offering an exquisite collection of lightweight, handcrafted gold jewelry in 18k and 22k. Our designs cater to the evolving tastes of our discerning customers, ensuring that they can make the most of this auspicious season.”
Mahavir Jain, Director – Shankesh Jewellers Limited

Revived Consumer Sentiment

“Volume growth has started coming in after the start of the festive season. Until Navratra, we saw a lot of customers stay away, and therefore, volume growth was not visible. But now that people have realized that the price of gold is here to stay and is going up, all those fence-sitters have started coming back. The sentiment is clearly back. There is a bullion shortage in the country. We have planned for it adequately, but I won’t be surprised if we run out of coins. There is a worry among customers that there may be a shortage of gold.”
Ajoy Chawla, CEO, Jewellery Division – Titan Co Ltd

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JB Insights

The Woman Wearing The Diamond Was Never The One The Ad Was Talking To

Disha Shah, Founder & Designer, DiAi Designs Says That The Brands That Shift From “She Deserves It” to “She Chose It” Won’t Just Win Cultural Relevance – They’ll Own The Future Of Jewellery Marketing.

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Indian jewellery advertising has always centred the woman. She has been the face of every campaign, draped in gold, luminous at the occasion, receiving the gift with practised grace. What she rarely was, until recently, was the intended audience.

The creative language of the category was built around a genuine economic reality. For decades, the buyer in Indian fine jewellery was the patriarch, the husband, the father, the family elder making a financial decision on behalf of a woman whose purchasing autonomy was limited. Advertising followed the money. The gift reveal, the bridal close-up, the family approval shot: these were not arbitrary creative choices. They reflected who held the purse strings, and they became so embedded in the category’s visual grammar that they outlasted the conditions that created them by an entire generation.

That structural reality has now reversed. Jewellery purchases now extend beyond weddings and festivals to daily wear, driven by financially independent working women. The self-purchasing woman is no longer an emerging segment; she is the category’s fastest-growing buyer, approaching the decision differently from the buyer the industry originally designed itself around. She is not waiting for an occasion. She is not waiting for someone to present a box. She researched the piece, chose it, and bought it because she wanted it.

The advertising, for the most part, has not caught up.

Some brands are beginning to recognise this. CaratLane’s #WearYourWins movement and Tanishq’s sustained push toward the “woman as decision-maker” are meaningful steps. But what makes these campaigns commercially smart is not just cultural alignment. Research from Harvard Business School finds that women systematically provide less favourable assessments of their own performance and potential than equally performing men. This documented self-promotion gap persists even when women know they have outperformed others. Campaigns that actively celebrate female self-recognition are not just filling a creative gap. They are responding to a behavioural reality that has gone largely unaddressed in the category. The brands doing this well are not being progressive for their own sake. They are being accurate about who their buyer is and what she needs to hear.

Look at the Women’s Day 2026 campaigns across the industry. The conversation is clearly starting to pivot. Brands are finally stepping away from the usual gifting tropes and reframing jewellery as a tool for personal milestones and self-expression. But these remain exceptions. The dominant campaign language of Indian jewellery- the gesture, the reveal, the woman being seen rather than deciding- has not structurally changed.

The media mix tells the same story. Titan leaned heavily on television in FY25, with ad volume surging to 77% of its mix, a broadcast medium built for household reach rather than the individual, financially independent woman who now represents the category’s fastest-growing buyer.

Meanwhile, digitally native BlueStone achieved 50% of online jewellery ad volumes on a budget nearly ten times smaller than Titan’s. The channel that reaches the self-purchasing woman directly is delivering outsized results on a fraction of the spend. The implication for where the industry should be directing its creative attention is fairly clear.

Consider what a brief genuinely written for this buyer would look like. No occasion in the shot. No second person in the frame presents anything. The opening line is not “for the woman who deserves to be celebrated.” It is “she saw it, she wanted it, she bought it.” The product earns its place not through sentiment but through desire. The copy does not explain why she is worth it. It assumes she already knows. That is not a tonal adjustment. It is a fundamentally different creative architecture, and very few briefs in this category have been written that way.

The LGD category has a specific opportunity here that established houses do not. Without decades of legacy campaign language to protect, an independent designer in this space can build advertising from a blank page, one written entirely around the woman who is actually making the purchase. The brief does not have to accommodate inherited assumptions about who the buyer is or what she is waiting for. That is not a small advantage. In a category where the dominant creative language was built around a buyer who is no longer the one making the decision, starting without that inheritance may be the most powerful creative position available.

The woman wearing the diamond has always been visible. What is changing now is who gets to decide. The brands that build their creative around that reality will not just be more culturally relevant. They will be better positioned for every year that follows. The advertising has not caught up yet. But the buyer already has.

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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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