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Jewellery industry optimistic despite rising gold prices

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As India prepares for Diwali and the wedding season, the jewellery industry is feeling optimistic, even with high gold prices. Experts say customer preferences are changing, and retailers are ready with new collections to meet different tastes. This festive season, people are looking for jewellery that is meaningful, well-crafted, and timeless. Handcrafted gold, diamonds, modern platinum, and silver are especially popular. With the festive mood and wedding season ahead, the jewellery industry expects good sales and a strong season.

Kirit bhansali

Kirit Bhansali, Chairman, GJEPC. said “While gold prices have risen, we remain optimistic about the festive season. Diwali is a time of celebration and auspicious purchases, and consumer enthusiasm for jewellery remains strong. Higher gold prices may lead to a slight dip in volumes, but they also encourage consumers to explore other precious metals such as platinum and silver, which are gaining popularity for their contemporary appeal and affordability.

Retailers are ready with innovative collections across all categories to meet evolving preferences. Supported by the festive spirit and the upcoming wedding season, we anticipate a healthy season for the jewellery industry, reflecting resilience and strong consumer confidence.”

Steady Growth Amid Price Peaks

“Even though gold prices are at their peak, consumer trust in gold as a safe and timeless investment remains strong. Customers are looking at jewellery not only for its aesthetic and cultural value during Diwali but also as a secure asset for the future. The overall sentiment is positive, with families prioritizing meaningful purchases that combine tradition with financial wisdom. We believe this balance of emotion and practicality will drive healthy demand in the festive months ahead,” noted Saket Keshri, Director (Operations), Ratnalaya Jewellers.

Positive Consumer Sentiment Drives Footfalls

Dr. Saurabh Gadgil, CMD, PNG Jewellers, said “Dussehra heralds the beginning of the auspicious buying season, closely followed by weddings and Diwali. This year, the sentiment across the gems and jewellery industry is extremely positive, with investment-led demand for gold and silver showing a clear upward trend, which in turn should translate into robust footfalls at our stores. Bookings in lightweight jewellery are encouraging, while old gold exchange continues to sustain demand, currently contributing nearly 50–55% of sales.

Overall, we see the season opening on a very positive note. The current bullishness in gold and silver prices has sparked fresh interest in investment demand, especially for coins and bars, where we are already witnessing healthy offtake. Diamonds too have shown steady traction in the run-up to the festival,”

Changing Preferences Among Consumers

MP Ahammad, Chairman, Malabar Group, said“The 2025 festive season has begun on a positive note for us. Although the intent to buy gold remains steady, consumers are also adjusting their preferences. There has been an increased preference among certain customer segments towards lightweight and lower-carat pieces that align with modern lifestyles and budgets.

Studded and gemstone pieces are also becoming popular amongst Millennials and Gen Z as they exude contemporary design appeal. In addition, we are seeing certain consumer segments opting for 18K or 14K jewellery that offers price flexibility and style. With GST reforms boosting consumption as well as easing of inflation, we expect the consumer sentiment to become stronger during Diwali”

Handcrafted Appeal and Silver Growth

“This festive season, customers are choosing jewellery with emotion, craftsmanship, and timeless appeal. There’s a clear preference for handcrafted gold, elegant diamonds, contemporary platinum, and refined silver. Jewels and articles steeped in meaning, crafted with care, and destined to be treasured. Silver gifting and corporate orders are also on the rise as brands look to celebrate relationships with substance and style. At Punjab Jewels, our commitment to purity, design, and trust is resonating deeply across Central India. The mood is optimistic, the season is vibrant, and we’re expecting strong, broad-based growth across all categories,” said Ansh Anand, CEO, Punjab Jewels.

Innovation and Modern Preferences

“This festive season, the jewellery industry expects strong demand due to escalating gold prices, and there is a panic mood among consumers that the gold price may go further up. With the harbinger of wedding season, there is a sudden surge for jewellery, and the interest has shifted more towards lightweight, fusion, and silver jewellery. There is also a consumer preference towards value and modern aesthetics. Consumers are turning more towards silver as an affordable option in comparison to gold. Also, we sense that there is a focus on innovation in design, such as fusion temple jewellery. Understanding the mood of the consumers, many brands have increased their advertising spend to boost visibility and sales,” said Jayantilal Challani, Chairman, Challani Group of Companies.

Silver Segment Gains Momentum

“We, at Bidhan Jewellery Works (BJW), have always been affirmative of the customer sentiments in the market. With the sudden surge in gold prices, customers are reluctant to make initial purchases. We are also noticing the trend that our top customers have kept their purchases the same, and this is a positive sign. Our silver jewellery segment is noticing a good spike in demand, and we are also very hopeful with our silver line of jewellery. Bidhan Jewellery Works (BJW) wishes everyone a very happy and prosperous Diwali and prays for the wellness and betterment of everybody,” said Ipsit Karmakar, Director, Bidhan Jewellery Works.

Diamonds and Tiered Market Growth

Richa Singh, MD, India and Middle East, Natural Diamond Council. said “This festive season, we are expecting encouraging consumer sentiment across India for natural diamonds. With the rising price of gold, consumers are ready to assess options. From conversations with our partners, there is an indication of double-digit growth of about 18–20% across top cities. In tier 2 and tier 3 cities, traditional gold consumers are also beginning to explore studded jewellery. Across India, particularly in the sub–two lakh category, natural diamond jewellery is emerging as the preferred choice for gifting and everyday wear.

Natural diamonds are expected to see steady demand this festive season, not just as symbols of luxury, but as everyday expressions of love. We believe this momentum will only deepen, making real diamonds the most meaningful way to mark life’s brightest moments.”

Consumer Trust and Thoughtful Purchases

“This festive season, we are optimistic about jewellery sales. Diwali has always been a time when families come together and celebrate with gold and gifts. Even with changing times, the emotional value of gold remains strong. We see customers being thoughtful in their purchases—looking for quality, trust, and value. Light-weight jewellery and daily wear pieces are seeing more demand, along with traditional items for weddings. At Bhima, we are ready with a wide range to suit every budget. We expect steady growth this season, driven by faith, tradition, and festive spirit,” said Dr. B. Govindan, Chairman, Bhima Jewellery – Trivandrum.

Platinum Gains Favor Among Younger Consumers

Vaishali Banerjee, Head of Global Market Development and MD, said “The festive season is always a time of deep emotional significance, and this year, we are seeing consumers lean towards jewellery that embodies meaning, aspiration, and enduring value. Younger audiences in particular are gravitating to platinum because of its inherent qualities – its exceptional rarity, 95% purity, natural whiteness that enhances brilliance, and strength that makes every piece a modern heirloom.

Platinum is among the most precious of metals in the jewellery world — a true store of enduring value. Its price has risen by 57% year-to-date, yet it still remains significantly more affordable than gold.This creates a compelling opportunity for consumers to own a piece of one of the rarest and most valued metals. Platinum jewellery stands apart as an aspirational yet uncompromising choice, delivering exceptional value without compromise. Retailers too are experiencing robust interest, making us optimistic that platinum jewellery will see strong momentum this festive season.”

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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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