Demand for light-weight jewellery grows as high gold price bites

Faced with trying times caused by high prices, low liquidity and falling rupee adding further to their woes, jewellers are looking at innovative ways to keep the customer engaged.

In recent times, light-weight jewellery is gaining more attention from customers as high prices prompts buyers to reduce their purchase in volume terms.

Heavy but light is in

“People are getting more and more conscious on the rates of gold. Customers are more leaning towards the heavy looking jewellery made out of light-weight material,” said Mr Rajiv Popley, Director, Popley Group.

On a larger scale, customers' taste in gold jewellery is shifting more to heavy looking but light-weight products.

Also, preferences are shifting to designer jewellery pieces from absolute traditional designs, said jewellers.

“Demand for much of minakari design work has gone down at least to the extent of 50-60 per cent,” said Mr Umesh Parekh, Managing Director, Shree Ganesh Jewellery House Ltd.

Italian fashion jewellery products are much in demand as these are light in weight, and therefore, affordable, he said.

According to Mr Popley, light-weight jewellery is now being imported from Singapore, Saudi Arabia and Turkey.

“The younger generation is opting for such jewellery. Contemporary designs works well in this season as such jewellery can be worn for regular office wear,” said Mr Popley.

The Popley group has stores in Dubai and is able to mix the trend and meet this kind of demand. “Earlier, this kind of jewellery was available only in 18 carat gold but now 22 carat option is also available,” he said.

Affordability and ease in wearing are important factors that have prompted an interest in such jewellery.

Wedding buy

“There are these specialised Italian machines which can make hollow jewellery. This kind of jewellery looks heavy but are quite light,” said Mr Parekh.

However, traditional and heavy jewellery will continue to be in demand as much of wedding buying is focussed on this range of products.

“We have seen that young people also like traditional jewellery pieces,” said Mr Parekh. Shree Ganesh Jewellery House has recently launched its range of Jaipur Kundan jewellery work.

Demand for gold jewellery is expected to stay strong in India in the long-run, he said. At present, there is a slump because of high prices and the wedding season is nearly at its end.

But rural, wedding and religious buying will continue.

In the next six months, he expects gold prices in India to be in the range of Rs 27,000-31,000 per 10 gram.

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