Jewellery firms make it light this festival season2 min read . Updated: 16 Oct 2020, 06:51 PM IST
- Experts believe that jewellery buying is expected to be more practical, light weight and less heavy on the pocket. Consequently, brands are positioning their marketing to promote jewellery as a daily wear item
New Delhi: A clutch of jewellery brands are hawking light weight, daily wear and stackable jewellery this festival season keeping in mind consumer sentiment. Experts believe that jewellery buying is expected to be more practical, light weight and less heavy on the pocket. Consequently, brands are positioning their marketing to promote jewellery as a daily wear item.
"First the price of gold has shot up in the last six months therefore the intrinsic cost of jewellery has gone up. The best way to increase affordability is to focus on light jewellery," said Madan Sabnavis, chief economist, Care Ratings Ltd.
"Owing to the pandemic there have been income and job losses making the consumer extremely cost conscious and avoiding investing in heavy jewellery pieces. Brands are innovating in terms of design and metal mix to retain demand," he said.
Tanishq said it was looking at innovations in the material it uses in its range to introduce light-weight pieces considering shoppers are cautious about spending. Ajoy Chawla, CEO, jewellery division, Titan Company, at a virtual press conference said the brand was rolling out a pilot with an alloy to create designs in lower weight as gold prices had risen.
Even Kalyan Jewellers and Orra Diamonds are promoting daily wear collection by offering festive discounts.
In a ₹450 crore advertising splash, brands such as Mia by Tanishq have brought actor Mithala Palkar to promote light and contemporary jewellery in its new festive ad spot.
The brand has used hollow tube technique to design the festive collection where the grammage of gold is low but the design looks rich and ornate. Mia, which sells jewellery items between ₹4, 500 and ₹50, 000, said that the average ticket spend is currently ranging between ₹15,000 and ₹18, 000 led by gifting.
"We are tapping into Zoom dressing trend where women are now dressing up for meetings and social virtual events wearing interesting earrings, neck pieces and rings. Diamond jewellery continues to be in demand. We are also leveraging the global trend of jewellery stacking in which light pieces can be worn together," said Shyamala Ramanan, business head, Mia by Tanishq.
The new campaign by Forevermark’s, the diamond brand from The De Beers Group, also shows a young woman wearing a stack of rings before getting on a video call. The company has launched Tribute Collection this festive season comprising 22 light weight rings in white, yellow or rose gold which customers can wear individually or stacked together.
"Our consumer research has showed that customers are looking to own few but high-quality products. Simplicity is winning over opulence when it comes to jewellery designs," said Sachin Jain, managing director, De Beers – India.
"There is a lot of self-purchase as well as gifting happening. From an industry's perspective, I expect 75 to 80% sales recovery in the October to December period," he added.
"Nationally, during this festive season, we have launched a collection called AMEYA which offers pocket friendly celebration wear jewellery. Furthermore, we have announced special discounts and giveaways for our customers who will receive instant redeemable vouchers or gold coins against their purchases," said T S Kalyanaraman, chairman and managing director, Kalyan Jewellers.