Gold too expensive! Young India is turning to 9-carat jewellery | All you need to know

Indian jewellery makers bet on lower-carat as gold prices rose sharply by 52% in FY26, and consumption declined by 21%. According to ICRA's predictions, it is projected to shrink further by 20% in FY27.

In a market dominated by 22-carat gold jewellery, the approval of 9-carat jewellery hallmarking has opened a whole new market potential, the jewellers said, adding that it is growing slowly but steadily.

Piyush Seth, chief category merchandising and design officer of CaratLane, told NDTV Profit that 9KT jewellery has picked up in line with our expectations. “It contributes approximately 5-10% of our overall jewellery sales across categories, and we expect this share to grow further.”

Simran Shah, VP - Sales, Kama Jewelry, said, “…this product category is driving over 25% of sales, followed by 14 carat comfortably at 20% and about 12-15% for 18 carat jewellery.”

“While the initial year has shown robust performance for the 9-carat category, we are likely to see this gaining further momentum in the coming years,” she added.

‘Growing faster than 14 carat’

Experts found that, unlike 14-carat jewellery in its early days, the 9KT category is gaining awareness and trending in line with expectations.

“Sales growth of 9 carat vs 14/18 carat's been steady rather than explosive,” Prithviraj Kothari, managing director at RiddiSiddhi Bullions and president of India Bullion and Jewellers Association (IBJA), told NDTV Profit. “It is still a small slice of overall volumes, but it's growing faster than 14 carat did in its early years, mostly because entry price points are so much lower.”

Purity vs cost

• 24KT gold has 99.9% purity
• 22KT, which is most popular with jewellery, has 91.6% of pure gold
• 18KT has 75% pure gold
• 14KT has 58.5% pure gold
• 9KT has 37.5% pure gold

“While a 22 Karat gold component is approximately 91.67%, 9-karat gold contains a 37.5% pure gold component,” Jia Dholakia, head of design at Verlas Jewellery, told NDTV Profit.

9KT gold offers a significant cost advantage for buyers due to its lower gold content.

She noted that the overall price, however, is influenced by more than just the gold content. “It also reflects the craftsmanship, making charges, design intricacies, and the value of any diamonds or gemstones used in the piece.”

Who is buying 9 KT gold?

According to the NDTV Profit report, 9KT jewellery is a popular choice with youngsters, first-time buyers and those seeking value for money.

“The buyer is usually a young working professional, often a first-jobber, college-goer, or someone buying their first piece rather than inherited jewellery,” IBJA's Kothari said. “It skews urban and semi-urban, price-conscious but still wanting a certified, trustworthy product rather than something unbranded or unhallmarked.”

“At this stage, 9 carat is being viewed more as an accessible lifestyle category than a traditional investment purchase,” said Aarav Bafna, director at Akoirah by Augmont.

However, this casual wear category is still far from being a direct part of purchases for weddings, festivals, and auspicious days, which account for over 60% of gold consumption in India.

“In the near term, weddings and major festive purchases will continue to be dominated by 22-carat jewellery because of cultural preferences and its perceived investment value,” Bafna noted.

“Where 9-carat has the strongest opportunity is in gifting, self-purchase and fashion-led festive collections. It complements the traditional market rather than replacing it,” he added.