With the emerging trends of gold and diamond jewellery, consumer preferences have evolved dramatically in recent times, especially amongst the younger generation. From traditional jewellery buyers to the millennials/ Gen Z generation, consumers do not need a festival to visit a store for that first diamond ring for his or her loved one. Self-indulgence is equally gaining momentum among young India with the advent of minimalist and affordable designs accessible at local stores in every region.
This festive season has seen a good recovery for the jewellery industry. Both gold and diamond jewellery business are expected to see a boost in sales. Another trend that is seen is that of consumers purchasing real diamond jewellery and colored stones over traditional gold jewellery picking up momentum.
In an exclusive chat with Adgully, Parag Shah, Director, HK Jewels, speaks at length about the evolving trends in the jewellery industry and how new behaviours have opened while buying diamonds and jewellery today, as well as the preference for light weight, multi-wear jewellery.
What are your observations on the Gold and Diamond jewellery business during the festive season this year? Any interesting trends that you noticed?
This festive season has seen a good recovery for the jewellery industry. We at KISNA are continuing to see a rise in consumer spend compared to 2020 and 2021. Both the gold and diamond jewellery businessare expected to see a boost in sales. Along with that we see the trend of consumers purchasing real diamond jewellery and coloured stones over traditional gold jewellery picking up momentum. We foresee this trend to continue in the future as well. Consumers are looking for jewellery pieces such as rings, pendants, and earrings that not only fit the larger celebrations, but are also part of their everyday jewellery collection.
Who is your typical target audience for your range of products and how do you bring in that differentiation?
KISNA has been catering to the ever-evolving sensibilities of Indian women. We are typically speaking to first time buyers of diamond jewellery, particularly those in middle India. We offer over 10,000 innovative designs of diamond jewellery that are ideal for everyday wear as well as special occasions.
Along with the delightful product portfolio that encourages upgrades from gold to diamond, we provide services such as free diamond polishing. As we operate through family run jewellers, we bring to consumers the trust of familiarity and the expertise in the best quality diamonds through our parent company, Hari Krishna Group, which is one of the world’s largest diamantaire.
Trends and fashion are what sells when it comes to jewellery. How do you keep meeting the tastes of your vast audience?
The global presence of our parent company (Hari Krishna Group) gives us a deeper understanding and insight of the designs that are trending internationally. For KISNA, we filter it down to arrive at designs that connect our consumers to global trends while remaining true to our roots. Being an Indian company, we understand the consumer sensibilities and cater to the taste and preferences of the different regions in India. Further, innovation is a big area of expertise for us, and our manufacturing set-up allows us to come up with the latest technological innovations such as multi-wear products that incorporate the latest trends with traditional yet modern designs.
Trust and reassurance play an important part in the jewelry business. How do you address this with your potential customers?
To build trust with the consumers, all our products are 100% IGI Certified, and BIS Hallmarked. In fact, KISNA was the first brand to offer third-party IGI certification, which has now become a standard for all jewellery brands. Further, we operate through family jewellers in whom the consumers place deep trust. To establish a long-term relationship with the consumer, KISNA also offers free diamond polishing and servicing for all its products and free diamond replacement up to a certain carat.
How do you engage with your present and potential audiences? What’s been your engagement strategy to keep the brand top of mind?
So far, KISNA has largely focused on hyper local marketing activities. We partner with retailers and offer localised marketing campaigns to drive footfalls. However, the brand has unveiled its new identity through its new logo and renewed its philosophy to speak to the modern Indian women. We are going live with our awareness and engagement strategy shortly. Stay Tuned!
What are the expected future trends in the jewellery industry?
The consumer preference is evolving from investing in “locker jewellery” to looking for light weight “drawer jewellery” that can complement and elevate her everyday look. This is a fundamental shift in the role of the category. Diamond jewellery is gaining momentum over gold as it effortlessly accentuates any outfit. We also see a rise in multi-wear jewellery that can be styled differently for different occasions. Coloured stones are also gaining popularity, particularly with the younger demographic, who are looking for more modern pieces.