IJ Catches the Festive Spirit from Karwa Chauth to Dhanteras
Get to know sales trends, design prerogatives and the festive outlook as jewellers share their expectations for the approaching festive season.
With Diwali right round the corner and Karwa Chauth celebrated yesterday, it is the season to celebrate, make purchases, and gift loved ones. Vaishali Banerjee, Managing Director, PGI – India says, “This year's H1 has seen tremendous recovery and phenomenal growth, with weddings and the festive season returning after two years.” Somasundaram, PR, Regional CEO, World Gold Council, notes favourable factors such as pent-up demand, softening of gold prices and good monsoons and says, “All these, bodes well for a surge in retail demand of gold jewellery in India.” Banerjee notes that with the unlock phases post COVID, platinum has been able to maintain a consistent and strong position in the Indian jewellery industry and adds, “And as we look forward to H2, we are hopeful that this growth trajectory will continue.” Somasundaram, PR adds further, “Gold has always played an integral part in Indian festivals and celebrations, particularly so during occasions like Navratri, Dhanteras and Diwali. The last quarter also has auspicious dates for weddings across India, which will also act as a catalyst for wedding jewellery purchases. Overall, the demand is expected to be better in the current quarter in comparison to last one.” Banerjee too comments on the last quarter stating buoyant consumer sentiment and positivity are expected to further increase due to the convergence between the festive and wedding seasons. This extremely important jewellery purchase period will be built through various consumer and trade marketing campaigns by PGI and its strategic partners."
FESTIVE DEALS & EXPECTATIONS
“Karwa Chauth is the ideal occasion to pamper and gift your wife real diamond jewellery,” says Parag Shah, Director of H.K. Jewels Pvt. Ltd. He notes that “sales of mangalsutras, diamond rings are a norm on this special occasion as diamond rings mark an expression of love and commitment.” Love is the flavour of the season with expressions matching every category of jewellery and design ranging from gold, diamonds, platinum, coloured stones to silver, steel and men’s jewellery too! For some jewellers Dussera led the festive shopping spirit. “The price of 22k gold staying below Rs 49000 has been a major contributor for people to make purchases starting Dussera,” noted Dr Saurabh Gadgil the Chairman & M.D. of PNG Jewellers and added, “Consumers have shown a lot of confidence in purchasing jewellery this year. All in all business has been 30% higher this Dussera making it a fantastic prelude to the Diwali season.”
Jewellers have planned unique offers and deals to lure the jewellery aficionado. Vaibhav Saraf, Director, Aisshpra Gems & Jewels says “Lower gold prices combined with our ‘7 Car Giveaway Offer’ is attracting customers no end!” Shrey Mehta, Director, Pooja Diamonds informs of a festive exhibition called Sunehri Diwali at their Ahmedabad outlet. “At the festival, we are offering latest jewellery editions, instant gifts, on-the-spot discounts etc., from 13th October till Dhanteras.” Post the pandemic, sales had hit a notable high, will the high spending spree carry through this season also, if yes, what are the jewellers’ expectations in terms of sales? “Serious shopping is back! We have seen people purchasing nearly twice the value of diamond jewellery this year than they did last year!” says Dr Gadgil. Aditya Pethe, Director, WHP Jewellers says, “The season has been very encouraging, right from the beginning of this financial year. We are looking at an increase of over 20% in sales vis-à-vis last year.” Saraf too informs that he is expecting a growth of 20% in sales compared to the last season.
Shah informs that people are opting for real diamond jewellery this festive season. Buying precious metals such as gold and silver on the auspicious day of Dhanteras is considered fortunate, says Mehta. “The market looks good and we have launched our new Riyaasat collection which is our bridal jewellery.” Kaushik Perla, Partner at Kameswari Jewellers says, “As part of our Diwali Dhamaka offer, we are giving flat discounts of Rs 200 off on precious stone jewellery, Rs 3000 off on polki jewellery and Rs 10,000 off per carat on diamond jewellery.” Dr Gadgil says, “There is a strong uptake in traditional jewellery with a modern touch as well as temple jewellery. Perla seconds Gadgil when he says “Temple gold and diamond collections are a hit for the bridal season!” Saraf, informs that this year their brand has exclusive polki jewellery ranging Rs50,000 upto Rs50 lakhs. “This way we cater to all strata of customers. Heavy jewellery instead of light weight jewellery is a notable trend this year. For instance, many clients have purchased 100 gm necklaces instead of the regular 50 gm gold ornament.”
The millennial consumer has many shopping options at their disposal like online sales and apps that offer discounts. “After the pandemic, online sales shot up,” says Mehta, “Inspite of e-commerce players entering the segment, bridal shopping continues to remain strong in offline retail space.”
Source : https://indianjeweller.in/news/03b0db8c971432a5e8d163897176a7cc/ij-catches-the-festive-spirit-from-karwa-chauth-to-dhanteras!-
