The festive season in India kickstarts with Onam in the last week of August and goes all the way up to Diwali in November. If one adds the wedding season across the country and the strong pull of gold during festivals like Pongal, it stretches to mid-January.
The spirit is sparkling brightly on the jewellery category. Last year’s season witnessed a rise in sales of gold and jewellery across the country, especially on Dhanteras, according to players. The expectations from this year are higher, despite the high prices.
“There has been a positive shift in consumer buying patterns as they are now more inclined to purchasing items that are meaningful, that hold significance and play a prominent role in their everyday life,” observes Amit Pratihari, Vice President, De Beers Forevermark.
This festive season, De Beers Forevermark is expecting a substantial growth of around 25 to 30 pc in the overall sales, with South India being a significant driver.
“The wedding season coinciding with the festivities this year, the consumer buying sentiment particularly for jewellery is highly positive and the demand is expected to continue into the new year as well. In short, we are really upbeat on a strong festive season this time too,” Prathihari adds.
“The glitter of the yellow metal is an integral part of all our festivities. Therefore, we expect a robust demand during the upcoming festive season. As gold price is currently on an elevated level, we expect the buyers to be value-conscious and budget conscious this time around,” opines MP Ahammed, Chairman, Malabar Group.
For ORRA Fine Jewellery, festive seasons have always been a significant time and the brand anticipates a robust growth rate compared to the previous year.
“Our team has been diligently working to curate exceptional designs that embody the spirit of festivity while embracing the latest jewellery trends. The emotional significance of jewellery continues to remain strong. This trend, combined with our commitment to providing a diverse range of collections that caters to different consumer preferences, positions us well for substantial growth. While specific growth figures can vary due to various factors, our expectations are high, and we are confident in our ability to outperform the achievements of the previous year,” says Dipu Mehta, Managing Director, ORRA.
According to Mehta, while for the brand physical stores remain integral, they foresee online sales’ growth rate that exceeds that of 2022.
“The digital landscape continues to evolve rapidly, and we expect online sales to play a more dominant role this year compared to the one that went by. Last year, our online sales saw a remarkable surge, and we anticipate this trend to further solidify. Our efforts in enhancing our e-commerce platform’s user experience, along with targeted digital marketing campaigns, should lead to a higher percentage of online sales this festive season. While our physical stores remain integral, we foresee online sales’ growth rate that exceeds that of 2022,” he adds.
The excitement for this festive season is definitely high and Shyamala Ramanan, Business Head – Mia by Tanishq, expects a significant growth in terms of walk-ins and sales as compared to 2022, across online and offline channels.
“As gold rates continue to rise, we have witnessed a shift in consumer preference from traditional jewellery to fine jewellery. Mia by Tanishq, is a renowned fine jewellery brand that features diamonds set in 14kt-18kt gold. Being affordable, high quality and backed by the Tata trust, Mia enables customers across varying age groups and socio-economic profiles to shop at ease and stay on top of trends this festive season,” Ramanan added.
Trends and Profile
Speaking about the trends in jewellery purchases, Prathihari notes that De Beers Forevermark is witnessing high demand, particularly from the younger generation, for classic pieces from its Forevermark Icon and Avaanti Collections which are minimalistic and can be worn everyday.
“The younger generation is liberal in spending on jewellery and diamonds in particular. We are also witnessing a rising trend of self-purchase among modern women, as jewellery, particularly diamonds, has become a visible symbol of their self-expression and independence,” he adds.
ORRA’s Mehta says, “This festive season, several buying trends have caught our attention. One significant trend is the preference for lightweight and versatile jewellery pieces that can be worn across multiple occasions. Buyers are looking for designs that effortlessly transition from day to night, ensuring they get the most out of their investment. Overall, we are confident that our meticulously curated collections, combined with our focus on digital engagement and customer-centric strategies, will contribute to a successful festive season that surpasses the achievements of the previous year.”
“When it comes to high-value purchases and customising designs, people still love to visit our showrooms to have a one-on-one conversation and experience our world-class shopping experience. In the upcoming festive season, we expect strong demand in all jewellery categories. However, people are becoming design conscious. So, jewellery with high design value continues to drive demand,” notes Malabar Group’s Ahammed.
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