Decoding The Rise in Lightweight Jewellery's Demand In India

By Joy Alukkas,

India is renowned worldwide for its profound love of gold and gold Jewellery. Among people across the world, Indians invest in gold, both emotionally and financially which turns out to be one of the biggest assets of the country. In recent years, the demand for gold has increased drastically owing to reasons like increased standard of living and rising income. The sudden trend of investing in gold Jewellery started during the lockdown as people who otherwise used their funds for holidays and fancy dinners turned their focus to gold which was seen as an investment. Also, the support from the government by reducing the import duty of gold recently has impacted the industry positively and has given much hope to the consumers. As per the World Gold Council, during the July-September quarter of 2024, the demand for gold increased by 18% year over year.

It is true that the world’s second largest consumer of gold, India, has undergone a paradigm shift in recent years. While wedding and festive demand drives the sector with the focus on heavy Jewellery, there is another category that has gained traction lately - Lightweight Jewellery. Lightweight Jewellery is one of the most preferred categories by youngsters and professionals today primarily due to the trendy designs available in gold and diamond at reasonable a price.

Why Lightweight Jewellery Is in Demand?

Appeal to younger customer portfolio: Gone are the days when women preferred wearing hefty ornaments. Heavy pieces of Jewellery have become part of once-in-a-lifetime events like weddings or major celebrations. The younger generation prefers much more lightweight and simple Jewellery that can fit into their daily life events like get together, parties and even offices. Lightweight Jewelleries are carefully crafted with simple elegant designs that can be part of one’s daily life. Today even the new brides prefer multiple lightweight and simple chains to a single heavy choker that can be paired during the wedding and later reused.

Affordability: Gold prices have been on a bull run for the past few months owing to global economic fluctuations due to inflation, geopolitical tensions, and overall economic uncertainty. With the current high price of gold, lightweight Jewellery is a much more affordable option. Also, owning gold once seen as a lifetime milestone due to its hefty price for the elaborate designs, has now become more accessible and seamless with the rise of affordable and light-weight jewelry options.

Jewellery options for Men and Gender friendliness: Gold is traditionally considered as jewelry for women. But today both men and women are equally interested in wearing trendy ornaments. With the launch of lightweight Jewellery, the companies incorporated innovative Jewellery crafts like bracelets, brooches, kadas, chains, etc., that helped in broadening the customer portfolio. Moreover, with lightweight Jewellery designers are free to explore complex patterns, layering, and creative shapes and design unisex accessories that are in high demand as well.

The luxury of Gifting: Be it a birthday, anniversary, any celebration, or wedding, it is not only auspicious and prosperous to gift jewelry but is a symbol of luxury as well. Lightweight Jewellery becomes a perfect gifting option for people who are looking for practical gifting and don’t want heavy gold pieces that can feel cumbersome and can cost them a fortune. It is also easier to maintain and store.

The Ideal Investment

It is well known that gold is not merely a piece of Jewellery but a great investment tool as well. In the current scenario, gold prices are at its peak and are expected to further surge in the coming years. Investing in lightweight Jewellery is more affordable during this time and also a wise saving for the future when the gold rates go further high. Although heavy Jewellery will have more return value, lightweight Jewellery can be resold in small amounts. This makes lightweight Jewellery an apt investment that can be vended or exchanged individually as per requirement.

The trend of wearing lightweight Jewellery by women of all ages especially millennials has made a massive shift in the gold industry in terms of the idea of gold purchase. Gold has today become an affordable luxury for people from all walks of life. It is sure that this trend will continue and will inspire to create more innovative designs.

(The author is Chairman and Managing Director of Joyalukkas Group. Views expressed are personal and do not reflect the official position or policy of Outlook Media Group and/or its employees. The article is for information purpose only; please consult your financial planner/s before investing.)