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This Akshaya Tritiya, jewellers saw a

revival in gold jewellery purchases

following last year’s subdued sales.

Gold jewellery took precedence over

bullion and consumers opted for design-

oriented lightweight pieces. A report by

Solitaire International.

Manubhai Jewellers

Ghanasingh Be True

Spotlight

solitaire INTERNATIONAL mAy 2017 53

show, and market sentiments have revived after demonetisation.”

Saurabh Gadgil, chairman & managing director, PNG Jewellers and director, Indian Bullion Jewellers Association, informed that consumer sentiments have improved since Gudi Padva in March. “Sales have taken off and consumers have reinstated their confidence in the market. There has been consistent consumption post demonetisation. Generally when the economy is good, the confidence level goes up and people start spending. That is exactly what is happening right now. There is demand for gold from an investment point of view as well as for jewellery. This is a positive sign for the jewellery industry.

“This Akshaya Tritiya, we have seen 35% growth as compared to last year. Gold jewellery accounted for 55% of the sales as Akshaya Tritiya is considered an auspicious occasion to purchase gold. Consumers purchased jewellery across categories, right from the gifting segment which starts at R25,000 to bridal shopping which begins at about R15 lakh. Bullion

kshaya Tritiya is considered to be an auspicious day to embark on new beginnings and is the second-biggest

gold buying occasion in India after Dhanteras. This year, Akshaya Tritiya was celebrated on April 28. In some places, it was celebrated on April 29 as well. Also, since the festival fell on a Friday, jewellers felt that the sentiments would be carried forward over the weekend. “Most jewellery firms registered a growth of 25-30% compared to last year,” informed Kumar Jain, vice president, Mumbai Jewellers Association. “It is difficult to get the exact figure but sales have been in range of 80-90 tonnes across India.”

“On an average, the daily aggregate sale of gold, studded and diamond jewellery and bullion, in Maharashtra touches about R175 crore. On peak festive occasions like Dhanteras, the figure hovers between R400 and R450 crore. During Akshaya Tritiya this April, the aggregate sales figure across the state stood at approximately R375 crore. I would say it was a decent

accounted for 35% of the purchases, while diamond jewellery accounted for 15% of the sales.”

Lightweight gold jewellery was the order of the day. “Almost 85% of consumers purchased lightweight ornaments, and the remaining 15% bought heavy bridal jewellery,” informed Shantibhai Patel, president of the Gem & Jewellery Trade Council of India (GJTCI). All over Gujarat, jewellery sales rose 10-12% especially in cities such as Ahmedabad, Surat, Rajkot

PNG

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Ganjam

informed MP Ahammed, chairman of the jewellery firm. “Sales grew 48% in volume and 46% in turnover. We introduced uncut diamond jewellery, traditional divine jewellery, precious gemstone jewellery and lightweight diamond jewellery as part of the ensemble collection for Akshaya Tritiya. Lightweight gold jewellery was the number one trend this year. The average price-point of gold jewellery sold this year was R63,840, while for the studded category it stood at R97,765. We also introduced special gold coins but bullion accounted for only 4% of the total demand,” commented MP Ahammed.

Samir Sagar, director of Manubhai Jewellers, too, informed that buyers were more inclined towards jewellery rather than bullion. “This festive season, footfalls increased 15 -20% as compared to last year. We witnessed an overwhelming response for lightweight jewellery, especially gold bangles and kadas this season.”

Sales were up 25% for Lala Jugal Kishore Jewellers, informed Tanya Rastogi, director of the brand. “We experienced good increase in footfalls as compared to last Akshaya Tritiya. At the consumer’s end, there was an inclination towards predominantly gold jewellery like temple jewellery and other traditional variants.”

For Anmol Jewellers, the festival of Akshaya Tritiya coincided with their 31st anniversary. “Consumers bought more jewellery than bullion. We saw a higher demand for gold and temple jewellery, though we also did some big ticket sales in diamond jewellery. Sales this year were 15% higher compared to Akshaya Tritiya sales last year,” noted Ishu Datwani, Anmol’s founder.

“The Sensex was at an all-time high and the rupee has been stronger. We saw a 10-15% increase in footfalls. This year, we saw a shift in buying patterns. Consumers were opting for jewellery as a luxury statement rather than as an investment, informed Aditya Pethe, director, WHP Jewellers. “Our silver jewellery brand Izaara that caters to younger audiences, saw a very good response. Diamond jewellery, too, has been popular. We waived off making

charges on diamond jewellery on the auspicious occasion.”

Ghanasingh Be True registered 20% growth in volume this year. “The average price-point of jewellery sold, ranged from R1 to 2 lakh, and there was some demand for gold coins and bars ranging from 5- 50 grams, in various denominations. However, sale of jewellery was much higher as compared to coins and bars,” informed Krishaa Ghanasingh, marketing director, Ghanasingh Be True, Mumbai.

“We offered exchange on old gold jewellery for diamond-studded pieces from the latest collection; along with a special offer of ‘no making charges’ on bangles and rings, for the auspicious occasion,” Krishaa informed.

“Gold jewellery along with diamond and coloured gemstone encrusted jewellery fared better. Couture, stand-alone statement pieces studded with subtle hints of coloured diamonds in refreshing shades such as cherry yellow, royal blue, emerald green, deep violets and crimson maroon are gaining immense popularity this season,” Krishaa pointed out.

For the special occasion, Ghanasingh Be True introduced a capsule collection of temple jewellery, designed with intricate detailing. The special festive line offers a range of versatile gold jewels encrusted with uncut diamonds and coloured gemstones.

Other jewellery houses, too, launched new collections to entice consumers with fresh concepts and designs.

Bluestone.com introduced three new collections – Nava, B-iconic and Blockbuster in the days leading up to the festival. While Nava focuses on navratna jewellery, B-iconic incorporates Bluestone’s logo into each design. The Blockbuster collection celebrates the beauty of rose gold and diamonds.

Heritage jeweller Ganjam, too, launched a new gold jewellery collection called ‘Kumudini’ for Akshaya Tritiya. This gorgeous new collection is inspired by the lotus flower and the coming together of its myriad associations.

Being Human Jewellery introduced a wearable ‘Good Luck’ coin pendant cast in 18-karat gold and natural diamonds. n

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Spotlight

and Vadodara. The average ticket price ranged from R20,000 to R150,000.

H.M. Sultan Mohideen, vice president of the Madras Jewellers and Diamond Merchants’ Association and founder of Sultan Gems & Fine Jewellery, informed that jewellers in Chennai did modest business. Jewellery sales grew by 10-15% in volume terms but since gold prices are lower than last year (3.9% lower than that in 2016), it has been flat in value terms.

Consumers fell in line with the new diktat of digital payment and paid via cheque, debit and credit cards. Since most wanted delivery of gold on the festival day itself, they paid by cheque in advance. At Malabar Gold & Diamonds, almost 50% of the purchases were pre-booked

Being Human