“There was an entire shift of conversation. Initially, people would come to our store and say that, okay, hey, we’re looking at buying a set of 100 g, but now there’s a change of conversation, because now they come with a pre-decided budget,” Khurana said.
Customers are also using the exchange route to upgrade their jewellery, with demand shifting towards newer and more modular designs. Jewellers, in turn, are responding by offering lighter pieces and experimenting with different caratages, including 18-carat, 14-carat and even 9-carat jewellery.
The trend comes as consumers remain cautious about spending because of high gold prices. Khurana said the recent correction in prices is not a crash but could offer buyers an opportunity, particularly those with weddings or other fixed purchase requirements.
“Because if you have a wedding in the family, your purchase requirement and the necessity is not going anywhere. So, you might as well capitalise upon that purchase,” she said.
The festive and wedding season could therefore bring stronger jewellery demand, even though the nature of purchases is changing. Khurana expects sales to rise around 30% in value terms compared with last year, although she attributed the increase largely to higher gold prices.
She also said the shift towards lower caratages is particularly visible among younger consumers, who want jewellery that fits their budgets while also reflecting their personal style.
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“We are seeing this shift primarily among the newer generation who understand, who want to build their assets, who also want to build their investments, who also want to build their ornaments, but they also want pieces that feel more like themselves,” Khurana said.
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