Jewellers in North India expect lightweight jewellry to help them see through the crisis.
According to them, with gold prices skyrocketing from past few months, consumers are shifting from traditional jewellry to lightweight. Gold prices are hovering around 15,000 per 10 gm.
Says Balram Garg, managing director and CEO of PC Jewellers, “The lightweight jewellry sales have really picked up. As compared with 30 per cent earlier, they now account for over 50 per cent of the sales.” The company recently launched around 2,000 products in the lightweight jewellry category.
Delhi-based PP Jewellers director Rahul Gupta maintains that with gold prices in last couple of years appreciating 1.7 times, consumers are turning to lightweight jewellry. “Light weight jewellery has not only boosted sales but is also helping jewellers achieve their projected turnover,” he says.
According to Karanvir Singh Goel, chief executive of Anaha, a Chandigarh-based lightweight jewellry manufacturer, even as the value business in the traditional heavy weight jewellery has not gone down with gold prices moving upwards, the volume business has suffered.
