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In the run-up to the festival and wedding season, and amid rising gold prices, jewellery makers are offering a host of discounts in a bid to spur demand and improve sales as gold prices touch record highs.
From slashing making charges to discounts on buybacks of old gold jewellery, and even introducing new lines in 9 carat (kt) and 14kt gold, players are pulling out all stops to entice buyers.
Gold prices hit a fresh high on Tuesday, reaching ₹1,04,950 per 10 gram of 22kt gold in Delhi. The upward trend is expected to continue, according to industry executives and jewellers.
While customers are still buying gold, they now shop with a fixed budget in mind rather than focusing on grammage.
“Our festival offers — including up to 50 per cent off on making charges for plain gold jewellery, flat 40 per cent off on temple and antique jewellery, and flat 30 per cent off on premium gold jewellery — will aid customers and ensure families can celebrate their cherished traditions with greater joy and meaningful value,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers.
The jewellery chain also noted a strong response to its Dhanteras advance and pre-booking offers.
“The rise in pre-bookings, supported by rate protection, shows that customers are strategically planning their purchases and insulating themselves from further price movements — clear evidence that gold jewellery continues to hold lasting relevance,” Kalyanaraman added.
Jewellers have also witnessed a notable increase in exchanges, as customers upgrade older pieces into contemporary designs, making smart use of their existing jewellery.
Indriya, from the house of Aditya Birla Group, which forayed into jewellery retail in July last year, has also introduced several offers to push demand.
“High gold prices are making consumers more measured in their purchases. Many consumers are opting for lighter and lower-carat gold jewellery, but a clear trend is emerging as customers become even more discerning,” said Sandeep Kohli, chief executive officer, Indriya Aditya Birla Jewellery.
The brand is offering up to 35 per cent off on jewellery, a double gold rate protection plan to lock in prices, and no deductions on old gold exchange.
Apart from slashing charges, some jewellery retailers are trying to make the gold-buying experience a sweet one.
The largest jewellery retailer, Tanishq, is offering up to ₹450 off per gram of gold on making charges, said a sales executive at its Connaught Place (New Delhi) outlet. The retailer is also offering up to 35 per cent off on diamond jewellery, along with no deductions on old gold jewellery buybacks.
Titan Company-owned CaratLane is offering customers a free 0.5 gram gold coin for every ₹30,000 spent on studded and preset designs.
“This means, depending on their billing value, customers can take home 4–5 grams of gold coins for free along with their jewellery. It’s been very well received because it makes each buy a dual investment: jewellery to be worn and gold to be cherished,” said Atul Sinha, chief operating officer at CaratLane.
“Instead of discounting, we focus on adding value in ways that feel celebratory and relevant for the season,” Sinha added.
Keeping it light
To balance gold prices with budgets, customers are also moving towards lower-carat products.
“There is growing interest in 18kt interpretations of traditional designs, and our product range reflects this, allowing us to serve diverse preferences and budgets while staying true to each customer’s needs and aspirations,” said Kalyanaraman.
Earlier this week, jewellery manufacturer Senco Gold & Diamonds collaborated with Kolkata-headquartered Sky Gold & Diamonds to design and supply 9kt gold jewellery collections, catering to India’s growing demand for affordable and stylish jewellery.
“Nine-carat jewellery is trending with GenZ because of the stylish, contemporary designs it offers and its alignment with fast fashion trends. It allows us to reach a wider customer base while also serving as a stepping stone for first-time gold buyers and those who want more variety in their jewellery collection,” said Darshan Chauhan, director and chief growth officer at Sky Gold & Diamonds.
Mia by Tanishq has also piloted 9kt products in select markets after the government permitted hallmarking of 9kt gold.
Adding lusture
- Players like Kalyan Jewellers have cut making charges by up to 50%
- Jewellers have witnessed marked rise in exchanges, as customers upgrade older pieces
- Many consumers are opting for lighter, and lower-carat gold jewellery
- Price of gold per 10 grams has risen 53.5% in the past year
