Demand for daily wear jewellery on the rise

Compared to five years ago, now the trend in shopping for gold has shifted significantly. Today, there is a preference for lightweight jewellery or modern designs over traditional pieces - Puja Khan, Founder of Juvela, tells Bizz Buzz

Hyderabad: The gold price reaching its highest peak has made the yellow metal an unfavourable choice either for investment or as a fashion choice. With lightweight and non-gold jewellery carving out a significant market presence, today’s millennial women go by the saying, ‘ Best jewellery should be on the neck and not in the locker’.

Speaking to Bizz Buzz, Founder of Juvela, Puja Khan said that compared to five years ago, now the trend in shopping for gold has shifted significantly. “Today, there is a preference for lightweight jewellery or modern designs over traditional pieces. Instead of wearing the same piece repeatedly, there is a growing inclination to adorn a new piece daily, matching it with the outfit. This shift reflects a desire among women to experiment with their jewellery as much as they do with their clothing,” she pointed out.

Another millennial echoing the opinion of her peers, Monisha Mudaliar, Director, Branding, a private firm, said that she has started to purchase wearable gold ornaments with an investment outlook considering its appreciating value. She says, “I do not believe in buying anything for the locker, so I make sure to purchase only ornaments that can be actually used. I remember purchasing several imitation sets during my wedding that cost about 0.5 per cent of what it would cost if I purchased the same in gold. Moreover, Swarovski stones have unique designs in rings, necklaces, earrings that look expensive and make for a great fashion statement.”

Khan also believes that if not for gold, there are numerous alternatives available in terms of metal or precious stones to accessorise. Many brands in the market now offer beautiful silver, brass, or bronze jewellery, enhancing their appeal with pearls, kundan, and gemstones.

The yellow metal is a safe haven for those who have already invested on gold for a long-term. Investors usually wait for the lowest price in a month to invest on gold, said the CEO of Vihaan Goyal Gallery Deepika Agarwal. She stresses that “if it is for investment then I usually buy gold coin or bar when the price falls. When buying jewellery during festive season or for an occasion, the gold price does not make much difference as we all believe that in the long run the gold price will always increase. I would avoid buying gold when the price is high if there is no particular reason.”

Generations have changed, trends in jewellery have changed, but the mindset behind investing in gold hasn’t. Lakshmi Yadav Gumpula, a native of Telangana and local politician in the late 90s believed in saving small amount of her earnings to buy gold coins when the price was low.

“I used to save money for three to four months and after saving a decent amount I would buy a tula, which was earlier 12 grams. I would collect these coins for a year and later visit the family jeweller to get the jewellery made according to my preference, which is solid and traditional,” she says.

On how the Generation X has adapted to the inflated gold price, while not compromising on choice, Gumpula explained, “most of family-owned jewellers offer an yearly investment scheme. When the price is low I visit a retailer to initiate the scheme. For the next 11 months, I pay a monthly amount while the 12th month is paid by the store. At the end of the scheme I can buy any jewellery for the amount paid over the period without settling for the mass manufactured design outlets.”