Rising gold prices and cautious buying sentiments have forced jewellers to come out with innovative ideas to sustain consumer purchases be it Italian fusion jewellery or branded jewellery for kids.
Cashing in on the typical Indian parents’ mentality of saving for their children, most leading firms such as Malabar Gold and Diamonds, Nathella Jewellery etc have unveiled their exclusive range of jewellery for kids and younger folks.
India’s vast gold jewellery market suffered a 19 per cent drop in demand in the first quarter of the year, and investment demand tumbled 46 per cent, pressured by a weak and volatile rupee among other factors, indicates the latest data from the World Gold Council (WGC).
Against this backdrop, the idea to more to bring about some fascination in the jewellery buying, says Mr N. Anantha Padmanabhan, president of Gem and Jewellery Council, Chennai. “With shooting prices, jewellers are keen to bring in more segments in the buying mode,” he adds.
Stacking up jewellery for children is an age-old Indian concept, explains K.P. Abdul Salam, group executive director of Malabar Gold and Diamonds. “But when we felt that the rising prices could hamper the buying behaviour, we came up with the idea of light weight, tiny and trendy jewels which can serve a dual purpose of savings and style,” he adds.
Mr Mehul Choksi of Gitanjali Jewels feels that though this segment is too small, requests for customised jewellery is prevalent. The size of customised jewellery market is estimated at `1,000-1,500 crore, with a potential to grow 50 per cent year.