Bengaluru: The sharp surge in gold prices — touching Rs 97,000 per 10 grams — altered shopping patterns in the city this Akshaya Tritiya festive season: Instead of picking grand and chunky ornate sets, shoppers turned to minimalist elegance by opting for light-weight jewellery.
Interestingly, footfall at jewellery stores across the city remained steady contrary to the general perception that not many would visit shops in the backdrop of skyrocketing gold prices.
Karnataka Jewellers’ Association president TA Sharavana (who is also a sitting MLC) told TOI: “All our members reported good footfall in their stores. But when it came to purchases, people were reserved and calculated due to a spike in rates. In 2024, gold price ranged between Rs 60,000 and Rs 65,000 per 10 grams while it is over Rs 1 lakh now. Those buying 15-20 grams of jewellery ended up purchasing only 5-10 grams. Unlike those who buy gold as an investment, we largely saw people wanting to purchase it for the auspicious occasion,” he explained.
Pointing out that the style got sleeker this season, Jewellers Association-Bengaluru (JAB) member Ketan Dhruv said: “Due to price hike, customers were mostly purchasing smaller items that weighed between 1 and 10 grams. There’s a clear move towards lighter jewellery like rings, earrings and coins. We also saw a noticeable shift toward silver jewellery and coins.”
In fact, jewellers anticipated a change in preference of their customers and introduced ‘light-weight jewellery’ using paper-casting technology. Sharavana said: “Until last year, a diamond necklace would cost Rs 4 to 5 lakh with closely-knit large diamond stones. But now, the same necklace is available for Rs 1 lakh. Unlike large diamond stones, we will be using small ones knit with gaps.”
Davanam Ramesh, CEO of Davanam Jewellers, noted, “The combined footfall across our three branches was over 1,000 customers, slightly lower than last year, but still moderate. Most focussed on lighter pieces like bangles, necklaces, chains and earrings. While quantity dropped, the overall value of purchases increased.”
Vinod Hayagriv, managing director of C Krishnaiah Chetty Jewellers, said: “Though the average purchase weight fell by about 15 per cent, our revenue rose by 20 per cent. I expected a slowdown, but the response was as vibrant as earlier.”
— Sutapa Dey