Industry Odisha Bureau, Oct 22: Dussehra jewellery sales were flat in value as gold hit ₹1.48 lakh per 10 grams. Buyers are shifting to lighter, lower-carat and diamond-studded pieces, while jewellers pin hopes on Dhanteras.
Surging gold prices kept India’s Dussehra jewellery sales flat this year, industry executives said. Sales were broadly unchanged in value from a year earlier, The Economic Times reported. Record-high prices dampened demand and pushed buyers towards lighter, more affordable designs.
Gold cost ₹1.48 lakh per 10 grams this Dussehra, against ₹1.10 lakh last year. That is a rise of about 35% in twelve months. Actual prices can vary by purity, city and retailer.
Flat sales value does not mean buyers took home the same amount of gold. The exact change in volume during Dussehra was not reported.
The subdued trend followed weakness earlier in the festive season. During Ganesh Chaturthi a month ago, gold sales fell 15% by volume year on year. That fall in gold sales tracked volume, while the Dussehra figure tracks value.
Colin Shah, managing director of Mumbai-based Kama Jewelry, said buyers were seeking value. They were not, however, abandoning the custom of buying gold on auspicious days. Lightweight jewellery and 9-carat gold drew young and first-time buyers in particular. Shah said overall sales matched last year’s level in value.
Jewellery studded with natural or lab-grown diamonds also gained interest, he said. Such interest showed up in the ₹1.5–3 lakh price range.
Interest in 9-carat and 14-carat gold is also rising, retailers said. Such pieces contain less pure gold than higher-purity jewellery. That lowers the gold cost of a comparable piece. Final prices, though, also depend on design, making charges and any stones.
Neil Sonawala, managing director of Zen Diamond India, said tastes are changing. Buyers want pieces that move easily from daily wear to festive occasions. Fewer are buying only heavy, occasion-specific pieces, he said. Diamond studs, delicate pendants, stackable rings and understated earrings are drawing buyers.
Lightweight and studded jewellery makes up 65–70% of Zen Diamond India’s catalogue. Sonawala said this category was the biggest contributor to its festive growth. The catalogue share does not show its portion of sales.
Financing and gold-exchange schemes also supported purchases, he said. Customers could spread payments or trade old jewellery towards new designs. Exchanges cut the cash needed upfront, though making charges and taxes may still apply. Even buyers over 55 were swapping older pieces for modern designs, Sonawala noted.
Demand for lab-grown diamonds rose sharply. Limelight Lab Grown Diamonds tripled Dussehra sales year on year, said managing director Pooja Madhavan. It has also doubled its store network. The figures do not show how much came from existing stores.
Madhavan said buyers increasingly purchase diamond jewellery for personal use and weddings. Fewer treat it purely as an asset to lock away, she said. She added that tier-two and tier-three cities are emerging growth markets for lab-grown stones.
Jewellers are now looking to Dhanteras, a key gold-buying occasion, to revive demand. For now, any recovery remains a hope rather than a trend.
