Indian culture is full of beautiful jewellery that shows off centuries of tradition and skill. Consumers purchase a wide range of jewellery, from heavy to lightweight pieces. But, with the domestic market seeing the highest sone ka bhav in February 2023, there is a trend favouring the purchase of lightweight jewellery.
To cater to the buyers' needs, the Indian jewellery market has become more dynamic, and lightweight jewellery is becoming more popular because of its affordability and modern looks. This makes it a good choice for people who want to buy high-quality items at a fair price.
People are looking for jewellery that is easy to carry, even on jewellery apps online. In this article, we look at why lightweight jewellery has a bright future and how it could change the way Indians buy jewellery in the future.
Effect of the Union Budget 2023 on the price of gold
While Finance Minister Nirmala Sitharaman gave the Union Budget for 2023, gold prices were at their highest point in the last six months. In the domestic market, sone ka bhav rose to a lifetime high of ₹60,340 per 10 gm and continued to rise until the FM finished her speech in the parliament when they hit an above-said record high. After the April 2023 gold futures contract, the market fell by an unusual amount of about 2,300 on the Multi Commodity Exchange (MCX). A week after the budget proposal, the price of 10 grams of gold is close to ₹57,000. Still, it was more than its average for January, which was about ₹56,400 per 10 gm.
With the new Union budget, the Government of India has decided to raise the import duty on items made of precious metals. This decision by the Indian Government will surely affect the sone ka bhav in India. Experts in the jewellery business say that prices could easily reach 60,000 per 10 gm and cross it if there aren't enough supplies to meet the future demand.
What buyers are doing now?
With the price of gold going up, it seems like more and more people are buying lightweight jewellery to stay within their budgets. Lightweight jewellery has quickly become a favourite among budget-conscious consumers. As the price of gold keeps going up, many jewellers have had to offer lightweight alternatives to traditional gold jewellery so to keep up with their customers' needs.
The rise in the popularity of lightweight jewellery isn't just a passing fad. To benefit from this rising trend, many jewellers have started to stock their stores with lighter options, like flat gold bangles. Another group of jewellers have taken their business digital with a prominent player like Goldsetu, who enables jewellers to create their digital inventory.
Goldsetu App for Retailers
Goldsetu is a well-known B2B jeweller app in the industry. The app has a live, ready-to-ship digital inventory of the newest and most beautiful jewellery designs in different carats and weights. They are well equipped to ship lightweight jewellery, like flat gold bangles, which has shaken the industry.
Goldsetu is based in Noida, UP, and has assets all over the state that help jewellers transition to digital. Retailers can choose from over 1 lakh gold and diamond jewellery items in the B2B store (buymyJewel) on the Goldsetu App, with customisation as an option. Goldsetu App is used by jewellers, not only used for acquiring finest jewellery. Rather, Jewellers are using it to bring their business to a digital platform.
The Goldsetu app gives jewellers a number of tools, such as ways to organise, showcase, promote, and sell their jewellery collections. The retailer's jewellery app online has a feature called "My store", a hub for all the jewellery business needs. My store makes it easy for jewellers to make digital catalogues, start a website, give customers plans to save money, and accept payments. With the "Marketing" feature, jewellers can use ready-made banners to promote their collections on social media.
Many jewellers have turned to Goldsetu App to digitise their business, which helps them showcase, advertise, and sell their jewellery collections.
Steps that Indian jewellers have taken to boost their sales
The long-term trend of high sone ka bhav in the domestic market, combined with less spending by consumers, has made things hard for jewellers. If the prices stay the same, people will hold their purchases, which would not be suitable for the jewellery business.
Even though the market is terrible, jewellers are taking steps to stay competitive and keep getting customers. For instance, many jewellers are using "My Store" on Goldsetu to make an app for their business and sell jewellery through their jewellery app online. Jewellers like the customised eCommerce app because it lets them promote products with good value and give great customer service to gain and keep loyal customers.
Lightweight jewellery is increasingly trending as an affordable alternative to traditional gold jewellery. This allows people to buy beautiful pieces, including gold bangles. To keep up with this growing demand, jewellers need to embrace digitisation to keep track of their inventory and run their businesses more smoothly.
Ultimately, we don't know how the market will change, but the jewellery business still hopes that sone ka bhav will stay stable.