Jewellery industry set for a glittering Diwali as consumer sentiments ride high
Industry leaders say they are confident of making record sales; go all out with promotions and offers
Jewellery is synonymous with the festive season in India. With the varying regions, cultures and traditions, this category has always been a festive season favorite to spend on. Emerging from the setbacks of the pandemic, jewellery industry players are pinning big hopes on this Dhanteras and Diwali. Industry leaders believe brands will make the most out of the festive mood and try their best to stay ahead of competition.
Senco Gold & Diamonds has announced a new campaign - Festival of Artistry with Kiara Advani along with the Dhanteras Shagun offer across Gold, Diamond, Platinum and Silver jewellery. Meanwhile, Tanishq, the jewellery retail brand from the house of Tata, has announced the launch of its festive collection ‘Alekhya’, which takes its inspiration from Miniature and Pichwai paintings. Kalyan Jewellers too has launched a star-studded Diwali campaign #CelebratingEveryIndian, featuring Amitabh and Jaya Bachchan, alongside Katrina Kaif, Akkineni Nagarjuna, Prabhu Ganesan and Shiva Rajkumar among others.
Sharing more insights on the brand strategies, Viren Razdan, Managing Director of Brand-Nomics, says jewellery makers are working on making the best of this Diwali season. “There is a visible comeback of the category, with social occasions and rituals making a high decibel comeback, along with louder weddings and parties. An increasing number of high-street ’traditional’ shop-brands are advertising and making their presence felt. Most importantly, they are moving onto the digital medium to woo their next generation of consumers. They are shaking off the ‘relationship’ values the category used to ride on, but transitioning to hard-core marketing. A shift is quite evident.”
Jewellery brands have also come up with strategies to fight off inflationary pressures with the introduction of lightweight jewellery that is both economical and comfortable. Senco Gold and Diamonds launched Shagun Collection inspired by Lotus under their lightweight jewellery sub-brand, Everlite. Mia by Tanishq too swears by its lightweight jewellery category. “We continue to have a lot of lightweight jewellery. The 14 Karat jewellery is easy wear and is light on the pocket too. We have also introduced 18 karat and 22 karat but the technique we use makes it immensely light and wearable. So, everything about Mia is wearability.”
This Diwali, brands are ready to spend and are doing their best to gain as much engagement as possible.
Speaking of the Diwali jewellery demand, Ajoy Chawla, CEO, Jewellery Division, Titan Company, said: “With this being the first post-pandemic 'normal' Diwali, people are expecting to celebrate a "no holds barred" festival this year. The sentiment is up, the mood is infectious - not just for jewellery but all categories. As expected, the predominant sentiment is for gold during the festive period.”
“We also see continued interest in light-weights, layering and colour that validates our belief that our consumers value adornment over keeping jewellery in the locker, a secular trend now for the last 2 years,” Chawla added.
Talking about consumer sentiment this Diwali, Ramanan further said, “This Diwali is turning out to be interesting, because I think a lot of categories are vying for attention. Jewellery, of course, continues to be big because it is tradition, and I think we all value our traditions a lot. And this just becomes a great opportunity to buy because there are offers and occasions. What I understand is Diwali celebrations have already commenced. A lot of these Diwali parties are already happening. Since the occasions to dress up is more, there is need for more jewellery. And so, what was a one or a two-day festival seems to have almost become a week-long celebration. So, we are seeing more exuberance in the market, we're seeing more buying.”
Commenting on the kind of expectations for this Diwali season, Ramanan adds, “I think it's going to be a killer Diwali this year for us. We're gonna probably touch records and newer heights which should take us to the next level.”
Chawla also sees a robust season for the overall company. “Tanishq is anticipating and targeting strong growth, despite the high base of a record-breaking festive season last year, and we are not sparing any efforts in new launches, marketing and promotions. Our stores and teams have prepared well to welcome large numbers of customers this weekend, to serve them with a smile.”
“We also expect to see significant wedding purchases for the season to follow, and have stocked up stores with adequate and appropriate merchandise to serve all communities. Gold rates have moderated from their peak, which was about 6-7 months ago, and are also quite stable. Hence, we are optimistic for this Dhanteras besides the upcoming wedding season."
