New Delhi: For the crucial Dhanteras–Diwali period, jewellers are turning to lighter-weight and lower-carat gold products to keep festive sales shining despite record-high bullion prices. Retailers are pushing 18-carat, 14-carat, and even 9-carat jewellery to preserve volumes and sustain momentum through the festive season. Early trends suggest the strategy is working, with several chains reporting steady to improved footfalls compared to last year.
Senco Gold has formalised the approach under what it calls “lightweight luxury”, pieces that maintain visual appeal while weighing 10-15% less than traditional designs. The company reports growing consumer preference for 18-carat gold and 14-carat diamond jewellery. Suvankar Sen, CEO of Senco Gold, said the strategy allows customers to enjoy traditional bridal jewellery while keeping purchases within budget.
At Kalyan Jewellers, Ramesh Kalyanaraman, the Executive Director of the company, described a systematic internal redesign of products to hit specific price points.“Customers continue to shop within their budgets, but we have redesigned our products internally to deliver the same design and size with more flexibility on volume and cost.”
The company’s Candere brand is seeing demand across 22, 18, and 14-carat products, with year-on-year growth remaining positive, he added.
Malabar Gold and Diamonds reports that 18-carat collections are performing strongly alongside traditional 22-carat jewellery, suggesting the lower-carat strategy is expanding the market rather than simply eating into higher-margin sales. “Consumers are experimenting more and viewing jewellery as an adornment rather than pure investment,” Asher O., Managing Director of India Operations, had told ETRetail earlier.
Palmonas, a new jewellery retail chain, launched 9-carat gold products on October 1. Within 15 days, these lower-carat pieces already account for 25 per cent of the company’s revenues, with a price band of ₹5,000 to ₹20,000 emerging as the new consumer sweet spot. The company is projecting a 10X jump in sales compared to last Diwali. “It is a design game now rather than an investment game,” said Pallavi Mohadikar, co-founder of Palmonas.
Despite the shift toward lower-carat products, which typically carry lower absolute margins, several retailers report stable margin performance. Kalyan Jewellers said margins have remained stable over the last 8-12 quarters. Senco Gold indicated it is maintaining margin health through design innovation, better sourcing, and digital retail, rather than relying solely on higher making charges.
As the industry enters its most critical selling period, expectations vary but trend optimistically. Kalyan Jewellers reports footfalls have increased after the Shraadh period, with weekend sales climbing as Dhanteras and Diwali approach. “Momentum is clearly higher than Q1 and Q2,” Kalyanaraman said, though he noted consumers may be timing purchases strategically.
Senco Gold is projecting “steady to positive growth” compared to last year’s festive season, banking on old gold exchange momentum and lightweight design traction to offset higher gold prices. Sen said consumers are adapting to price shifts rather than stepping back from purchases entirely.
