The Promising Pre­cious Wear­ables Mar­ket

Hav­ing pre­cious ac­ces­sories that are pretty and af­ford­able is a trend­ing phe­nom­e­non now with de­mands like spe­cial light weight, ev­ery day, work wear, etc., spruc­ing up sales. Mar­ket vet­er­ans talk to Im­ages BoF on the fac­tors in­flu­enc­ing the mar­ket of jewe

Business of Fashion - - Contents - By Rosy Ngai­hte Sharma

This ex­clu­sive fea­ture looks at the the fac­tors in­flu­enc­ing the pre­cious jew­ellery and watches mar­ket, and how fash­ion shoppers are trans­form­ing de­mand.

Jew­ellery oc­cu­pies an im­por­tant po­si­tion in the In­dian so­ci­ety. Thanks to the tra­di­tion­al­ist and cus­toms abid­ing na­ture of the con­sumers, the lux­ury jew­ellery mar­ket in In­dia wit­nesses a boost dur­ing wed­dings and fes­ti­vals such as Ak­shay Tri­tiya, Dhanteras, etc. Su­vankar Sen, Ex­ec­u­tive Di­rec­tor, Senco Gold, con­firms, “Yes. Wed­ding and fes­ti­vals are the peak pe­riod when sales go high.” At the same time, he also shared that it varies from re­gion to re­gion, for ex­am­ple jew­ellery sales go high dur­ing Baisakhi and Raksha Band­han in the North, sim­i­larly in the West, sales soar dur­ing Gudi Padwa and Ganesh Chaturthi, while the sea­son for South In­dia is dur­ing Onam.

“Over the years, the festive and oc­ca­sion based pur­chases have been sup­ple­mented by a grad­ual and steady in­crease in non-oc­ca­sion driven pur­chases,” shares Su­nil Nayak, CEO, Reliance Jew­els. He re­veals, “Th­ese pur­chases have been pow­ered by macro-eco­nomic fac­tors like rise in dis­pos­able in­come of the ever grow­ing mid­dle class, which is be­com­ing ever more af­flu­ent and strives to ful­fil their as­pi­ra­tions. And to this ever so risk averse

group, putting money in gold jew­ellery is also con­sid­ered as a safe and se­cure “in­vest­ment”. An­other fac­tor that im­pacts jew­ellery pur­chase is fluc­tu­a­tions in price of the pre­cious metal. A sud­den up­surge or drop in prices ad­versely im­pacts jew­ellery buy­ing – in the event of up­surge, there is a be­lief that there will be a price cor­rec­tion and bodes well to await the cor­rec­tion be­fore pur­chas­ing. Sim­i­larly when prices drop, a fur­ther drop is ex­pected as a re­sult of which there is a tem­po­rary slack in pur­chase.”

A shift: Fre­quent shop­ping for var­i­ous oc­ca­sions

Atul Sinha, Se­nior Vice Pres­i­dent Mar­ket­ing and Re­tail Sales, Carat­lane. com, agrees that jew­ellery sale is higher dur­ing the fes­ti­vals. He feels, “There are more oc­ca­sions which have come up that trig­ger jew­ellery pur­chases like Valen­tines day, Women’s day, Mother’s day, etc. More­over, birth­days and an­niver­saries also push sales as jew­ellery is re­garded as one of the most pre­cious and per­sonal gift which

one can give.”

Carat­lane achieves 40-45 per­cent of its sales dur­ing Septem­ber to De­cem­ber. Same is the case with Senco Gold, who also achieves 60 per­cent of the an­nual sales dur­ing this pe­riod.

Ac­cord­ing to Ra­jesh Tul­siani, CoDirec­tor, Dwarkadas Chan­du­mal Jew­ellers, “With pas­sage of time, a shift in the sig­nif­i­cance and pref­er­ence of jew­ellery was ap­par­ent. To­day, with global ex­po­sure, jew­ellery has be­come a fash­ion state­ment from its aus­pi­cious slant. Con­sumers pur­chase jew­ellery in tan­dem with oc­ca­sions, fi­nan­cial avail­abil­ity and gift­ing; since they be­lieve that jew­ellery cre­ates

mem­o­ries.”

Nayak also ac­cedes, “With the “uber-isa­tion” of In­dia, peo­ple have now started look­ing at jew­ellery dif­fer­ently. From be­ing a sen­ti­ment driven adorn­ment, jew­ellery is slowly mov­ing to­wards be­com­ing a fash­ion ac­ces­sory. In­di­ans are slowly look­ing to im­bibe jew­ellery, es­pe­cially di­a­mond jew­ellery in their rou­tine life. In fact jew­ellery does com­pete with other prod­ucts like elec­tron­ics to grab a share of con­sumers’ wal­let.” He fur­ther stated that there is an in­crease in de­mand for jew­ellery es­pe­cially for the light weight, ev­ery day, work wear and low carat, etc.

“Oc­ca­sion based pur­chases def­i­nitely see more trac­tion as com­pared to non-oc­ca­sion based pur­chases. As an econ­omy we have not yet com­pletely evolved to the point of mak­ing jew­ellery pur­chase a re­cur­ring habit. With the chang­ing trends in jew­ellery pur­chases, de­mand for unique de­signs that can be flaunted, and ris­ing trend of theme based col­lec­tions etc., has started show­ing a change in pur­chas­ing pat­terns. We ex­pect this to be­come the norm as time goes by,” he adds.

Con­se­quently, there is also a continued strong sales of watches and re­silient de­mand for pre­cious metal jew­ellery. Man­isha San­gani, MD, Just Life­style Pvt. Ltd., says, “Un­like jew­ellery brands, watch shop­ping does not

de­pend on any oc­ca­sion. Though the sales are higher dur­ing end-of-the­sea­son-sale pe­ri­ods and fes­ti­vals as brands of­fer at­trac­tive dis­counts. More­over, for men the op­tions are lim­ited and gift­ing a watch makes a bet­ter choice.”

Look­ing for a look

More than a prod­uct and fash­ion ac­ces­sory, to­day con­sumers buy “a look”. They want to match their ac­ces­sories with their at­tires. And as a re­sult, it ends in mul­ti­ple pur­chases. Cit­ing Aspen watches’ ex­am­ple, she says, “Watches are not mere time­piece any­more th­ese are the fash­ion ac­ces­sories. Th­ese are the ex­ten­sion of one’s style.” Hence, the brand of­fers a vast as­sort­ment as per dif­fer­ent looks while play­ing around with dif­fer­ent colours, straps, di­als, chains, etc.

Nayak ex­plains, “The fash­ion quo­tient of the In­dian con­sumer has un­der­gone a sea change and it con­tin­ues to do so at a very rapid pace. Jew­ellery, be­ing an ac­ces­sory, has un­der­gone a dras­tic change both in terms of look and feel. While the big­ger pieces con­tinue to dom­i­nate the wed­dings, light-trendy pieces with del­i­cate and cut­ting-edge con­tem­po­rary de­signs are be­ing pur­chased in larger num­bers to go as ac­ces­sories for the mod­ern dress­ing among women con­sumers. This is adding to the fre­quency of pur­chase of jew­ellery.”

Tul­siani also added that women now reach for looks that can be styled in tra­di­tional as well as in con­tem­po­rary man­ner with ver­sa­til­ity be­ing the key. Dwarkadas Chan­du­mal Jew­ellers of­fer cus­tomers classy and state­ment jew­ellery which are not only high on style but also ever­green and can be suited to any oc­ca­sion, per­son­al­ity and taste.

Dis­clos­ing the rea­son for Senco Gold’s pop­u­lar­ity, Sen shares, “Clients def­i­nitely visit us for light­weight jew­ellery. In fact, the younger gen­er­a­tion adore our Everlight and Gos­sip col­lec­tions which are in sil­ver. Our wed­ding col­lec­tions are also very pop­u­lar as they look heavy but weigh low and hence are easy to wear.”

An­nual sales

Though ma­jor­ity of the sales hap­pen dur­ing fes­ti­vals such as Ak­shay Tritya which is in April-May, Dhanteras and Di­wali in Oc­to­ber-Novem­ber, and other re­gional fes­ti­vals, and spur foot­falls, it will not be pru­dent to be­lieve that jew­ellery pur­chase hap­pens all

“Fes­ti­vals are im­por­tant in In­dia and

we see a hike in sales dur­ing th­ese pe­ri­ods. But there are more oc­ca­sions

which have come up that trig­ger jew­ellery pur­chases like Valen­tines day, Women’s day, Mother’s day, etc, be­sides birth­days and an­niver­saries.”

-Atul Sinha,

Sr. Vice Pres­i­dent Mar­ket­ing & Re­tail Sales,

Carat­lane.com

“To­day with the global ex­po­sure, jew­ellery has be­come a fash­ion state­ment from its aus­pi­cious slant. Con­sumers pur­chase jew­ellery in tan­dem with oc­ca­sions, fi­nana­cial avail­abil­ity and gift­ing pur­poses.”

-Ra­jesh Tul­siani,

Co- Di­rec­tor, Dwarkadas Chan­du­mal Jew­ellers

“Watches are not mere time­piece

any­more th­ese are the fash­ion ac­ces­sories. Th­ese are the ex­ten­sion

of one’s style. More than prod­uct fea­tures, con­sumers look for de­signs that can be matched with

their at­tire.”

-Man­isha San­gani,

MD, Just Life­style Pvt. Ltd. (Aspen)

year round and not nec­es­sar­ily for only oc­ca­sions. Tul­siani, ex­presses, “Pur­chase de­ci­sions re­volve around myr­iad fac­tors in­clud­ing fi­nan­cial avail­abil­ity, NRI clients trav­el­ling to the city, etc.” Nayak also says, “The sale and av­er­age ticket size may not com­men­su­rate with the foot­falls as con­sumers tend to opt for to­kens of aus­pi­cious­ness. At­trac­tive of­fers are nor­mally an­nounced to at­tract peo­ple from all faiths and the pur­chases that hap­pen are of high ticket value. More­over, per­sonal oc­ca­sions like wed­dings in the fam­ily are dom­i­nated by high ticket size.”

Ac­cord­ing to San­gani’s ob­ser­va­tion In­dian con­sumer looks at price and af­ter that he ap­proves a prod­uct. “With more dis­pos­able in­come and in­creas­ing brand aware­ness, it is dif­fi­cult to say on the sales and av­er­age ticket size dur­ing var­i­ous oc­ca­sions. The only rea­son, we can put is the at­trac­tive of­fers which re­tail­ers and brands pro­pose dur­ing oc­ca­sions,” she said. Aspen watches by Just Life­style aims at around 35 per­cent of the sales in Septem­ber-De­cem­ber.

The best & forth­com­ing col­lec­tions

Em­brac­ing the brand phi­los­o­phy,

“Be The Mo­ment”, Reliance Jew­els in­tro­duced a col­lec­tion in­spired by the grace, beauty and peace within a swan. The col­lec­tion is be­ing de­vel­oped in as­so­ci­a­tion with de­signer Garima Ma­hesh­wari and is be­ing launched to cover the festive pur­chases dur­ing Navra­tri, Dussehra, Di­wali and wed­dings up to Jan­uary 2018. Their re­cent ex­clu­sive de­signer col­lec­tion “Mil­iani” which was based on this phi­los­o­phy was re­ceived very well in the mar­ket. Nayak shares, “Round about 40 de­signs in gold will be launched un­der this col­lec­tion.”

“We have an at­trac­tive col­lec­tion of di­a­monds in stud­ded and polki (un­cut), eth­nic gold jew­ellery that ex­ude per­son­al­ity, fem­i­n­ity and moder­nity. We have al­ways been loved by our fam­ily of con­sumers,” said Tul­siani. He says, “Our bri­dal and festive col­lec­tion is the per­fect em­bod­i­ment of fem­i­nine spirit and is stun­ningly lux­u­ri­ous with sub­tle and el­e­gant touch to make ev­ery woman feel and look spe­cial. Adorned with di­a­monds and em­bel­lished with breath­tak­ing mo­tifs and in­no­va­tive cuts, each jewel is a price­less legacy that can be passed on to gen­er­a­tions.”

Known for watches that of­fer ex­quis­ite jew­ellery de­signs, Aspen’s fem­i­nine col­lec­tion has been the best per­form­ing range dur­ing all th­ese years. Some of the de­signs have been re­peated with mi­nor changes. Just Life­style’s 60 per­cent of the sales comes from their fem­i­nine range. “Our Aura col­lec­tion, which we are launch­ing dur­ing the festive sea­son, is go­ing to be a game changer. Th­ese watches use the con­cept of time and en­ergy. We have used jew­ellery el­e­ments with nat­u­ral stones,” con­cludes San­gani.

“Over the years the festive and oc­ca­sion based pur­chases have been sup­ple­mented by macro-eco­nomic

fac­tors like rise in dis­pos­able in­come of the ever grow­ing mid­dle class, which is be­com­ing ever more af­flu­ent and striv­ing to ful­fil their

as­pi­ra­tions.”

-Su­nil Nayak,

CEO, Reliance Jew­els

“Jew­ellery sales varies from month to month and re­gion to re­gion, for ex­am­ple sales go high in Baisakhi and Raksha Band­han in the North, Gudi Padwa and Ganesh Chaturthi in

the West, Onam in the South.”

-Su­vankar Sen, Ex­ec­u­tive Di­rec­tor, Senco Gold

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