Rising Gold Prices Are Changing Fashion Trends in India

High gold prices are forcing a change in jewellery buying habits

According to a recent survey by Assocham entitled “Diamonds and platinum shines as gold loses sheen in urban cities,” women’s jewellery buying habits are changing in light of rising gold prices and changing fashion trends. The survey was released just ahead of the ahead of Dhanteras and Diwali festivals. It showed the yellow metal is being replaced in favor of other metals such as platinum and diamonds. Assocham’s research team surveyed about 350 jewellery makers based in Ahmedabad, Bangalore, Chennai, Chennai, Chandigarh, Dehradun, Delhi-NCR, Hyderabad, Kolkata and Mumbai.

The jewelers in these major cities are mixing their sales strategies in the present volatile market conditions. “With gold prices rising, white gold, diamonds or platinum is the new trend among the buyers. There is an increasing focus for platinum jewellery in this festive season,” said one Delhi-NCR-based jeweler who also owns a diamond jewellery brand. Seventy-six percent of all jewelers are focusing on platinum-based diamond jewellery, the survey revealed. To tap the changing preferences of domestic consumers, jewelers are shying away from traditional gold and silver jewellery.

Secretary General of Assocham, D S Rawat said, in India platinum-based diamond jewellery is picking up pace. The share of platinum and diamond jewellery has cut into overall gold jewellery sales significantly over the past year; it is likely to reach thirty to thirty-five percent of total gold jewellery sales by 2015. “Indian investors always had a fascination towards precious metals and stones owing to their hedging ability against rising inflation and economic uncertainties. While investing in gold and silver has been going on for years, another investment avenue that is blooming for past few years is platinum, diamond and other investment”, Rawat added.

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