Plain gold, platinum jewellery gaining popularity

In view of rising gold prices, demand for lightweight gold jewellery has shot up in the past couple of months. Concomitantly, consumers are also showing a preference for platinum, says Pramod Mehta, Managing Director, Shineshilpi Jewellers, in a conversation with Samit Bhatta of The Retail Jeweller.

Samit Bhatta (SB): What is your reaction to the first-ever virtual IIJS show?

Pramod Mehta (PM): IIJS is one of the most important and most eagerly-awaited events for the B2B jewellery business. Just as retail showrooms look forward to Akshaya Tritiya and Dhanteras, similarly the B2B jewellery players wait for the IIJS show. In fact, we take as many as three months to make preparations for this five-day show. Since this year, the physical event could not take place owing to the pandemic, the virtual version has come as a boon for us. We believe that we will conduct more business during the virtual IIJS than we normally do in the physical show. Taking this show to the virtual world was really the need of the hour, and it has come at the right time for the industry.

SB: What kind of collections will you be launching during the virtual IIJS?

PM: We have come up with a complete range of gold jewellery products that a retailer would need. We have named it ‘Nine Shine’, and it comprises antique jewellery, machine-made jewellery, mangalsutras, chains, bangles, and so forth. We will also be presenting emerald-studded jewellery and platinum jewellery. In the past two months, we have observed that lightweight yellow jewellery has become popular, and we have come up with various products in this category. Moreover, because of rising gold prices, people are showing a preference for platinum, and we have paid attention to this segment as well. In addition, we are presenting a collection based on the fine and lightweight jewellery, including temple jewellery, of Maharashtra. We have named it ‘Malhar Collection’, and we are hopeful that it will become a big hit with retailers and get a good response from buyers.

SB: Which of your collections has received a good response after the reopening of the stores?

 PM: Due to the high gold prices, plain yellow jewellery has become a huge hit in the market in the past couple of months. We have introduced several collections in the lightweight jewellery category in plain gold. Looking at the rising prices of gold, we feel that the end consumer may be inclined towards platinum jewellery.

TRJ: What are your expectations from the upcoming festive and wedding season?

PM: According to industry experts, gold prices may soar to Rs 80,000 per 10 grams, so consumers might want to purchase gold jewellery before that happens. Many marriages which were scheduled around April-May got postponed to November-December, and many will take place at the start of the coming year. So, the upcoming months will be good for the industry. Besides, we have had a good monsoon this year, which is expected to result in good business in Tier-2 and Tier-3 cities. Due to the prevailing conditions, marriages have become a small affair, so expenses generally incurred on allied activities of a wedding are likely to get diverted towards gold jewellery purchases. All in all, we can look forward to a good season.

Courtesy: Retail Jeweller India News Service