Diwali will be diverse in terms of high-ticket sales across categories: Ratnalaya Jewellers

Serving Patna for three generations, the jewellery brand has managed to match the evolving expectations of young customers, who aspire for design excellence instead of sticking to just gold, diamonds and silver

Patna: Bihar has had a markedly traditional outlook towards jewellery. Until recently, gold jewellery was earmarked for wedding ceremonies, but that is changing with recent gold price fluctuations. Patna-based Ratnalaya Jewellers believes that consumer preferences will not veer towards gold only this Diwali, as several other alternatives have emerged in design aesthetics and fashion choices for the State’s jewellery lovers.

Saket Keshri, Director, Ratnalaya Jewellers, feels that silver holds an equally relevant position for many consumers, who either cannot purchase gold or prefer the white metal. “With Diwali coming up, we are seeing healthy sales for gold and silver too, since the latter is also an integral part of our culture, be it in the form of anklets, toe-rings or other ornaments. Hence, considering the current state of gold prices, people are also opting for silver,” he says.

Bridal jewellery makes up for almost 60-65% of the brand’s sales, considering that every member of the bridal party usually wants to own a piece of jewellery. On this front, the power of decision-making has tilted in favour of the youth very strongly, which is why having the right stocks will be a make-or-break factor for festive-season business, says Keshri.

However, there are new challenges that the brand faces in understanding the new generation and finding innovative ways to attract them. “For Generation Z, jewellery is not an investment but a style statement. They have different aspirations and want to enjoy their money and their jewellery, instead of keeping all of it for the future as an investment. Therefore, they are more inclined towards better and newer designs, rather than limiting their choice to gold, diamonds and silver,” he explains.

When it comes to buying jewellery, e-commerce is going stronger than ever with a lot of buyers purchasing gold online. “People are also more aware of their purchases and carry out online research before visiting the jewellery store or buying online,” Keshri states.

Written by Aparna Bhowmick

Retail Jeweller India Exclusive