#KarvaChauth2023: Market gives a healthy fillip to pre-Diwali sales across price points

Jewellery brands excite buyers with collections specifically launched for Karva Chauth. The occasion has led to 50% higher business than normal on a single day, says Senco Gold & Diamonds

Karva Chauth arrives along with other significant points on the retail jeweller’s calendar, such as Dussehra, Diwali and the wedding season, all great for blockbuster jewellery sales. Traditionally meant for wives to fast for their husbands’ well-being, younger couples have given a twist to this age-old custom by equal participation of both spouses, and this has also led to notable changes and intriguing market trends, as observed during Karva Chauth 2023.

While gold remained a perennial favourite due to its symbolism of luck and purity, retailers observed a departure from the norm this year. Dishi Somani, Founder, DishiS Designer Jewellery, said that the substantial price decline of diamonds by 35% led to a resurgence of investment in diamond jewellery during the festive season. This purchase pattern was reaffirmed by Paarth Khanna, Designer, DRK Jewels, who also added that customers preferred to step out in person, browse and physically try on jewellery, leading to stores experiencing increased footfalls.

Setting the stage for Diwali buzz

Senco Gold & Diamonds has noted a considerable increase in sales of gold and diamond jewellery, especially lightweight diamond jewellery. “Demand poured in from all of India and the sales went up by 25% compared with last year’s Karva Chauth. Sales on Karva Chauth were greater by 50% compared to a normal day,” says Suvankar Sen, MD & CEO, Senco Gold & Diamonds.

MP Ahammed, Chairman, Malabar Gold & Diamonds, says that business during Karva Chauth builds up for mega occasions such as Diwali and Dhanteras. “The market sentiment is strong this year and as women purchase jewellery on the occasion of Karva Chauth primarily for adornment, we have witnessed stronger demand for lightweight jewellery ranges in gold, diamond and precious stones,” he elaborates.

Round-up of market sentiment

The core customer demographic for Karva Chauth is the 25-45 age group across regions, with several new-age brides coming in to make high-value purchases. “While the demand is highest in India, Indian communities abroad also participate, contributing to global jewellery sales during this festive period,” Khanna says.

According to Priyesh Nagar, Partner, Jewellers Madanlal Chhaganlal (JMC), statement jewellery pieces were also in style during Karva Chauth. “Our customers are certain about what festive attire they would be wearing and what jewellery pieces they are looking for. They often ask for stand-alone pieces like chokers or studs that will accentuate their outfits and also stand out,” Nagar says.

PC Jewellers of New Delhi came up with new bracelet designs under its Jeiya Collection of customisable mangalsutra bracelets for Karva Chauth in 14KT or 18KT gold and diamonds.

Customers gravitated towards mid-range, specific price points on the whole, with some exceptions towards luxury purchases. A large fraction of DishiS’ customers bought mangalsutras priced between Rs 10,000 to Rs 25,000. An additional 10% of their sales were in the luxury segment, exceeding the Rs 50,000 price point. Meanwhile, JMC witnessed sales of jewellery priced between Rs 2.5 lakh and Rs 5 lakh and had an average percentage sales hike of 20%-30% on Karva Chauth.

Despite being a one-day occasion, Nagar emphasizes that jewellery bought on Karva Chauth is adapted and re-fashioned in versatile ways for the rest of the festive season and other occasions in the year.

Karva Chauth with customers

DP Abushan Jewellers of Ratlam organized a Karva Chauth-themed quiz, as well as ramp walks by customers, which saw participants winning silver coins as prizes. JMC Jewellers hosted a ‘Karva Chauth soiree’, wherein Indore’s new brides were invited to participate in collective puja and aarti under the full moon. Nagar describes how the two-day event, which saw over 350 participants, succeeded in indirectly amplifying curiosity about the brand. “We did not showcase any jewellery during the event, nor did we prompt customers to visit our showrooms. But we observed an excellent fallout, and received several enquiries and a piqued interest for Diwali purchases post-event,” he says.

Written by Harshita Kale

Retail Jeweller India Exclusive