Rakshabandhan 2023: Jewellers mark the start of robust festive sales, identify new trends

Jewellery shopping picked up during Rakshabandhan, which until a few years ago was all about small-scale celebrations. It is also an indicator of the buying intent during the upcoming festival season

Rakshabandhan marks the start of the imminent festive season, with Diwali and Dussehra around the corner. Many brands have noted how consumers are opting for jewellery shopping during Rakshabandhan, which until a few years ago was all about small-scale celebrations. Also, silver took up a considerable share of the festival market this year, with silver Rakhis and lightweight silver jewellery leading the list of festive gifts.

Jewellers like Jinesh Jain, Director, Heera Jewellers Gadarwara from Gadarwara, Madhya Pradesh vouch for the enthusiasm they have seen among buyers, which is an indicator of their buying intent during the upcoming festival season, and a positive sign for the business.

While Heera Jewellers Gadarwara saw a rise of 10-20% in their rakhi and jewellery sales during this year’s Rakshabandhan, Mishil Choksi, Partner, Shah Jayantilal and Sons Jewellers of Surat also spoke about the increase of about 15-20% in his brand’s retail sales this year during the festival.

The sales for jewellers like PNG Sons have also been positive. Aditya Modak, Chief Financial Officer, PNG Sons and Director, Gargi by PNG Sons said, “This Rakshabandhan, we have achieved record-breaking sales in volume and in terms of value as well. The same goes for the sales of jewellery gifting.”

According to Jinesh Jain, “This year, people have been willing to spend more on their Rakshabandhan jewellery purchases than earlier. They seek quality and innovation in design. While lightweight gold Rakhis did really well, silver Rakhis were quite popular, especially good quality ones. Traditional Rakhis are still available and bought, but people want something more out of their festive purchases.”

Sunil Nayak, Chief Executive Officer, Reliance Jewels said lightweight and versatile pieces that can be worn daily are in demand as they emphasise practicality. “Silver metal designs have captured attention for both Rakhis and jewellery, adding a touch of uniqueness,” he added.

THE TRENDS THIS YEAR

Elaborating on this year’s trends, Mishil Choksi said, “The trends in this year’s Rakshabandhan celebration were quite varied. Women have been buying Rakhis for their sisters, especially in the silver category. There was also great demand for bracelets and chains in jewellery shopping during the festival.”

Another trend seen was that traditional Rakhis with fabric bands have been replaced by elaborate gold and silver designs on slim leather bands or fine metal bracelets, with the former becoming a popular choice among customers. According to Choksi, his jewellery brand has noticed how well Rakhis with fine leather bands fare das compared to the traditional fabric Rakhis.

Nayak also observed how personalized and meaningful gifts were an important part of this year’s Rakshabandhan celebrations.

Speaking on the trends noted in this year’s purchases, Modak said, “We have seen a mixed purchase of gift coupons and jewellery for gifting purposes. However, in the coming years, demand for gifting purpose will shift towards gift coupons as it is a simpler option to choose.”

Gifting of lightweight precious jewellery between siblings picked up this Rakshabandhan. Some brands also promoted the idea of gifting lightweight jewellery to family members other than siblings, making Rakshabandhan a more inclusive celebration for all. Be it fine gold or silver jewellery or even lightweight diamond jewellery, the marketing of precious jewellery as a gifting option for the festival was evident and social media became the primary platform for brands promoting their products.

Compared to last year, sales this year saw a steady rise, owing to the variety of innovative Rakhi designs. While classic fabric Rakhis are still the norm, jewellery retailers took to embellishing them with gold, diamonds and precious gems. Lab-grown diamonds, which are increasingly growing in popularity, were also not left behind. Some retailers stepped in with Rakhis made with lab-grown diamonds. Much like gold and silver Rakhis, that can later be used as pendants or be attached to a bracelet, lab-grown diamond Rakhis also were presented as multifunctional accessories that can be worn even after Rakshabandhan.

Written by Aparna Bhowmick

Retail Jeweller India Exclusive