Rath Yatra 2024: Gold jewellery sees demand uptick as buyers aim for wedding-related purchases 

Silver coins, offers on making charge, and attractive propositions on hallmarked gold jewellery combines to create a level-playing field for buyers on this auspicious occasion across east Indian states  

Mumbai: During the auspicious Rath Yatra celebrations, a tradition deeply embedded in cultural practices, gold jewellery continued to reign as the metal of choice. This was prominently observed during the recent festivities, reaffirming the enduring allure of gold amidst such significant occasions. 

The Rath Yatra, also known as the Chariot Festival, spans approximately a week, dedicated to the celebration of Lord Jagannath’s journey. It is a time when communities come together to partake in rituals and revelry, symbolizing spiritual devotion and cultural unity. Especially in Puri, Odisha, where the festival originated, the jewellery brands have also mentioned how the auspiciousness of the festival has led them to put out promotions on their jewellery.  

“Be it gold, silver or diamond jewellery, we have a flat 25% off on the making charges of all the jewellery. The 25% is also because in a couple of months, the brand will start its 25th year in the business. Most of the inquiries are coming in for gold jewellery,” said Achyutananda Meher, MD, Arundhati Jewellers. 

Within the jewellery sector, retail brands notably witnessed heightened demand for gold and diamond ornaments throughout the Rath Yatra week. This trend underscores the cultural significance attached to gold, symbolizing prosperity, and auspiciousness during festive times.

Among the prominent names, Anjali Jewellers noted robust sales not only in gold and diamond jewellery, but also in silver and costume jewellery, reflecting a diverse range of preferences among celebrants. This diversity highlights the inclusive nature of jewellery choices during such festive occasions, catering to varying tastes and traditions.  

“Lord Jagannath pendants are a major draw for customers as West Bengal has a huge base of devotees. ⁠Across product categories, gold and diamond jewellery have received a good response, owing to offers and the customer experience,” said Annargha Uuttiya Chowdhuury, Director, Anjali Jewellers Private Limited. 

In essence, the Rath Yatra festivities serve as a poignant reminder of the enduring appeal of gold jewellery, intertwined with cultural heritage and cherished traditions, resonating deeply with celebrants and observers alike.

During the festival, many customers also leveraged the offers on jewellery to make purchases on bridal jewellery as well as lightweight jewellery.

Guwahati-based Manik Chand & Sons Jewellers floated offers such as a 25% off on making charges of gold ornaments and flat 5% off for platinum and diamond ornaments, also enabling clients to avail themselves of an additional 4-5% discount. 

“We are also offering free silver coins to our loyal customers for Rath Yatra. In terms of inquiries, we generally get 80 calls per day but during Rath Yatra, it was close to 100-120 daily,” said Mahatwa Soni, Director, Manik Chand & Sons Jewellers. He also pointed out that during the two days of the festival’s week, the brand saw nearly a 20% increase in sales over the other days.  

While bridal jewellery was widely purchased, the brand also reported an increase in the demand of their 18kt baby jewellery. The Silchar store of Manik Chand & Sons Jewellers also offered promotions to the customer base of Lord Jagannath’s devotees in the region, reaching out to them on WhatsApp. 

Even though the chariot festival has not always been traditionally associated with jewellery purchase, the industry’s initiative to add offers and promotions on their products have helped the sales. One of the main purposes for the promotions was to boost sales during the monsoon season, when jewellery purchase is somewhat muted.

Brands such as Parbati Jewellers of Kolkata came up with exclusive offers during the week, offering 50% off on the making charges on diamond jewellery. “Apart from that, we also offered 30% off on the making charges of gold jewellery and silver. Customers making purchases worth Rs 50000 and above can get gifts from the brand. There was zero deduction on the exchange of old hallmarked gold,” said Shubham Gupta, Partner, Parbati Jewellers.

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For Shyam Sundar Co Jewellers of Agartala, the festival coincides with the timing of the brand’s anniversary, which the jeweller celebrates with a combination of offers. Along with the blessings of Lord Jagannath through “prasad” for every customer, the brand is also offering promotions such as Rs 375 off on every gram of gold jewellery, 100% discount on making charges of diamond jewellery, 15% discount on the maximum retail price of astral gems.

Gauging the sentiment of jewellery consumers and their purchasing patterns, jewellers are also relying on running the offers for an extended period for optimal benefit 

Written by Aparna Bhowmick

Retail Jeweller India Exclusive