Gold breached the Rs 2,400-per gram last week but that hasn't fazed either the buyers or the jewellery trade. No jewellery buyer left the store empty handed and no jeweller had a worried brow. In fact, the cream of the business was celebrating the beauty and potential of the precious jewellery at the India International Jewellery Week (IIJW) and its corresponding India International Jewellery Show (IIJS), held in Mumbai.
Amidst the sizzling ramp walks that got 32 of India's best design houses to display their finest pieces and the jewellery trade event that saw over 30,000 visitors streaming in, the message was loud and clear – ideate to keep buyers interested.
The industry seems to have found a way to work around the soaring prices of precious metals and stones. Mr Rajiv Jain, Chairman of Gem & Jewellery Export Promotion Council (GJEPC) and the organiser of the jewellery extravaganza, said in an exclusive interview that the aim now is to promote India as a design destination and not just a jewellery manufacturing hub.
New design and creativity seems to be the answer for many prominent jewellers who look at it as a neat solution to counter the price rise.
Mr Sanjay Kothari, Vice-Chairman of the GJEPC, explains that every customer has a certain budget in mind when they go to buy jewellery.
Despite the rise in prices, the budget still remains the same; the way the jewellery is designed is what has changed to give buyers more for less.
More in terms of it being large and chunky, like many buyers like it, and less in terms of the weight of gold, to save money. The beauty just gets a little twist.
Some popular styles that have gained fans because of the increasing prices are lightweight jewellery like that is usually worn in the West, Italian designs, silver jewellery and open settings that uses less gold.
Mr Vinod Hayagriv, MD of C. Krishniah Chetty and Sons, says that his design house offers options such as Rate Protection Plan that allows consumers to get rate savings and designs that are tailored to save weight, retaining durability and wearability.
Though there are still many takers for traditional heavy jewellery, and the event saw many Indian brands showcase some large glittering gold and diamond pieces, one also noticed the trend of using rubies, emeralds and other semi-precious stones as replacements to add to the glitter.
While the trade show saw jewellers from all over the world, the event was a fashion extravaganza with prominent jewellers from India like Tanishq, C. Krishniah Chetty and Sons, Anmol Jewellers, Amrapali, Gitanjali Group and others.
The jewellery industry witnessed a growth of 42 per cent last year and has already raked in 16 per cent in this year's first quarter.
The industry seems to have found the fashionable, social and creative way of retaining the shine despite the price rise.