Volatile Gold Dampens Jewellery Demand. But outlook remains positive

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1 Talwarsons Volatile Gold Dampens Jewellery Demand But outlook remains positive Due to the surge in gold prices that followed the Greek economic crisis and the fears about the entire Eurozone that accompanied it, the Indian jewellery industry experienced lacklustre demand for the April-May wedding season. But while there may be some hesitation in buying jewellery now, with consumers preferring bullion purchases for investment instead, the overall outlook for the rest of the year remains positive, reports Erum Ali Qureshi. 34

2 During the first quarter of 2010 gold jewellery demand across non- Western markets rose 43 per cent, while in India, gold demand for jewellery fabrication jumped 291 per cent to tons T he marriage season is the bread and butter of the jewellery industry. No matter what their sales over the rest of the year (including the Diwali season, which is the country s largest jewellery sales driver), the auspicious periods for marriages, that occur over the summer months and the post-diwali period are what jewellery manufacturers and retailers look forward to for closing both high value and large volume deals. The season that kicked off in April had mixed reports from the jewellery industry, as many reported that it did not bring about the expected impetus, largely due to surging gold prices. The rise of gold prices over the year has been both a blessing and a bane for the trade. As gold prices continue to rise, buying the yellow metal becomes more of an investment idea even as the yellow metal becomes less attractive as a jewellery fabrication material. On the other hand, whenever there is a downward correction of gold prices, consumer confidence is undermined and jewellery sales can taper off as buyers decide to wait and see just how low prices can get. Despite the lacklustre performance of this marriage season, however, the jewellery industry is still upbeat, with many retailers reporting good sales despite the high gold prices. During the first quarter of 2010 gold jewellery demand across non-western markets rose 43 per cent, while in India, gold demand for jewellery fabrication jumped 291 per cent to tons. Net retail investment demand, which encompasses retail bar and coin demand, rose 26 per cent to tons. This April-May marriage season has seen us comfortably achieving our sales targets, enthuses Anil Talwar, owner of Chandigarh-based Talwarsons. An opinion echoed by Mumbai-based Anmol s Ishu Datwani. But many others said that though bridal demand did drive sales, they didn t reach expected levels, mainly due to the volatile price of gold. Said Baljit Nagi of Amritsar-based Nagi Jewellers, There was indeed, demand for diamond and kundan jewellery during the marriage season, but it did not realize its full potential due to fluctuating gold prices. What people want Consumers visiting jewellery retail shops today want the best of both worlds. Today s jewellery consumers are very analytical about price and quality. They have an immense market and unlimited options to choose from, says Kamlesh Hemdev of Ghanasingh and Sons. Typical bridal customers will window shop and short-list several items before comparing them and zeroing in on their final choice, he adds. Hemdev affirms what most retailers state, that design still continues to reign supreme on the desirability list. The first consideration for customers is design followed by price. For some, the discount offered and certain other factors like certification are secondary concerns that matter while taking the final buying decision, he notes. For bridal customers, kundan, polki and jadau jewellery seemed to be the all-round favourites followed by Solitaire INTERNATIONAL June

3 Suraj Bhan Jewellers With investment as a big sales driver, men too are emerging as serious buyers of gold biscuits and bars with the surge in gold prices diamond-studded sets. And because of the high price of gold, plain gold jewellery ranked low in consumer preferences across the country, indicating that even the legendary Indian predilection for high intrinsic value seems to have been rethought. Hemdev explains, What has happened is that if a consumer is prepared to spend Rs. 200,000, she feels that she might as well buy a diamond-studded set that has a considerably higher perceived value. South India however, bucked this trend and consumers in Tamil Nadu and Kerala continued to patronize traditional plain gold jewellery against all odds. Well-made plain gold jewellery is what consumers prefer here in Chennai, remarks Ashwni Raj Vummidi of Vummidi Bangaru Chetty & Sons, Chennai. Changing mindsets There are now marked differences in preferences and thus the buying behaviour of bridal consumers across the country. Traditionally, buying the trousseau used to be a women-only affair, with the senior women in the family making the selection and taking the final buying decision. This however 36 has changed and in an increasing number of cases the younger women, including the bride herself, are making the buying decision with the help of a friend or intended spouse. The practice of elders visiting the store and selecting jewellery has dwindled down to just 10- to 15 per cent of previous numbers, observes Nagi, adding, the focus has shifted from the intrinsic value of the jewellery to its perceived value. Now looks and design are what matter most, he concludes. Notes Jaipur-based designer Rashmi Gupta, Today s women are very sure of what they want and are increasingly proactive in choosing their bridal accessories for themselves. And with investment as a big sales driver, men too are emerging as serious buyers of gold biscuits and bars with the surge in gold prices. Datwani observes, We have seen a lot of men come in to buy gold for investment purposes. Having said that I would also like to add that it is not just men but the earning member of a family that is more often than not the buyer of gold biscuits and bars. South India, except Hyderabad once again remains true to its traditionalist reputation and here the decision

4 Across the country, diamond- and colouredstone-studded jewellery is clearly being preferred to plain gold jewellery except in the south rests entirely with the elderly female members of the family. Interestingly top retailers in Mumbai say that despite the metro s seemingly non-conformist character, here too trousseau selection remains the responsibility of the senior women in the family. Demand dynamics Even though the bridal season fell below par for many jewellers, there seem to be some categories of jewellery that continued to have a steady demand. Lightweight jewellery like tanmaniyas, hollow jewellery and contemporary Italian jewellery are some items that resisted the price issues and emerged winners. Even though the latter has lower gold content and higher fabrication charges, Italian jewellery continues to be particularly sought after especially with the working women population in metros. Hollow bracelets and chain weighing between 5-3 grams are in demand, informs Neeraj Kumar of Suraj Bhan Jewellers, Hyderabad. Even in bridal sets, the preferred choices were in the lighter range 100 to 150 gram necklace and earring sets rather than the elaborate gram pieces that were all the rage a few years ago, confirms Nagi. The demand is for lighter pieces that have a bulky look. Larger pieces set with gemstones that are actually quite light are the flavour of the season, says Kumar. Across the country, diamond- and coloured-stone-studded jewellery is clearly being preferred to plain gold jewellery except in the south. Price and resale value have taken a backseat to design and aesthetic value. Design has emerged as the focal point of jewellery selection, beating the previous primary consideration price. Gemstones are increasingly being used in both bridal and daily wear jewellery. This has more to do with their aesthetic value rather than the intention of keeping the cost down, explains Datwani. Consumers are not afraid to experiment and new concepts like multi-coloured gold and detachable, versatile jewellery is in demand like never before. Vummidi notes, An item that has seen good demand in Chennai, surpassing even diamond-studded jewellery, is Swarovski crystal studded jewellery. Even though the consumer s budget has reduced considerably there hasn t been any significant movement toward materials other than gold and gemstones. For most consumers having the real thing is more important than anything else. So even though the quantity they may buy has reduced, most consumers would not go for options like silver jewellery even the gold-plated variety when it comes to important buying requirements, like for trousseaus. Platinum continues to sell well, but rings and wedding bands continue to be the dominant buying preference. Retailers say they haven t observed any significant purchases of platinum necklace-earring sets for marriages. The southern markets barring Hyderabad, however, are an exception to this and have a healthy market for men s platinum jewellery. Kumar explains, Islam prohibits men from wearing gold. So almost 70 per cent of our clientele is Muslim men, the remaining 30 per cent is made up of the young non-resident Indian (NRI) crowd. Future plans The Indian jewellery industry expects the growth in demand from the domestic market as well as China to continue for the rest of the year, coupled with growing investment demand for gold from both Europe and Solitaire INTERNATIONAL June

5 Ghanasingh and Sons When prices fluctuate, consumers lapse into uncertainty or delay their buying decisions 38 the United States. The high volatility in the price of gold is expected to play a significant role in determining consumer behaviour in India. Stability is the most important driver of sales in such times, says Khandelwal. When prices fluctuate, consumers lapse into uncertainty or delay their buying decisions, he explains. Once the price reaches Rs.20,000, we might see a slight resistance in jewellery buying. But once people realize that the price is only going to go up from here on, they will overcome this resistance, he adds. The outlook for the year is not very optimistic for the markets in the south. A large part of our consumer base comprises NRI s and salaried people employed in the Middle East and America. Due to certain economic situations, these people are not getting their salaries on time and this is expected to affect sales, cautions Princeson Jose of Prince Jewellery, Chennai. The slump in the real estate market and the recent Telangana issue are also factors that may have an adverse effect on consumer buying patterns, points out Kumar. Overall, however, Indian retailers from other parts of the country have high expectations for the rest of the year, including the all important Diwali season. A majority of retailers have planned new lines and collections for Diwali that are still in the works. However, most of them also plan on stocking lightweight, affordable jewellery for the remainder of the year. Across the country (except the South) the consensus is to keep away from plain gold jewellery and concentrate on diamond- and gemstone- studded jewellery. Jose states, Since prices are very high, it is going to be lightweight plain gold jewellery. Also people in the south are more value conscious and investment still remains a major reason behind buying gold. Some like Mumbai-based Kumar Jain of U.T. Zaveri and Sons say that they would prefer to wait for the gold prices to stabilize before taking a call on merchandise for Diwali. Thus while the April-May wedding season didn t bring the expected boost, the Indian jewellery industry thinks the overall outlook for the year is positive, despite high and volatile gold prices. The Diwali season and the auspicious marriage season that immediately follows it, will tell.

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