Delhi Delhi. Industry executives said rising gold prices are leading many Indian families to opt for lighter and lower carat jewelery to stay within their budget. Mumbai-based Shubhangi More, choosing a traditional design necklace for her daughter's wedding, said, “I wanted to gift my daughter 80 grams of gold, but due to the rise in prices in the last two years, I had to reduce it to 50 grams.” ” Gold prices in the country, the world's second largest buyer of the precious metal, have increased by 22 percent so far this year, while they will increase by 15 percent in 2023.
Bachraj Bamalwa, partner at jewelery retailer Nemichand Bamalwa & Sons, said most Indian buyers prefer traditional jewellery, but now they want lightweight designs to fit their budget. “With this preference in mind, we are stocking more lightweight jewelery sets while reducing our inventory of heavier designs,” Bamalwa said. Sachin Jain, CEO of Indian operations of the World Gold Council, said advancements in manufacturing technology have enabled jewelers to produce traditional designs in lighter weights.
Jewelers said buyers are turning to lower carat jewelery to reduce costs. Guddi Devi, a teacher from Jamalpur in the northern state of Bihar, bought 18-carat jewelery instead of 22-carat for her daughter's wedding. She said, “I like 18-carat jewelery because it is cheaper than 22-carat and is also much stronger.”Indians traditionally wear 22-carat jewellery. Prefer jewelery made of karat gold, which contains 91.7 percent pure gold, while 18 karat gold contains 75 percent pure gold and 25 percent other metals. The price of 18 carat gold is about one fifth less than that of 22 carat gold.
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