‘Old’ is gold this wedding season

R Amin02 mins mins

‘ <h2>Old</h2> <p>’ is gold this wedding season” title=”.” decoding=”async” fetchpriority=”high”/></p></div> </div> </div> </section> </div></div> </div> <p>MUMBAI: With gold prices hitting through the roof, Indians are making more with less this big, fat wedding season.</p> <p>For one, many consumers are exchanging old gold, which somewhat helps ease the burden of steep prices of the yellow metal, synonymous with desi shaadis.<!-- --> “Many consumers are exchanging old gold to offset higher prices, while others are planning buys in stages to manage costs effectively,” said Joy Alukkas, chairman & managing director at Joyalukkas Group.</p> <p>The extent to which consumers can save up on costs through exchange programme depends on a host of factors such as purity, weight and the current value of their old gold.</p> <p>Many wedding shoppers are choosing to bring in their old pieces and exchange them for new, upgraded designs with enhanced purity, said Joita Sen, director, head of marketing and designs at Senco Gold & Diamonds, which is currently offering 100% value on old gold exchange.<span class=Investors are flocking to safe haven gold amid geopolitical tensions, taking its prices close to Rs 1.3 lakh mark/10 grams level in the local spot market earlier this week.

Tata’s Tanishq has seen a great response to its exchange initiative.

“We have been giving a sweetener saying no matter what karatage, we will not make any deductions,” said Ajoy Chawla, CEO, jewellery division at Titan.

Wedding spends in India stand at an estimated $130 billion annually and jewellery makes up for the largest share of the spends—at $35-$40 billion, a report by Jefferies last year had showed.“There is also a growing interest in designs that offer a heavier look through intricate craftsmanship and volumetric detailing but with lower grammage,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers.

In fact, many brides today are ditching traditional gold and diamond pieces for more contemporary designs; this trend is partly also driven by high prices.The second half of the wedding season in India begins in November and stretches through Feb.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related News