With the ongoing wedding season at its peak, jewellery retailers have been witnessing strong demand, momentum and footfalls across their showrooms in India. And they are consistently focusing on capitalising on this demand.
“We have expanded our market presence and customer share at a Pan-India level, garnering 35 per cent revenue growth in the first half of Q3 FY24. This wedding season demand is expected to persist until February 2024.,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.
Malabar Gold & Diamonds is enhancing its commitment to customer engagement through exclusive promotional offers and loyalty programs.
“These initiatives, featuring special previews, discounts, and priority services, are designed to foster deeper connections with our esteemed customers, elevating their overall experience with our brand,” said MP Ahammed, Chairman, Malabar Group.
Additionally, some players like Kama Jewelry are leveraging digital marketing and ecommerce platforms as it will play a significant role in reaching a broader audience.
Amidst the mega wedding season in India, there is a sustained and notable demand for heavyweight, studded and traditional bridal jewellery pieces, Kalyanaraman said.
There also has been a growing popularity observed in platinum jewellery pieces, indicating a shift in consumer preferences towards this particular metal, he said.
With this Kalyan Jewellers has been witnessing renewed interest from millennial and Gen-Z consumers toward jewellery buying.
Malabar Gold & Diamonds and Kama Jewelry also observed a significant demand for sustainability in the sector.
Today the brides are seeking customisation which allows them to create unique pieces that reflect their individual style and love story with designs that seamlessly blend timeless elegance with modern aesthetics, they said.
In response to economic factors like inflation, Kama Jewelry focuses on offering a range of products that cater to various budget constraints without compromising on quality.
According to a recent report of the Confederation of All India Traders (CAIT), almost 38 lakh weddings are expected to occur, generating business worth Rs 4.74 lakh crore.
