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                       High gold prices force jewellers to innovate

You might have to do a bit of a rethink if you thought all that glittered was gold. In fact, it could be a fusion with steel, tungsten or titanium. With gold prices now scaling new highs and affecting the demand for jewellery, manufacturers are devising new ways to propel demand and attract customers.

Today, light weight jewellery seems to be in vogue and new designs that fuse gold and diamond with other metals like steel, tungsten, titanium form the new offering. Jewellers are also making use of coloured stones to make affordable pieces of jewellery pieces in an attempt to revive demand.

The price of gold is up by over 20% at Rs 15,000 per 10 gm levels compared to last years’ average price of Rs 12,147. Demand for gold has taken a hit in India, a market that is considered price-sensitive. According to estimates from the World Gold Council, demand for the first quarter of the current year fell 83% to 17.7 tonnes compared to the corresponding period last year.

Vinod Hayagriv, chairman, All India Gems & Jewellery Trade Federation says there is fluctuation in gold purchases apart from a drop in the quantum of gold being purchased. “I have seen few companies who are moving towards offering the option of diamond jewellery studded in metals like steel, titanium, tungsten,” he said. He is quick to add that these metals cannot be used as a replacement for gold but are instead added in the jewellery portfolio of companies.

Mr Hayagriv’s jewellery outlets, C Krishniah Chetty & Sons has been offering diamond jewellery studded in high end steel with one to 40 pieces of diamonds. “They are in the price range of Rs 3,500-15,000 and are always a part of diamond portfolio,” Mr Hayagriv adds.

Mumbai based KT Group, the promoters of prominent gold chain brand ‘Chain N Chains’, Timond luxury watches and Raa diamond Jewellery will soon launch their fusion jewellery brand , ‘Arma’. KT Group chief operating officer Tejas Soni said the company has used 316L (low carbide) high end steel. “The use of imported steel from Taiwan with gold and diamond brings down the cost. This range is sold in the Rs 1,000-5,000 price range,” he said. Arma Jewellery will carry a 18 carat gold and 3-4 pieces of diamond and steel. The hallmark jewellery comes with a buy-back guarantee at 50% of its value and will be made available in 500 retail outlets in two years.

Most jewellers, like those in Mumbai’s Zaveri Bazaar have increased their inventories for light weight jewellery and jewellery that uses coloured stones. Coloured stones, they say, reduce the content of gold and brings down the costs.

Deepak Tulsiani from Dwarkadas Chandumal Jewellers says that even the concept of hollow casting is gaining ground as it makes jewellery look heavy while it is actually hollow from inside and is less expensive.