Gold has always been a study in contradictions. It is an heirloom and an investment, a symbol of love and a hedge against uncertainty, something to be worn today and held for tomorrow. But as volatile prices keep consumers on their toes, the way India buys jewellery is beginning to change.
Due to the high gold prices and volatility arising out of the West Asia conflict, the demand for gold in India fell by 6 per cent YoY in the April-June quarter, according to data released by the World Gold Council.
In such a case, the challenge for brands is not just to make gold desirable, but to make the purchase feel sensible, secure and worth it.
Indrajeet Mookherjee, President – Integrated Client Management, South, dentsu, backs the observation, saying, “Gold has always been an emotional purchase in India, but today it is also a considered financial decision. As prices rise, consumers are asking questions like ‘is this the right time to buy’ and ‘am I buying from the right brand’.”
Shaifali Gautam, Chief Marketing Officer, CaratLane — A TATA Product, believes gold price volatility has changed the context in which consumers think about jewellery, but not the reason they buy it. “Jewellery remains deeply emotional for the Indian consumer—it marks milestones, relationships and personal achievements. What has shifted is the conversation around value. Consumers today are more conscious about what they buy, how often they buy and how versatile it is. Our marketing increasingly helps consumers see jewellery not just as a gold investment, but as something that delivers emotional and personal value.”
“The opportunity for a brand like ours is to make jewellery feel less like a commodity whose value is defined by the daily gold rate, and more like a personal asset whose value grows with the memories and moments attached to it,” she adds.
The changing face of jewellery marketing
These developments are prompting jewellery marketers to rethink the language of value. Exchange programmes, buybacks and other consumer propositions are giving shoppers greater reassurance about what happens after the purchase, while creative storytelling is helping brands reconnect gold with its emotional and cultural meaning.
Independent consumer consultant Akshay D’Souza believes that there are some key changes occurring in this space. “Brands are lowering the hurdle to purchase, and positioning jewellery as fast fashion. From just focusing on 24k and 22k ornaments, we now see active promotions of jewellery design in lower 18 and 14 karats. This is not just introducing lower entry price points but also introducing gold in everyday fashion.”
Mookheejee agrees, adding, “We are seeing a clear shift towards everyday jewellery. Instead of asking consumers to wait for a big occasion, brands are creating reasons to wear and buy more frequently through lightweight, contemporary collections.”
Parag Shah, CEO, KISNA Diamond and Gold Jewellery further enumerates this shift in consumer behaviour. “At KISNA, we have closely witnessed a growing preference for lightweight, wearable pieces that retain the emotional and aspirational value of jewellery while keeping the overall purchase within a comfortable budget. A significant number of our customers are choosing jewellery in the ₹60,000 to ₹80,000 range, which allows them to buy more regularly and with greater intent while reducing anxiety around short-term price movements.”
This shift in purchase behaviour is also influencing what brands choose to say—and, increasingly, what they choose to emphasise in their campaigns. As consumers become more deliberate about the size, price and utility of their jewellery purchases, marketing is having to respond to a broader set of considerations beyond occasion and aspiration.
Traditionally, gold jewellery campaigns focused on weddings, festivals and craftsmanship. However, now, Mukherjee says, “Brands also have to build trust and confidence by talking about transparent pricing, certified purity, exchange value and long-term trust. Consumers are looking for reassurance as much as aspiration.”
Marketing beyond the campaign
As trust becomes a bigger part of the purchase decision, the marketing proposition is increasingly extending beyond the campaign. Schemes and programmes that were once viewed primarily as sales or retention tools are now becoming important consumer-facing propositions, giving brands another way to communicate value and reduce the hesitation that comes with buying gold at elevated prices.
This is particularly evident in the growing effort to make jewellery feel more financially accessible. By allowing consumers to plan, stagger or commit to a purchase over time, brands are shifting the conversation from the immediate price of gold to the longer-term value of owning it.
“Positioning jewellery as an investment as well as a steady savings instrument through EMI schemes is emerging as a key marketing strategy to drive consumption growth. This ensures that consumers invest money, which leads to assured jewellery consumption and drives growth for the retailer,” D’Souza says.
Additionally, schemes like exchange programmes and buybacks are increasingly becoming commonplace, not as a sales tool, but as a marketing proposition. Mookherjee elaborates, “Earlier, exchange and buyback were discussed inside the store. Today, they are featured in TV commercials and digital campaigns, reducing the apprehension of making a high-value purchase.”
Essentially, through advertising, brands are answering some of the most common questions a gold jewellery consumer is asking today—can I exchange it later, will I get fair value, can I upgrade when my needs change, among others.
All this is to instil more confidence in the consumer. Shah elaborates, “For customers to look beyond the immediate price of gold, they must also feel confident about the long-term value of what they are buying. KISNA supports this through 100% IGI-certified diamonds, BIS-hallmarked gold and transparent pricing, along with a 90% buyback policy and 95% exchange value on diamond jewellery, including making charges. These assurances provide clarity at the time of purchase and flexibility in the future.”
Gautam further highlights, “We offer old gold exchange, CaratLane Exchange, with lifetime exchange on our designs, online refunds within 15 days, and our Treasure Chest savings scheme. Together, these services fundamentally reduce the perceived risk of a jewellery purchase.”
Overall, the category is entering a phase where marketing will have to work harder—and smarter—to convert intent into consumption. Emotional relevance will remain central, but it will increasingly need to be supported by propositions that address affordability, trust and long-term value. In a market as deeply rooted in tradition as jewellery, the next phase of growth may ultimately belong to brands that know how to modernise the purchase without diluting what makes it meaningful.
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