Jewellery brands shift marketing gears for Dhanteras and Diwali as gold hits record prices

According to Crisil Ratings, jewellery retailers are expected to see annual revenue growth of 22-25%, marking a robust festive season for the sector. On the occasion of Dhanteras and Diwali, the jewellery industry is brimming with optimism and brands are aligning their festive plans to cater to both traditional buyers and modern consumers. However, the global and domestic gold prices have hit record highs with spot gold trading at $2,754.25 per ounce a few days ago. 

“With the gold price increasing rapidly, the consumer sentiment has shifted towards lightweight jewellery—festive buyers continue to favour lightweight and versatile diamond jewellery, making it a staple choice,” states Atul Sinha, COO, CaratLane. 

With this shift in consumer demand, brands are focusing on pieces that blend tradition with everyday wearability, offering flexibility for both festive and regular occasions. Brands are harnessing festive marketing strategies that reflect their brand values and connect with consumers in meaningful ways as per changing demands, particularly because the All India Gem and Jewellery Domestic Council (GJC) has projected a 30% increase in retail jewellery sales.

The focus on modern values in storytelling 

CaratLane has introduced its Everyday 22KT Gold collection, designed to provide a modern twist on traditional gold jewellery. Sinha’s expectations for the collection are optimistic. The new collection, part of CaratLane’s #KhulKeKaroExpress campaign, encourages women to express their individuality through jewellery choices that seamlessly fit into their daily lives.

Storytelling has taken an uplifting and empowering approach this festive season, with brands like Mia by Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers and more focusing on the women of today and what jewellery means to them. Mia by Tanishq takes the audience back to the glitz of the Disco era, where the timeless appeal of actor Zeenat Aman blends retro charm with modern elegance. In the ad, Aman is seen grooving to her classic track ‘Aap Jaisa Koi’, which celebrates bold self-expression and vibrant style. 

While gold prices are increasing, Indians traditionally tend to invest in it, and digital gold has seen an uptick. Amazon India reported an 84% year-on-year increase in hallmarked gold jewellery sales during the initial days of the Amazon Great Indian Festival, hinting at a significant rise in demand.

To encourage the women of today to invest in gold, Everlite by Senco released its latest campaign, ‘Glow Karo, Grow Karo,’ featuring actress Sauraseni Maitra. The actress brings to life the character of Dhani Gyaani, a modern, financially savvy woman with a flair for fashion. Dhani nudges viewers to reconsider their hesitation to grow and glow through smart investment, highlighting digital gold as a tool for financial independence.

Tanishq’s ad ‘Embrace the Nav-raani in you’ also gives the message of modern-day queens, celebrating women in their entire essence. Talking about the brief shared for the festive season, Vasudha Misra, President (Creative), Lowe Lintas notes that the brief received was to balance the inspiration behind the festive collection and the women of today. 

Misra explains, “Since the collection was inspired by jewels of the yesteryear queens, we drew parallel with today’s modern-day queens to create a sense of relatability.  The queens who don’t spend all day acting like queens. Being waited upon hand and foot. Dressed in their silks. Draped in jewellery. Because they have things to do, their kingdoms of homes and offices to take care of and give attention to.”

The campaign taps into the idea of self-expression and elegance, appealing to women who see Diwali as an opportunity to embrace their inner royalty.

One of the key trends in jewellery purchases is that it is not just limited to women, it's a symbol of style and personal expression for men as well, with brands like Men of Platinum focusing on the shift. Last year, men's jewellery, including chains and rings, saw a 15% growth. Additionally, Platinum has seen to have performed well, with 15-20% growth. This year, Platinum Guild International (PGI) has tapped into this evolution by launching a new M.S. Dhoni Signature Edition collection under its Men of Platinum brand, timed for Diwali. 

According to Vaishali Banerjee, Managing Director – India, PGI, “Unlike the past, where jewellery was primarily stored as an asset, today it plays a more integral role in daily wardrobe choices. Platinum, known for its rarity and value, carries both physical and emotional significance for consumers. We find that consumers are deeply invested in the metal's intrinsic value and its versatility. At Platinum Guild International, our primary focus is on cultivating a profound understanding of platinum and its inherent attributes among younger consumers."

Regional targeting

Jewellery brands are increasingly tailoring their strategies to resonate with consumers in various regions. PGI has expanded its reach beyond metros. “Our consumer today sits out of metros and Tier I cities, as well as Tier II cities and even in smaller Tier III towns. Our retail distribution maps this, and is 60% in metros/Tier I cities, 30% in Tier II cities and 10% in Tier III cities,” notes Banerjee. 

Indriya, Aditya Birla Group’s latest foray into fine jewellery, is focusing its festive campaigns in cities where it recently launched stores, including Delhi, Mumbai, Pune, Jaipur, and Indore. 

Shantiswarup Panda, Head of Marketing, Indriya (Part of Aditya Birla group) explains, “Given that the festive season in India spans over a month with numerous auspicious days, Indriya is connecting with customers through relevant customised messaging appealing to various socio-cultural contexts throughout the campaign. Our plans will primarily target areas where our stores are located while also reaching out to prospective customers visiting these cities.”

With ambitious expansion plans, including opening 20–25 stores by the end of the fiscal year, Indriya is strategically increasing brand recall in key regions while simultaneously establishing a presence in Tier I and Tier II markets.

CaratLane is also witnessing strong demand from metro cities and Tier II regions, where consumers are embracing lightweight diamond and gold jewellery as daily wear. Sinha expects a strong surge in key regions with high affinity towards festive purchases and the subsequent wedding season.

Adopting a 360-degree approach

To maximise visibility and reach, jewellery brands are embracing a multi-channel marketing strategy that spans digital, print, out-of-home (OOH), and experiential touchpoints. CaratLane, for instance, has adopted a 360-degree marketing approach.

Sinha comments, “We have a 360° approach to marketing, touching the customer across various media channels such as social media, online, print, hoarding, and several local BTL activities. Our focus remains on providing beautiful modern jewellery at affordable prices, exceptional customer service and a great shopping experience at the store. We now have over 300 in 128+ cities with our vision to be accessible to all jewellery enthusiasts.”

To further incentivise festive shopping, the brand is offering zero making charges on diamond designs and 25% off on gold-making charges. 

Additionally, the brand is focusing on personalisation to connect with consumers. Its 'Postcards' initiative allowed customers to record personalised video messages on rings, which can be viewed by scanning the ring, creating a connection between the giver and the recipient.

The campaign generated 945 million impressions. Additionally, its recently launched Message Bands feature secret engraved messages inside openable ring designs. 

Indriya is also implementing a comprehensive multimedia plan targeting customers across all retail locations. Panda elaborates, “We have a balanced mix of traditional as well as digital media to build brand awareness and brand recall. Our plans will primarily target areas where our stores are located while also reaching out to prospective customers visiting these cities. Our primary media choices will include digital, print, and out-of-home advertising, along with localised partnerships and in-store events to draw potential customers in to experience our jewellery first-hand.”

The brand is also embracing personalisation by mapping the customer journey digitally, starting from online exploration to in-store experience and post-purchase engagement. Panda explains, “After a purchase or customer enrollment on our website, we personalise the journey with product recommendations for special occasions, local events, and relevant offers, enhancing the customer experience.”

At the height of the festive season, jewellery brands are well-positioned to leverage their storytelling, targeted approaches, and multi-channel strategies to engage with consumers, ensuring that their offerings resonate deeply with diverse audiences across India. By embracing personalisation, innovation, and cultural relevance, these brands are attempting to craft meaningful experiences that celebrate tradition while embracing modernity.