Amazon sees gold rush in festival season

Amazon India has witnessed an 84 per cent year-on-year (Y-o-Y) increase in sales of hallmarked gold jewellery and posted a 5-fold spike in demand during the first two days of its ongoing Amazon Great Indian Festival (AGIF) sale event, which started on September 27.

This demand is for brands such as Malabar Gold and Diamonds, PN Gadgil Jewellers, Joyalukkas, PC Chandra and KISNA, among others.

According to current trends, customers buy fine jewellery starting at Rs 2,000 in the silver category and shell out up to Rs 40,000 for gold and diamond jewellery. In the last year, Amazon has seen more customers opt for 14 Karat purity.

Aside from Rs 14,000, the firm has also seen a steep increase in the Rs 18,000 jewellery category, which has grown at 75 per cent Y-o-Y.

In sync with global trends, Amazon has also launched a host of brands offering lab-grown diamonds at sharp prices to customers.

The company said it was the first and only online marketplace focusing on this.

This festive season, customers will be able to buy gold and silver jewellery with lab-grown diamonds starting at prices of Rs 2,500 from a wide selection of over 50,000 styles.

This festive season, customers are blending tradition and modernity, with gold and diamond jewellery, including lab-grown diamonds, seeing a 5 times spike in demand, said Zeba Khan, Director, Amazon India Fashion and Beauty.

Customers continue to prefer Amazon for their auspicious purchase of gold and silver coins during topical events like Akshaya Tritiya and Dhanteras, said the company.

The platform is offering the widest range of gold coins across price points and weights to suit the various needs of the customers.

Amazon offers more than 5 lakh styles in silver, gold and diamond jewellery. In the past year, the firm has launched many brands related to this category.

It has seen high traction among customers for rings (2 times Y-o-Y), neckwear (1.5 times Y-o-Y) and earrings (1.3 times Y-o-Y).

According to a study conducted by the World Gold Council in 2021, 45 per cent of gold jewellery sold in India is categorised as  daily wear (average selling price is Rs 5,000 to Rs 50,000).

Bridal wear is another area with a 55 per cent share of the segment.

Daily wear jewellery is preferred by 18 to 35-year-old women (67 per cent of Indian women).

This customer cohort is also highly amenable to buying online, with almost 53 per cent claiming they bought jewellery online at least once in the last 12 months.

Khan said sales of smartwatches surged 10 times, and premium watches grew 6 fold, reflecting strong interest in premium lifestyle products.

Men's sneakers saw over 7 times growth, and ethnic wear demand spiked by 7.5 fold.

Trolley sets soared by 23 times, and luggage jumped 6.5 fold.

In the beauty segment, luxury categories grew 4 times, with fragrances leading the trend.

These trends highlight our customers' growing demand for premium, high-quality products.

As we approach Dussehra and Dhanteras, we expect this momentum to continue, said Khan.