Known worldwide for exquisite designs manufactured with the latest technology, Italian gold jewellery is slowly gaining popularity in India.
A range of contemporary Italian gold jewellery comprising pendants, earrings, chains, necklaces and bracelets in various designs premiered at an international exhibition earlier this month.
Priced between Rs 2000 to Rs 2 lakh, the gold jewellery exhibited recently in New Delhi, generated a lot of interest among Indian consumers and retailers.
"Italian gold jewellery now being showcased in India was developed by Italian designers as a result of a worldwide survey conducted three years ago," says Sanjeev Agarwal, Managing Director, World Gold Council (Indian subcontinent).
New jewellery designs were created based on a survey conducted by the World Gold Council in key markets, including the United States, Europe, India, China and the Middle East, that determined who buys gold jewellery, how they relate to
the metal and their motivations for purchasing and wearing it.
The survey found that contemporary designs and styles of gold jewellery were found lacking when faced with emerging competition for discretionary income from travel, cellphones and lifestyle-branded goods.
Using the findings of the survey, World Gold Council challenged Italian gold jewellery manufacturers to produce designs that could satisfy the evolving preferences of jewellery consumers around the world. The result - the work of 54 Italian jewellery designers being brought to India for the first time.
"We are looking at long-term benefits for India. Italian jewellery designers would like to shift to India and bring superior techniques along with them. They would also want to employ cheap Indian labour. All this will certainly give a boost to the jewellery industry in India," says Sumit Sethi, business manager, Indo-Italian Chamber of Commerce and Industry.
"The impact may not be visible immediately but we are looking at a growth of 10-15 per cent in bilateral gold trade after some years," he says.
"Two years ago, Italian jewellery imports were very low because of steep duties. Things are looking up now with the Indian government reducing duty on gold to 20 per cent and further reduction till about ten per cent is expected in the future," adds Sethi.
Immediate sales don't seem to be the top priority for most jewellers. "At the moment, we are primarily targeting retailers to expose them to the best of Italian designs. We're also going to tie up with leading retailers in Delhi so that Italian gold jewellery is easily available for today's global consumers," says Dharmesh Sodha, President, D'damas Jewellery India.
Lightweight and trendy designs are the order of the day. With Italian jewellery, the colour conscious can now pick and choose - for gold no longer has to be yellow in colour. There's white gold, yellow gold and even pink gold for Indian consumers in the jet age.
"Some of our intricate designs feature jewellery in which one cannot even see the soldering joints," says Sodha. The Indian gold industry is also gung-ho about the entry of Italian gold jewellery into India.
"The good thing is that Indian designers will now get an insight into international designs. Moreover, Indian consumers will be able to avail of the best of branded Italian jewellery," says Agarwal.
All seems to be well on the gold front, with a recent World Gold Council report revealing that consumer demand for gold has gone up in India despite the rise in gold prices.
"In January - September this year, gold consumption off take in India increased by 10 per cent in tonnage terms and 20 per cent in terms of value, as compared to the same period last year. Similar is the case with other large international markets," says Agarwal.