From Investment to Accessory: Arvind Singhal on the Structural Shift in India’s Jewellery Market

The soaring price of gold is squeezing the entry-level jewellery market in India, forcing brands to rethink how they attract younger, price-sensitive consumers. With gold trading at around ₹1.5 lakh per 10 grams, the affordability gap has widened significantly, prompting industry leaders like Titan Company Ltd to double down on studded silver and alternative metals.

In a recent analysis published by Livemint, Arvind Singhal, Chairman and MD of The Knowledge Company (TKC), highlighted that this pivot is driven by a much deeper behavioral change in the modern Indian shopper.

The “Structural Shift” in Consumption

Historically, Indian consumers have viewed jewellery primarily as a store of value—a wearable investment. However, younger buyers are rewriting the rules of the category.

“We are seeing a structural shift in India’s jewellery consumption. Gold will remain important, but for many consumers, jewellery is becoming more of an accessory than a store of value,” noted Arvind Singhal.

This shift toward experimentation is leading brands to focus heavily on lighter, lower-ticket categories. Singhal adds, “That’s where silver, gold-plated and semi-precious categories will continue to gain ground, especially among younger buyers”.

Defending the Sub-₹1 Lakh Segment

The pressure of rising commodity prices is most visible in youth-focused brands. To defend their growth in the crucial sub-₹1 lakh segment, Titan’s brands—namely CaratLane and Mia by Tanishq—are actively expanding their design-led silver offerings.

• CaratLane’s Shaya: Positioned in the sub-₹10,000 bracket, studded silver serves as a key entry point for first-time buyers. The brand has reportedly grown about 30% annually over the past two years.
• Mia by Tanishq: Experiencing a 30-50% growth in silver, the brand is formalizing its play with sharper merchandising and visibility, transitioning from what it used to call “sassy silver” to a core growth driver.

A Market-Wide Reality

Titan is not alone in this recalibration. Competitors across the landscape, including Senco Gold and Diamonds, are seeing similar trends as consumers shift toward diamonds and silver jewellery with stones to offset the steep cost of pure gold.

As the definition of “precious” evolves from pure karatage to design aesthetics and everyday utility, Indian retailers must rapidly adjust their merchandising mix to capture the youth wallet.

Read the full analysis in Livemint here: https://www.livemint.com/companies/news/titan-gold-silver-jewellery-india-jewellery-market-tanishq-mia-shaya-11773894750337.html

Supporting Strategic Retail Transformation

The Knowledge Company’s Retail and Consumer Goods advisory practice helps brands navigate macroeconomic shocks and shifting demographic preferences.

• Merchandising & Assortment Strategy: We help retailers optimize their portfolio mix across metals and price points to protect margins during commodity price rallies.
• Consumer Insight Mapping: Decoding the changing values of Gen Z and Millennial shoppers, from “investment-driven” to “accessory-driven” purchasing.
• Format & Brand Architecture: Advising legacy brands on how to successfully incubate and scale sub-brands (like Shaya or Mia) to target specific, price-sensitive demographic white spaces.

Is your retail strategy aligned with the new Indian consumer? Connect with TKC to turn market disruption into a competitive advantage.