 "Dhanteras 2024: Amazon India sees 5-fold jump in sales in luxury fashion")
Amazon India has reported an impressive five-fold jump in the luxury fashion segment, with a strong demand for gold, diamond, and lab-grown diamond jewellery, during the ongoing season of festivals, particularly around Dhanteras.
Retailers and e-commerce platforms alike are reporting an upturn in both interest and purchases.
Amazon India has seen an 84 per cent year-on-year (Y-o-Y) increase in sales of gold jewellery, which includes hallmark-certified gold across various karats.
“We have seen brands like Malabar Gold and Diamonds, PN Gadgil Jewellers, Joyalukkas, PC Chandra, and KISNA drive this growth,” said Zeba Khan, Director of Fashion and Beauty at Amazon India.
Customers are buying fine jewellery starting at Rs 2,000 for silver (925 Sterling Silver) and going up to Rs 40,000 for gold and diamond pieces. According to Amazon, 14-karat gold is gaining popularity among those looking for everyday wear, showing a 2.5 times Y-o-Y increase in demand. Additionally, sales of 18-karat jewellery have grown by 75 per cent Y-o-Y.
“In gold coins, the most popular option is the 2g variant, with offerings ranging from 1g to 10g,” added Khan.
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Why do Indians buy on Dhanteras?
People purchase gold, silver, and new utensils on Dhanteras. The word Dhanteras comes from two Sanskrit words, ‘Dhana’ meaning wealth, and ‘Teras’ meaning 13th day. On this day, Hindus worship Lord Dhanvantari, the god of Ayurveda, and Goddess Lakshmi, hoping to receive blessings of prosperity.
Online gifting on the rise
Though in-person shopping remains the norm for many during the festive season, online gifting has seen a noticeable increase. According to a survey conducted by LocalCircles, 36 per cent of shoppers now opt to purchase gifts online, a trend encouraged by e-commerce sales and festive promotions.
The survey also highlighted that urban India is expected to spend around Rs 1.85 trillion this festive season, with Rs 1.2 trillion already spent between September and October. Gifting is set to peak in the 10 days leading up to Diwali, with everything from crockery to chocolates flying off the virtual shelves.
LocalCircles gathered data from over 31,000 urban households across 314 districts in India. The survey respondents were a mix of men and women, with 46 per cent living in tier 1 cities, 30 per cent in tier 2 cities, and 24 per cent in smaller towns.