From 22 Karat to 9 Karat: How India’s Gold Obsession Just Got a Makeover

Buying gold on Diwali has been a tradition that Indians have followed for years. There was a time when purchasing gold meant saving money for months, sometimes even years. Our mothers used to buy those gleaming bangles on a special Dhanteras, proudly flaunt them on Diwali, and then keep them safely back in the family locker, reserving every piece for weddings or grand occasions. It was less about owning a piece of jewellery; our mothers and grandmothers saw gold as financial security.

In older generations, gold jewellery was the metal of eternity, an heirloom piece, and a symbol of prosperity. Time changed; over the years, there has been a major shift in how women see jewellery. It has now become a form of self-expression. Jewellery has moved from the family locker to glamorous Instagram feeds and modern dressing rooms.

Every year around Dhanteras, jewellery brands launch new collections, schemes, and offers to lure customers into buying gold and diamonds.

The Big Shift - From Saving to Slaying

As prices cross ₹1 lakh per 10 grams, gold has become less affordable, discouraging heavy jewellery purchases. Buyers now face a trade-off between purity, price, and weight. People are choosing pieces that reflect style and status, rather than focusing solely on the grams and karats of gold. Buyers are now shifting towards lower karatage, lighter weights, and everyday-wear styles that balance aesthetics with practicality.

Gold is no longer considered an investment. With high taxes and soaring making charges, gold is yielding lower returns compared to other investment options such as mutual funds or stocks. Jewellery today is a mood, a flex. The return on investment on jewellery? It's the pride of wearing it.

Self-Made Women, Self-Gifted Diamonds

Women are increasingly splurging on jewellery for themselves, no longer waiting for special occasions or for someone else to gift it. Each ring or bracelet has become a little trophy for hustling through deadlines and a way to celebrate milestones, achievements, or even just a casual Instagram scroll.

While traditional, classic designs still hold a special place in women’s hearts, jewellery is no longer limited to once- or twice-in-a-lifetime purchases. Jadau, kundan-studded statement pieces, and temple jewellery motifs continue to remain popular across backgrounds. At the same time, everyday lightweight jewellery is rapidly gaining traction. From boardrooms to business conferences, jewellery brands are taking cues from women’s growing individuality and spending power.

The New Face of Fine Jewellery

Let’s face it - the obsession with purity is fading. Once, 24K and 22K gold ruled Indian hearts, but with 18K, 14K, and now even 9K gold being officially hallmarked by the government, a shift is underway.

New-age jewellery brands are actively pushing lab-grown diamonds as a high-margin, value-driven alternative to natural stones, appealing to aspirational buyers seeking luxury within reach. Together, these trends are redefining the fine jewellery segment, making it more inclusive, design-led, and aligned with the evolving spending patterns of younger consumers. They look chic, are easier on the wallet, and come with government hallmarking for trust.

The Add-to-Cart Era of Jewellery

Online jewellery shopping now comes with zero commitment. You can scroll endlessly through new collections, try on styles virtually through augmented reality, and save your favourites without the pressure to buy instantly.

What’s more interesting is how online brands have mastered the art of gentle persuasion. With smart algorithms, jewellery brands track every move and every scroll, repeatedly showing you pieces you’ve already admired, subtly nudging you to make the purchase or at least walk into a store to try them on. It’s jewellery marketing at its finest. Personal, Persistent, and Perfectly timed.

Most Popular Indian Jewellery Brands -

Here are some of the most popular jewellery segments dominating the market, each one designed for a specific vibe, personality, buyer segment, and budget.

1. 22K Gold Jewellery, Diamonds & Solitaires

Brands like Tanishq, Indriya by Aditya Birla, Kalyan Jewellers, Malabar Gold & Diamonds, Senco Gold & Diamonds, Joyalukkas, Senco and Reliance Jewels dominate India’s organised gold and diamond market. Endorsed by top celebrities, each endorsed by top celebrity faces, these brands tap into the aspirations and timeless love women have for gold and diamonds.

These are the go-to destinations for customers seeking elegant pieces for weddings, festivals, and family heirlooms. Their collections include intricate bridal sets, solitaires, and statement bangles, combining craftsmanship with trust.

Target Demographics: Primarily women aged 30–55, along with families buying for weddings or festive occasions.

USP: Hallmarking for certified purity that assures authenticity and reliability, ethical sourcing, traditional design variations, and a wide retail presence. This category continues to cater to India’s cultural preference for high-karat gold (22K–24K) and diamonds.

The pros of an organised retail network are that it enables easy financing options, 100% buy-back policies, and gold harvesting schemes (also known as purchase plans), which allow customers to buy jewellery through regular monthly payments and redeem the accumulated amount, often with added benefits, at the end of the term.

2. Contemporary & Trendy Jewellery

Brands such as CaratLane, BlueStone, Mia by Tanishq, Giva and a few others cater to the modern, fashion-forward woman who values affordability, versatility, and online convenience. These brands specialise in lightweight gold, lab-grown diamonds, and design-led collections that blend luxury with everyday wear.

Target Demographics: Urban women aged 25–45, Millennials and Gen Z who prefer affordable luxury and online convenience.

USP: Seamless omnichannel experience, contemporary designs, sustainable lab-grown diamonds, and a focus on personalisation. These brands capture the shift from jewellery as purely an investment to jewellery as a form of self-expression. Pieces that are versatile, Instagram-worthy, and designed to complement workwear, casual outfits, or semi-formal occasions, reflecting the individuality of women wearing them.

3. Affordable Gold-Plated & 9K Jewellery

Brands like Palmonas, Giva, Peora, and similar names are making gold-plated and 9K jewellery the new cool.

These brands cater to the segment looking for stylish, budget-friendly options. These include 9K gold, gold-plated, and lightweight statement jewellery that is accessible to younger consumers or those experimenting with trends without a heavy financial commitment.

Target Demographics: Teenagers, college students, and young working adults seeking trendy jewellery without long-term investment.

USP: Affordable pricing, contemporary design, and low maintenance compared to high-karat gold. This segment is growing with the rise of Gen Z consumers who want glamour and durability without the cost of traditional jewellery. Gold-plated or lower-karat jewellery allows experimentation and frequent style updates.

4. The Unorganised Jewellery Market

Despite the rise of organised retail, a large portion of India’s gold and diamond market remains unorganised. This segment is run by big family jewellers, local shops, and independent artisans. Predominantly popular in tier 2 and tier 3 cities, larger jewellers in this category enjoy generational trust within families, while smaller jewellers often offer lower making charges, sometimes at the cost of compromised purity.

Pros: Customers can negotiate prices, get custom-made designs, and access unique or traditional styles unavailable in branded stores.

Cons: Lack of standardisation and certification, potential doubts over purity and authenticity, and limited after-sales support. Many buyers still prefer unorganised jewellers for high-karat gold or regional designs, but the convenience, trust, and guarantees offered by organised brands are steadily attracting modern, urban consumers.

What are your gold standards?

This festive season, if you’re buying jewellery, ask yourself - is it about style, self-expression, or simply celebrating you? What defines your buying style? Do you still prioritise purity and tradition, or do you love experimenting with trends without worrying too much about caratage?

After all, gold or not, it’s the sparkle that reflects your story.