Diwali the festival of celebration
India is the land of festivals. Festivals infuse energy, vitality and zeal in the everyday routine lives of people. They bring a fresh wave of excitement and encouragement amongst the people where everyone looks forward to enjoy the forthcoming gaiety. Festivals are the threads that weave the social fabric into one fine piece of cloth. Irrespective of caste, religion every individual gets involved in festivals directly or indirectly. Diwali is India’s most important festival celebrated by Hindus throughout the world. It is a festival of lights, sweets, happiness, and crackers. As a tradition, many people buy new clothes, jewellery, cars, kitchenware, electronics and a host of other things that they have always dreamt of buying on Diwali. It is surely a festival of celebration.
Diwali brings hope for all the business community
As everyone plans to buy something or the other during the festive season of Diwali, it brings great cheer and expectations to the business community. The business houses right from the manufacturing units to the retailers, the entire supply chain management gets hopeful for a lucrative season. Orders start piling with the manufacturers almost two months before the festival and the agents, brokers, wholesalers, retailers, e-retailers; all of them gear up to meet the increase in demand and fulfill the expectations of their customers.
Festival of Five days
All that glitters is gold. This adage holds true during the Diwali season. Diwali is celebrated for almost a week in the Indian subcontinent. It starts with Dhanteras the auspicious festival of worshipping Goddess Lakshmi and Lord Ganesha and ends up at bhaidooj, a festival of brothers and sisters. It is an age-old tradition to buy gold on the festival of Dhanteras. It is assumed that buying gold and silver on this day ensures wealth and happiness for the family throughout the year. Due to this faith and tradition millions of Indian households, buy Jewellery, gold, silver and ornaments to maintain happiness, wealth and prosperity in the family.
Indian jewellery industry glitters during the season of marriages and festivals. Diwali is usually celebrated in the months of October or November. Before these months, the jewellery industry experiences a dip in the sale due to the inauspicious periods when no one is interested to buy anything new or start any auspicious project or work. The jewellery industry comprises of all those people that are engaged in cutting, processing, designing of gold, diamonds, silver, and other precious metals into beautiful ornaments and then displayed through exclusive showrooms. It is multimillion-dollar industry that rules the market during the Diwali season. As people, consider buying gold as a ritual during this festival, the jewellery industry glitters during Diwali.
Indian Jewellery Industry: Organized and Unorganized
India has a rich heritage of wearing jewellery. Since the colonial rule, Indians have been wearing jewellery. During the Mughal Empire the art of wearing different ornaments witnessed a different era. Even the epic period of Ramayana and Mahabharata, have depicted that not only the kings and queens used to wear jewellery but everyone in the kingdom had the ritual of wearing jewellery extensively. Jewellery was an integral part of the everyday costume and was not only an occasional custom. Since then the craftsmen have mastered the art of working with precious metals and with their fine skill convert the metals into beautiful piece of ornaments that were proudly worn by the kings and their entourage.
With this legacy of wearing jewellery the tradition continued and gradually the craftsmen, goldsmith, jewelers started becoming organized and the industry became more structured and standardized. Gradual changes in demographics have made jewellery less popular with men. Now men only stick to rings, bracelets and chains women continue to adorn jewellery as one of the most important constituent of her costume. Accepting the change the jewellery industry now focus more on women ornaments and comprehend their needs according to the festivals, marriages and other events. Diwali is one festival where the jewellery industry revels as most of the people shop for gold ornaments and give a robust growth to this industry during the festival.
Jewellery Industry glitters during the Diwali due to a boost in the demand
The price of gold and silver keeps on fluctuating. The industry has to work hard keeping pace with the change in prices regularly. Government interventions also cause a change in the price of the retail gold ornaments and jewellery. Diwali is a festival that does not see an impact of price fluctuations in the demand of jewellery. As a tradition, people consider buying gold or any other piece of jewellery to be auspicious so they continue with their purchases even if the prices register a sharp increase. With customs and traditions being an integral part of our value system, we never compromise on them for any reason. This is exactly what happens during the festival of Diwali. Everyone purchases jewellery depending on one’s pocket irrespective of the prevailing prices. Thus during the festival the demand of jewellery gets inelastic where despite of an increase in the price the demand continues to soar ahead.
All that Glitters is Gold
During the festival time, this adage holds true. Markets are flooded with the customers. Excitement, vibrancy and a zeal can be experienced everywhere. People get occupied with a list of important and pending tasks that were planned to be completed during the auspicious season of Diwali. One such priority is that of buying gold and jewellery. People look forward to this time and postpone the purchase till Diwali so that they buy the yellow metal at the most auspicious and pious time of the year. Buying jewellery during the festival of Diwali is akin to ensuring wealth, prosperity and happiness throughout the year.
Sleepless nights for the Jewellery Industry during the season of Diwali
Diwali brings happiness. It ensures the flow of money and wealth. For the jewellery industry, it is surely a big time. The preparations are bigger. The showrooms and shops are beautifully decorated. The jewelers have sleepless nights during these days due to the crowd and heavy demand. For sure, they look forward to such nights. They have a beautiful dawn!