| Q&A: David Lamb, MD, Lifestyle & Jewellery, World Gold Council |
| 'India's gold industry should look into the branded segment' |
| Rajesh Bhayani & Sharleen D'Souza / Mumbai March 15, 2011, 0:36 IST |
Currently on an India visit, David Lamb, managing director – lifestyle and jewellery, World Gold Council, spoke to Rajesh Bhayani and Sharleen D’souza on trends in designs and consumer preference. Edited excerpts:What are the key trends in jewellery designs in India and how are they different from global trends?
Some of the leading, most cutting-edge, designs in India take inspiration from Indian culture and history and there is big difference in understanding the richness of gold against other luxury goods. For me, the most exciting designs are the ones which are complete modern re-interpretations of the traditional. For example, the Taj collection from Tanishq, that is a 21st century take on established imagery. It’s kind of a modern reworking of Indian traditions. This is contrary to India’s hunger for Western ideas in other sphere of life.
Some of the leading, most cutting-edge, designs in India take inspiration from Indian culture and history and there is big difference in understanding the richness of gold against other luxury goods. For me, the most exciting designs are the ones which are complete modern re-interpretations of the traditional. For example, the Taj collection from Tanishq, that is a 21st century take on established imagery. It’s kind of a modern reworking of Indian traditions. This is contrary to India’s hunger for Western ideas in other sphere of life.
Traditionally, a lot of gold in India is bought in jewellery sets because the market here is dominated by the wedding, occasions and by the rituals. In the West, we see a huge move towards individual pieces that have enormous impact, which are known as statement pieces. In particular, two categories, a cuff and you will see one enormous bangle, that is, bracelets. You also see statement earrings, which are long and dramatic and have an enormous impact. It is also important to study the psychology behind the trend because we are dealing with gold prices which are at a peak. One logical response is to make things smaller and lighter. However, consumers in the West are looking for an individual piece that will make a statement and are bigger in size.
The preference in Western markets are also changing from low carat gold jewellery to higher, that is, 18-carat gold.
What has been the impact of changing designs and rising gold prices on the watch industry?
Watch companies thought that in 2008-09, the time of economic recession, they would have to make their watches smaller. But actually consumers want them to be bigger. Rolex’s day date is now super-sized and the bracelets are solid because people are looking at bigger pieces, where the sheer intrinsic value of gold makes a bigger statement. The interesting trend that is alive overseas is to move away from always being a matched set towards individual pieces that become an investment asset for a lifetime. more...
Watch companies thought that in 2008-09, the time of economic recession, they would have to make their watches smaller. But actually consumers want them to be bigger. Rolex’s day date is now super-sized and the bracelets are solid because people are looking at bigger pieces, where the sheer intrinsic value of gold makes a bigger statement. The interesting trend that is alive overseas is to move away from always being a matched set towards individual pieces that become an investment asset for a lifetime. more...
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