The Glitter Shift: Gold Prices and the Rise of Imitation & Silver Jewellery in India

Abstract

In recent years, the rise in gold prices has reshaped consumer behaviour in the Indian jewellery market. While gold continues to be a symbol of wealth and tradition, its increasing cost has led consumers, especially millennials and Gen Z, to explore affordable alternatives such as imitation and silver jewellery. This case study examined this shift and highlighted how brands like Palmonas, Voylla, Giva, Bluestone, and Shaya by CaratLane capitalised on this trend by offering stylish, budget-friendly, and high-quality jewellery options. The case also investigated changing consumer preferences, digital-first strategies, and the shift of jewellery from a long-term investment to a fashion accessory.