The change is expected to give a major boost to the diamond and studded jewellery category. “People are anyway buying 14-karat now. With gold prices going up, the ability to sell more diamonds will also increase,” Sen said.
He believes the inclusion of lower karatages will improve affordability and widen options for the younger generation and budget-conscious consumers. “For everyday wear or gifting under ₹30,000 or even ₹20,000, this is a good move.”However, Sen clarified that 9-karat jewellery is not meant for gold investors. “This is for diamond buyers and fashion jewellery buyers,” he said, distinguishing it from 22-karat wedding or traditional jewellery, which remains the standard for significant occasions. “Now, we as jewellers—and consumers—have the option to also provide 9-karat, based on which gemstones, diamonds, and other stones can be used,” he added.
On concerns about making charges, Sen said consumers should not be misled by percentages. “With 22-karat, the gold value is so high that percentage-wise, making charges appear lower. But in absolute terms, the making charges on 9-karat or 18-karat jewellery can be quite similar.” He explained that 9-karat pieces are often machine-made with additional craftsmanship required to set diamonds and stones, which adds to labour and design costs.
Sen also welcomed the BIS regulation that mandates only government-authorised mints and refineries to manufacture 24-karat coins, but said the industry is awaiting further clarity. “Discussions are ongoing with the government. Hopefully, clarity will come very soon,” he noted, adding that jewellers are committed to quality control regardless of the source. “Whether it’s a 995 or 999 purity coin, we do our own internal testing to ensure there is no error in the purity provided to the consumer.”
Watch accompanying video for entire conversation.
