Bling without the sting: How Gen Z is redefining gold glam

Time of India

26-04-2025

Heirloom jewellery tucked away in velvet boxes? Gen Z would scroll right past. Their jewellery needs to move at swipe speed—versatile, feather-light and in lower carats like 18 carat, 14 carat, or even 9 carat. Even gold-plated is good enough.
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Legacy isn't the point. Lookbooks are. They are not looking at a one-time splurge, but at an everyday style statement—part mood, part moment—that they can wear for Zoom calls in oversized shirts and dinner in coords. Jewellery must keep up—and stay pocket-friendly. No surprise then that layered chains, enamel pops and Y2K-inspired rings are flying off virtual shelves.
Unlike traditional gold jewellery, which is high in purity (usually 22 carat) and bought as a long-term investment, fast-fashion gold typically uses lower carats (14 or 18 carat), and is designed for everyday wear, style, flexibility and affordability.
At a time when the price of 24-carat gold has zoomed to 10,000 a gram and even 22-carat gold has breached 9,000 for a gram, affordability is the hook. Leading this shift in the organised sector are publicly listed brands like Titan,
Kalyan Jewellers
and
Senco Gold
. Last year, Aditya Birla Group launched Indriya, which offers an 18-carat, everyday-wear range, taking direct aim at Titan-owned Tanishq and Reliance Jewels.
Gen Z is happy with even base metals or silver plated with 18-carat or 22-carat gold, studded with synthetic stones or cubic zirconia—sometimes styled to look like polkis. It's not fine jewellery, but it looks like it. It is stylish, trend-driven and costs a fraction. India's fashion jewellery market—also called imitation or costume jewellery—is projected to grow by $1.16 billion between 2024 and 2029, as per Technavio.
With organised players stepping in and investors taking note, the question is: Can fast-fashion jewellery go formal?
COSMETIC CHANGES
Once the domain of flea markets and street stalls, India's costume jewellery industry is rapidly getting a retail glow-up. Brands like GIVA, Tanishq, Mellora, Amrapali Jewels, Kushal's Fashion Jewellery, ArtKarat and Isharya are formalising, repositioning fashion jewellery as accessible luxury, bridging the gap between street style and fine jewellery.
'Fashion jewellery has moved from being a compromise to a confident choice,' says Vijay Dhanuka, MD and head of private equity–consumer, Motilal Oswal Alternates, which invested `90 crore in Kushal's Fashion Jewellery in 2022. 'Kushal's is bridging that shift by offering a real jewellery-like experience, at a fraction of the cost.'
Mellora, Aditya Birla-backed D2C player, has also stepped in with a price band of less than `10,000 and a focus on everyday, 18-carat jewellery, challenging older legacy brands with trend-first capsule drops.
'The surge in demand is driven by fast-evolving fashion trends, social media, ecommerce and advances in plating technology,' says Manish Gulechha, cofounder of Kushal's Fashion Jewellery, which has seen a 35% growth in FY24 over the previous year.
FILM SETS TO FEEDS
The shift towards formalisation isn't just about scale but also storytelling. Delhi-based ArtKarat, founded in 1988 by jewellery designer and gemologist Asha Kamal Modi, has celebrated the elegance of silver long before it became trend-forward. Her creations have lit up Bollywood screens and royal showcases. But even in this luxe lineage, there is a Gen Z mix.
'I love that I can wear a 1,500, gold-plated ring to college and a 12,000 polki necklace to a wedding, without worrying about loss or resale,' says Sakshi Jain, a Delhi University student browsing ArtKarat's Khan Market store.
This demand for look-rich, cost-smart pieces isn't limited to India. Global brands like Mejuri, Monica Vinader, Missoma, Astrid & Miyu and By Pariah have carved out a niche in the affordable luxury segment, championing everyday gold vermeil (silver coated with gold), silver and demi-fine pieces that are as Instagrammable as they are wearable. Meanwhile, UK-based label Daphine is producing sleek, minimalist pieces in an atelier in Jaipur, tapping into the city's rich jewellery-making heritage.
IMITATION IS FLATTERING
'We are seeing a strong appetite for minimal, stackable designs that work for daily styling and social media,' says Oona Dhabhar, CEO of Isharya. Its 'I for Isharya' line—priced at `3,000-5,000—sells the fastest. 'Purchases in that range are impulsive, led by influencers, reels and moods,' she says.
On Flipkart, fashion jewellery has clocked a 50% growth, y-o-y, driven by brands like
YouBella
, Shining Diva, Rubans and Yellow Chimes. 'Gen Z shoppers are using jewellery to express their individuality on a budget,' says Kunal Gupta, VP, head of fashion, Flipkart. Combo packs like sets of earrings and necklaces are particularly popular. Western-inspired designs like charm bracelets and Korean earrings are driving demand on Flipkart's platform Shopsy. The platform saw a 40% jump in fast-fashion jewellery sales in Q1 2025 over the previous quarter, and 80% sales are in the `100-300 range, says a Shopsy spokesperson.
Myntra,
Tata CliQ
and
Nykaa Fashion
report continued growth, while
Tata
CliQ, according to the company, has seen a 100% growth in imitation jewellery year-to-date.
Investors are tuning in. What was once a fragmented, low-margin sector is now flush with capital, scalability and strategic positioning. Kushal's raised `284 crore in Series B funding from
Lighthouse Venture
in 2023, bolstering its offline footprint and supply chain. Silver and fashion jewellery brand GIVA, known for its D2C-first strategy and minimalist designs, got $10 million in Series A funding in 2022 to back its omnichannel expansion.
Other players like BySimran, Palmonas, Rubans, Amrapali and Isharya are doubling down on premium, gold-plated collections that straddle the fine-imitation divide.
'As disposable incomes rise, consumers are likely to become more brand conscious, more discerning of value and have greater choices at their disposal,' says Dhanuka. That is good news for the fast-fashion jewellery market to evolve into a mainstream category of affordable luxury. Formal fashion accessory brands may continue to come up with lesser carats and friendlier pricing.
Less is, eventually, becoming more.