What is 9K gold that Mia by Tanishq is now selling? Check price difference and other details
, the jewellery brand from
Titan Company
, has begun offering 9 carat (9K) gold jewellery in select markets, according to a report by Business Today. The brand is also reportedly planning to expand sales of
9K gold
via Swiggy Instamart.
'With gold prices rising, offering lighter price points has become imperative, and the early response has been very encouraging,' Ajoy Chawla, CEO of the Jewellery Division at Titan Company was quoted as saying in the report.
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Mia currently sells primarily lightweight 14K and 18K gold jewellery. The introduction of 9K gold is aimed at making gold jewellery more affordable and accessible, especially amid soaring gold prices.
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'If you think about 9 carat gold jewellery going forward—and silver—even at the Rs 10,000 price point, there are a lot of opportunities,' Chawla added.
What Is 9K Gold?
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The government recently notified hallmarking for 9 karat gold jewellery, a move welcomed by the jewellery industry. Until now, the Bureau of Indian Standards (BIS) had hallmarking norms for 24K, 23K, 22K, 20K, 18K, and 14K gold.
The new 9K hallmarking standard is expected to revive demand for
lightweight gold jewellery
, especially as high gold prices have pushed many consumers away from traditional purchases. In June, gold sales by volume dropped 60%, marking the steepest fall since the Covid-19 pandemic.
Price Difference: 9K vs 24K Gold
At present, 9K gold is priced at around ?37,000 per 10 grams, significantly lower than the ?97,828 per 10 grams for 24K gold. Including 3% GST, the retail price of 9K gold is approximately ?38,110 per 10 grams.
The introduction of hallmarking for 9K gold comes just ahead of the festive and wedding season, a crucial time for gold sales. Demand typically rises from Raksha Bandhan in August through Diwali and into the winter wedding season beginning in November.
India consumes 800–850 tonnes of gold annually, with nearly 60% of this demand coming from rural areas, according to IBJA.
Since the Russia-Ukraine war, gold prices have surged over 25% in the last year. In response, many jewellers have started offering 9K jewellery to appeal to budget-conscious customers.
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