Heirloom To Fit Check: How Gen Z is Redefining Jewellery Ownership

Gold-heavy ornate pieces once kept in antique chests are losing their luster for Gen Z. The younger generation is trading centuries-old designs for minimalist pieces that fit the aesthetic of their compact, pastel organisers.

The jewellery industry is undergoing a seismic shift driven by the Millennials and Gen Z, according to a report by Deloitte.

The report highlights that 49% of respondents now prefer lightweight, minimalist designs like rings, chains, and earrings, as against traditional and heavy jewellery sets.

What is better? Purchasing gold as a safe haven asset or for adding a bit of bling to your fits? Well, the generation of now refuses to pick one, since 56% of consumers view buying jewellery as both an investment and an accessory. However, around 28% still see it as just an investment.

Wealth creation through purchase of gold and silver is now at par with market-linked products such as mutual funds, SIPs, and stocks.

Gen Z is clear on one thing: jewellery is not just meant to be behind bank lockers or locked in rusty safes till the day you get married. Marriage centrality for big purchases appears to be taking a beat.

Just as they diverged in their approach to jewellery purchase, Gen Z is also diversifying their accessory portfolio, by shopping for "everyday celebrations" such as promotions, graduations, baby showers, and even casual brunches.

Similarly, 32% of Millennials prioritize jewellery for daily or office wear, while 38% buy for birthdays and anniversaries.

The verdict on the most popular metal among the Gen Z is out and it does not look very yellow. Silver has not only outshone gold in the commodities market, but has also emerged as the most preferred precious metal among Gen Z. Around 51% respondents, cited in the report, said they prefer the white metal over gold.

Silver is being chosen as a design-forward, repeatable purchase, particularly for everyday wear, gifting and self-purchase occasions. To add to its shimmer, 45% of Gen Z and Millennial respondents see it as the better and more affordable option for investing.

Notably, platinum is also gaining traction among Gen Z, with 34% of the respondents displaying preference for the metal.

Even as trends indicate a greater and younger silver fanbase, gold still sits at the throne.

Among respondents cutting across all age groups, 96% still prefer buying gold jewellery compared to any other metal.

Even in the face of sky-rocketing prices, consumers have not replaced the yellow metal. Their recalibrated approaches involve reducing weight while retaining purity, followed by increasing budget, exchanging old gold, and switching to lower karat options, as per the report.