9-Carat Gold: Affordable Luxury for Young Indian Buyers

Gold prices have been soaring, making traditional 22-carat jewellery a distant dream for many shoppers across India. Now, a more affordable option is making its mark, changing how young Indians buy their precious pieces.

Indian jewellers are strategically turning their focus to 9-carat gold jewellery to tackle a significant drop in sales. This lower-carat option, introduced with hallmarking just a year ago, contains 37.5% pure gold, making it a much lighter hit on the wallet.

Why Shoppers Are Opting for Less Carat

• Gold prices saw a massive surge of 52% in FY26.
• Jewellery consumption dropped by 21% in FY26, with an additional 20% contraction projected for FY27 by ICRA.
• 9-carat gold prices are 40-60% lower than 24-carat gold of the same weight.

This affordability is attracting a fresh wave of buyers who are keen to own authentic gold without the hefty price tag. Young working professionals, first-time buyers, and college-goers are increasingly choosing 9KT pieces.

Companies are already seeing this trend in their sales figures.

• CaratLane reports that 9KT jewellery now makes up 5-10% of its total sales.
• Kama Jewelry notes an even larger share, with 9KT jewellery accounting for over 25% of its sales.

Unlike traditional 22-carat gold, which is often seen as an investment, 9KT gold is viewed as an accessible lifestyle category. It provides real gold content that is tarnish-proof and offers better resale value compared to gold-plated silver jewellery.

Designs for 9KT jewellery lean towards minimal and modern aesthetics, perfect for everyday wear. These pieces often feature delicate chains, studs, rings, earrings, pendants, and bracelets, and are also popular for incorporating semi-precious stones and lab-grown diamonds.

Market’s Golden Outlook

While 22-carat gold will likely remain the choice for traditional wedding and major festive purchases due to cultural significance, 9KT jewellery is finding its own space. It is becoming a popular pick for gifting, self-purchase, and fashion-forward festive collections.

Experts anticipate that 9KT gold could eventually capture between 3-15% of the entire jewellery market share. Despite an expected decline in gold sales by volume, the overall gold jewellery industry is still projected to grow by 14-16% in value terms in FY27, with 9KT gold playing a key role in this expansion.

Key Numbers

• Gold price surge in FY26: 52%
• Jewellery consumption drop in FY26: 21%
• Projected FY27 consumption contraction (ICRA): 20%
• 9KT gold content: 37.5% pure gold
• 9KT price advantage over 24-carat: 40-60% lower
• CaratLane 9KT sales share: 5-10%
• Kama Jewelry 9KT sales share: over 25%
• Projected 9KT market share: 3-15%
• Overall gold jewellery industry value growth in FY27: 14-16%