A few months ago, Indian Prime Minister Narendra Modi made a hearty plea to the country to indefinitely put a hold on several activities, one being the purchasing of gold. Shortly afterwards, India hiked gold import duty, bringing a sudden change to the market and how Indians perceive gold and jewellery purchasing. There are a variety of ways to interpret the message being sent, so we’ll help you understand how you can abide by these guidelines while also still enjoying jewellery shopping.
This blog will detail various gold alternatives you can purchase without going against the request of the PM.
What Has Triggered a Sudden Change in India’s Jewellery Trends?
Ongoing tensions in the Middle East have created a global squeeze whose repercussions are now being felt by every citizen, irrespective of country. These changes are steadily making commodities more expensive, and with rising fuel costs, everything else has followed suit.
These swift changes have ushered in a staunch halt to gold jewellery sales in India, but there is an alternative way to enjoy the small luxuries of life, such as jewellery.
There are other types of jewellery to consider besides gold jewellery, and they are also made from precious metals.
You will still be able to buy other types of jewellery, including gold, but you’ll need to be aware of your options and make a smart selection.
What Can You Do to Follow the New Jewellery Guidelines?
First off, we assume these new restrictions are only temporary! Secondly, the first category to be hit will be purer forms of jewellery, such as 24K and 22K jewellery.
If you are looking for very pure gold jewellery that utilises 22- or 24-karat gold, you may want to delay that purchase for a later date.
However, if you’re looking to buy daily wear or office wear jewellery, you don’t need it to be high-purity gold to look and feel like gold. Here, even moderately pure gold jewellery will be more than satisfactory because it’s got better properties than pure gold.
So, if you are looking for the best alternative to gold jewellery, you can consider these five jewellery and metal substitutes.
What Jewellery Options are Available to Indians?
While traditional jewellery isn’t thriving due to its tendency to be crafted from purer 22K and 24K gold, other types of jewellery are finally getting their opportunity.
1. Diamond Jewellery
Diamonds make the next best type of jewellery as they use a lower amount of gold metal and more diamonds. If you’re worried about the costs, there’s an affordable alternative in the form of lab grown diamonds.
These diamonds are the sustainable solution to counter the drawbacks of mined diamonds. They are grown using a carbon source and modern machinery and carefully monitored in laboratories.
These environmentally friendly diamonds match mined diamonds in every aspect, including composition, structure, and most importantly, visual appearance.
These lab grown diamonds often lack the flaws which prominently appear in mined diamonds, which are created in uncontrolled conditions. This makes it easier to buy a lab grown diamond with flawless and colourless properties at a much lower rate than its mined counterpart.
With lab grown diamonds, you get more customisation and preference-based jewellery options. You get to choose from round cut, princess cut, heart cut, oval cut, and other diamond shapes, and get to choose the metal from the list of gold alternatives.
2. 9Kt Gold Jewellery
The next best metal for daily wear and office wear jewellery is 9 karat gold, which is made from gold but contains other metals which create a better alloy.
This 9K gold possesses a better durability and comfort level than pure gold, and this makes it more appealing than high-purity metals. It’s made from a mixture of gold and metals, creating an alloy that gives the jewellery its exceptional strength and wearability.
The exact composition is 37.5% pure gold, with the rest made up of other metals.
Another compelling reason to consider 9Kt jewellery collections is that you’ll find them in a more-than-appealing rose gold finish. The faint shine of 9-karat gold makes it a down-to-earth choice for women who want a realistic jewellery piece for daily use.
3. 14Kt Gold Jewellery
When exclusively seeking modern jewellery, you have 14 karat gold as a top contender, featuring prominently in jewellery stores across the globe. It’s an alloy that contains 58.5% gold. Jewellery featuring this moderate gold composition is ideal for wearing around the house or even to the office.
14 karat gold jewellery sits between 9K and 18K when it comes to gold alternatives for making jewellery. It features an appeal and durability that combine the standards of both the upper and lower gold purity alternatives.
This puts 14 karat gold jewellery in the sweet spot, appealing to people who want attractive jewellery that isn’t too expensive but has that premium feel to it!
4. 18Kt Gold Jewellery
18 karat is the new 24 karat gold jewellery, and it’s making waves as the alternative metal for traditional and semi-traditional jewellery.
It’s got that rich golden gleam that gold is meant to have. It’s also got some 25% alloy mixed with the 75% pure gold, making it more resistant to scratches and discolouration, even years later!
Because 18 karat gold isn’t 100% gold, it comes off as a much more affordable option than any other higher gold purity.
Why Consider Other Gold Purities?
Gold holds a solid position in Indian culture, but there’s no fixed requirement when it comes to the purity of these gold jewellery items!
Most gold jewellery that looks gold could be fake, coated, or solid gold. These types of jewellery don’t last long, and it’s better to go for 18K, 14K, or 9K gold jewellery.
These jewellery items appeal to the basic Indian who is seeking value for money and all-occasion pieces meant to enhance their appearance wherever they go.
Comparison Chart: 9K vs 14K vs 18K
For people who have only ever purchased 24K or 22K gold, the switch may be a confusing one, as not everyone knows what these different gold purities consist of. To help novice jewellery buyers, here’s a comparison between 18 karat vs 14 karat vs 9 karat gold.
End Note
While a lenient plea to stop buying gold is in place, it’s not a ban, and that’s because it’s impossible to completely stop the nation from buying gold!
This means it’s still possible to buy jewellery and stay within the guidelines that help India reduce its foreign currency spending! Gold alternatives mostly comprise of lab grown diamond jewellery and its variations that make use of several different gold purities.
FAQs
Is it still advisable to buy gold in India?
While the Prime Minister has urged the public to avoid buying gold, there is no hard-and-fast jewellery-buying ban. Also, you can play your part by buying smaller pieces and less frequently, and if everyone follows these rules, the dependence on gold imports will reduce.
What happens if Indians stop buying gold?
The goal of reducing gold purchases is to reduce the amount of foreign currency the government uses to meet the country’s gold demand.
Why does lab grown diamond jewellery make the best alternative to gold jewellery?
All lab grown diamond jewellery is made to look appealing while carefully crafted using sustainable materials to ensure it doesn’t weigh heavily on Indian jewellery buyers.
Is 9K, 14K, and 18K gold the same price as 24K gold?
No, these three gold alternatives are not priced higher than 24 karat gold and would make an ideal alternative to pure gold.
How can I still buy gold jewellery while following the jewellery-buying restriction?
Yes, there is a way to follow the restriction while still adding pieces to your jewellery collection. Instead, opt for gold but in a lower purity, such as 18K, 14K, and 9K.
Will low-purity gold tarnish or damage easily?
There's a chance this could happen if you buy it from a low-quality retailer and don’t take precautions to look after your jewellery.