According to a study conducted on the 2nd of December 2018, the Indian wedding industry has reached a cumulative worth of approximately Rs. 34 thousand Crore. Over 10 million weddings take place across the nation every year, and the average expense has increased by almost 30% in the last 3 years.
Besides, the wedding jewellery market also acts as a significant contributor to the economy of India, contributing approximately 15% to the merchandise exports of India and 7% to the GDP. This sector also provides employment to over 4.64 million individuals, which is expected to increase to 8.23 million by 2022.
Nevertheless, the expenses required towards the purchase of such jewellery can be substantially high. Thus, it is essential that you secure an alternate mode of financing to pay for all the other necessities of the ceremony. There are several steps that you can take to lower the cost of bridal jewellery and to get bridal jewellery in budget.
Let’s take a look at some tips to buy bridal jewellery on a budget.
- Buy one at a time
Gold is known to be an investment and as the amount can easily reach a substantial sum, it is advisable that you purchase one piece at a time rather than procuring all at once. Buying all the required jewellery at once will result in a hefty bill and can strain your budget.
- Choose pearls over diamonds
To lower your bridal jewellery price, opt for pearl ornaments rather than coloured stones such as emeralds or even diamonds. Pearls not only look sophisticated but are also more affordable than other precious stones or metals. Alternatively, you can also choose meenakari pieces to fit your budget.
- Use older jewellery
Using ancestral gold can help you reduce the overall expenses by a substantial margin. In case you have such jewellery, you can use them at your wedding. Additionally, you can alter the design of the pieces if desired to match the modern outfit and reduce the cost required to buy bridal jewellery.
- Choose small ornaments over heavy pieces
It is not necessary for you to purchase heavy jewellery. You can purchase light-weight ornaments that not only look sober; they are also comfortable to carry throughout the ceremony. Choosing light jewellery is one of the effective tips and tricks to help save money while planning a wedding in a budget.
- Buy traditional designs
There can be times that you desire to buy jewellery as per the recent trends. However, the prices of such trending pieces can be substantial. An alternate way to avoid hefty expenditures is to purchase jewellery with traditional designs that are both budget friendly and do not come with above average price tags.
Along with wedding jewellery, there are other expenses involved in a ceremony, such as a wedding venue, outfits, catering, etc. To meet the overall cost, you can avail advances like a Loans Against Property that offers substantial sums of cash. Lenders like Bajaj Finserv offer credits of up to Rs. 3.5 Crore at attractive interest rates with tenor options as high as 20 years. These advances are provided against minimal documents with other benefits such as balance transfer facilities, online account access, instant approval, easy EMIs, etc.
You also get to enjoy pre-approved offers that reduce the hassle of the application process and also help you save time. These pre-approved offers are available on multiple financial products such as home loans, personal loans, business loans, etc. You can have a look at your pre-approved offer by sharing minimum details like your name and phone number with your lender.
Furthermore, make sure that you are aware of all the things you need to know while taking a loan for your wedding such as interest rate, application and disbursal process, etc. Also, do make sure to make your EMI payments on time to avoid an accumulation of debt and penalty charges.
In addition to the above, there are other ways to lower the cost of bridal jewellery with price affordable for your budget such as purchasing multi-purpose pieces, customising old pieces, opting for imitation jewellery, etc.