Global Pressures Reshaping Gold Prices

The Akshaya Tritiya season of 2026 unfolded against a backdrop of significant global economic turbulence. The West Asia conflict has had a direct and measurable impact on global trade, with gold and silver prices hovering at all-time highs entering the festive period. Over the past several years, a confluence of geopolitical developments — including supply chain disruptions, inflationary pressures, and currency volatility — has driven a significant and sustained escalation in precious metal rates.

On the currency front, the Indian rupee stood at 92.96 against the US dollar as of the Sunday preceding the festival, reflecting continued pressure on emerging market currencies. Gold was trading at Rs 1,55,780 per 10 grams for 24-karat — a figure that, compared to just one year prior, effectively represents a doubling of prices. Yet, rather than deterring buyers, these conditions appear to have recalibrated purchasing behaviour without dimming the fundamental demand impulse.

— Jignesh Mehta, MD and Founder, Divine Solitaires

“Akshaya Tritiya has once again reinforced its importance as a key milestone for the jewellery industry, and this year we witnessed strong consumer sentiment translating into robust demand. At Divine Solitaires, the season was marked by healthy sales growth, with customers showing a clear preference for high-quality, certified natural diamonds that offer both emotional and long-term value.

What stood out was the increasingly informed mindset of buyers. There is a visible shift towards transparency, performance, and assurance, rather than purely price-led decisions. Our focus on consistent standards and rarity resonated strongly, and offerings such as the diamond coin saw encouraging traction as consumers looked for meaningful, investment-oriented purchases. Overall, the season has been a positive indicator of evolving consumer behaviour, where trust, quality, and value continue to drive buying decisions.”

— Sandeep Kohli, CEO, Indriya, Aditya Birla Jewellery

“Despite the surge in gold prices, consumer demand remains resilient. They are willing to spend, driven by a strong focus on purity, quality, and contemporary design. We have recorded a very healthy year-on-year increase in store footfalls, with our Akshaya Tritiya collections witnessing strong traction.

Additionally, the growing preference for lightweight studded jewellery points to a steady rise in premiumization. We are also seeing an increasing number of consumers opt for gold exchange, reinforcing underlying purchase intent. We are leaning into this demand around Akshay Tritiya, a period traditionally associated with prosperity.”

Consumer Sentiment: Resilience Amid Record Prices

High Prices, Higher Intent

Despite record valuations, major jewellery destinations across Mumbai and other metro cities reported large footfalls. The defining shift, however, lay in what consumers were buying. Gold bars and coins emerged as dominant purchase categories, with customers adopting a deliberate, phased approach to jewellery acquisition.

A new behavioural pattern became visible: customers select a design and book the piece with a partial payment, collecting the finished jewellery on the day of the festival itself — a pragmatic response to price volatility. Gold prices are witnessing fluctuations due to the conflict in the Middle East. Over the past five days, an upward trend has been observed in gold rates. Compared to last year, gold prices have effectively doubled. Consequently, customers are prioritizing their gold purchases. If customers intend to buy a piece of jewellery worth Rs four to five lakh, they select the design, book the item by making a payment, and then take the delivery on the day of the festival.”

Tier 2 & 3 Markets: The Cultural Heartland Holds Firm

Beyond the metros, the cultural significance of Akshaya Tritiya remained deeply entrenched in smaller towns and cities. Tier 2 and Tier 3 markets demonstrated robust and even accelerated growth, underscoring the festival’s grassroots resonance across India’s demographic fabric.

— Vaibhav Saraf, Director, Aisshpra Gems & Jewels

“Akshaya Tritiya continued to witness strong customer sentiment this year, particularly across Tier 2 and 3 markets where the cultural significance of the occasion remains deeply rooted. Despite elevated gold prices, demand has remained resilient, with the brand recording an estimated 30% growth in value terms.”

Saraf further highlighted a clear shift in consumer behaviour: customers are increasingly opting for lighter, design-led gold jewellery while also considering diamonds as part of their purchase journey — reflecting a broader trend where jewellery is seen not just as an investment, but as an expression of lifestyle and aspiration.

— Ushabh Kothari, Director, Karan Kothari Jewellers

“This Akshaya Tritiya has been a testament to the eternal bond between Indian families and gold. At Karan Kothari Jewellers, we didn’t just see transactions; we saw a revival of trust and tradition. The overwhelming response shows that even in a digital age, the touch and feel of pure craftsmanship remain irreplaceable. We are humbled by the love our patrons have shown us and remain committed to purity, transparency, and timeless design.”

Sales Performance: Beyond Expectations

National Overview

Jewellery retailers across the country registered sales that surpassed expectations, even as volume metrics remained tempered by elevated pricing. The Gem & Jewellery Council’s leadership painted an optimistic picture of the season’s overall performance.

— Avinash Gupta, Vice Chairman, Gem & Jewellery Council of India (GJC)

“This Akshaya Tritiya, jewellery retailers across the country expressed profound satisfaction — jewellery sales were beyond expectations. As the trade and industry look toward the upcoming festive seasons, there is an optimism that the momentum sparked by Akshaya Tritiya will continue to flourish.”

— Rahul Mehta, MD, Silver Emporium

“Silver jewellery sales this Akshaya Tritiya were better than expected, with a clear increase in volumes compared to last year. With gold prices remaining high, many customers chose silver, driving strong demand for both jewellery and pooja articles. This reflects silver’s growing appeal as an affordable and auspicious option for festive buying.”

Regional Spotlight: Tripura

In the North-East, the festival generated remarkable results at a regional level. RadhaKrishna Jewellery Retail, operating six showrooms across Tripura, reported milestone growth across multiple product categories.

— Narayan Debnath, Managing Director, RadhaKrishna Jewellery Retail Pvt Ltd, Agartala

“We are truly overwhelmed by the exceptional response from our valued customers during Akshaya Tritiya across all six of our showrooms in Tripura. This festive season has marked a remarkable milestone for us, with a steady increase in value sales of gold jewellery, a notable rise in silver jewellery demand, and an encouraging response to our 18 karat and 9 karat collections. It has indeed been a great year, reflecting growing customer trust and evolving preferences.”

Regional Spotlight: Tamil Nadu

In Tamil Nadu — a state where Akshaya Tritiya holds particular cultural importance — the trading environment was shaped by an additional variable: election-related dynamics that had some bearing on store footfall and buying patterns. Despite this, the broader demand picture held steady.

— Paul Alukkas, Managing Director, Jos Alukkas

“Amidst elevated gold prices and global economic issues, the overall volumes did not see a big gain; however, the intent and sentiment remained high. In Tamil Nadu, where the festival holds particular importance, election-related dynamics had some impact on store footfall and buying patterns during the period. Customer spending remained in line with last year. Demand was evenly split between 22kt gold jewellery and coins.”

Product Trends: The New Aesthetic of Indian Jewellery

The Rise of Lightweight & Design-Led Jewellery

One of the most pronounced and consistent themes across retail stakeholders this season was the decisive shift toward lightweight jewellery — practical, everyday pieces that balance wearability with aesthetic appeal. This trend, observed across age groups, was especially pronounced among younger, first-time buyers.

Paul Alukkas of Jos Alukkas noted that consumer preferences are rapidly evolving, with young first-time buyers exhibiting a growing affinity for lightweight, practical jewellery. This was mirrored in the national performance data shared by Titan Company’s Jewellery Division.

— Arun Narayan, CEO, Jewellery Division, Titan Company Limited

“We have seen a very strong Akshaya Tritiya, with encouraging customer response to our new collections and campaigns across the country. While gold coins appear to be softening, there is a growing preference for distinctive, design-led pieces, including those featuring natural diamonds and gemstones. Lightweight daily wear and 18-karat wedding jewellery are also seeing strong traction.”

Karat Preference & Category Diversification

The traditional dominance of 22-karat gold is being complemented by growing interest in 18-karat and even 9-karat formats, especially for fashion-forward and daily-wear collections. This reflects a maturing consumer base that is willing to trade purity for design versatility. The emergence of silver jewellery as a meaningful category also signals an expanding aperture of the gifting and investment occasion.

Diamonds & Gemstones: Aspirational Co-Purchases

Natural diamonds and gemstone-set pieces registered significant interest, particularly among consumers using Akshaya Tritiya as an occasion to signal aspirational milestones. This convergence of gold and diamond categories within a single shopping occasion marks a notable evolution in the Indian festive jewellery mindset.

— Ricky Vasandani, Co-founder & CEO, Solitario Diamonds

“Akshaya Tritiya has always been synonymous with gold buying. This year, we wanted to open the occasion to a new category of consumers. The number of first-time buyers we saw is a strong signal that diamonds are increasingly being viewed as something more immediate and personal, rather than just legacy purchases.”

Evolving Purchase Behaviour

Exchange as a Smart Purchase Strategy

One of the more structural shifts identified this season was the growing adoption of exchange programmes — where customers trade in old gold to offset the cost of new purchases. This mechanism has proved especially popular for high-value purchases tied to weddings or auspicious occasions.

— Arun Narayan, CEO, Jewellery Division, Titan Company Limited

“Exchange is increasingly being seen as a smarter way to buy, especially for purchases linked to weddings or auspicious occasions like Akshaya Tritiya. This sustained demand reinforces gold’s enduring value as an emotional, cultural, investment, and increasingly self-expression-led purchase.”

Gold as a Multi-Dimensional Asset

Across stakeholder commentary, a recurring theme emerged: gold’s role in the Indian household is no longer singular. It simultaneously occupies emotional, cultural, financial, and lifestyle dimensions. This multi-layered significance has insulated demand even in a high-price environment, creating a category that behaves unlike most discretionary consumer goods.

The Enduring Bond: Tradition, Trust & Craftsmanship

Beyond the commercial metrics, several retailers articulated a more profound dimension of the Akshaya Tritiya experience — the reaffirmation of trust between jeweller and patron, and the irreplaceable value of physical craftsmanship in a digital age.

— Ushabh Kothari, Director, Karan Kothari Jewellers

“This Akshaya Tritiya has been a testament to the eternal bond between Indian families and gold. At Karan Kothari Jewellers, we didn’t just see transactions; we saw a revival of trust and tradition. The overwhelming response shows that even in a digital age, the touch and feel of pure craftsmanship remain irreplaceable. We are humbled by the love our patrons have shown us and remain committed to purity, transparency, and timeless design.”

This sentiment — of jewellery as lived experience rather than mere transaction — encapsulates the enduring cultural capital of India’s jewellery sector. It is this intangible dimension that continues to make gold unique among all asset classes in the Indian consumer psyche.

Outlook: Momentum Into the Festive Calendar

With Akshaya Tritiya 2026 setting a strong tone, industry attention now turns to the wedding season and the Diwali-Dhanteras cluster. The signals are cautiously optimistic: consumer intent remains elevated, the exchange ecosystem is maturing, and design innovation is clearly resonating with a new generation of buyers.

The primary risk factors remain external — geopolitical developments in West Asia, further rupee depreciation, and global interest rate trajectories — all of which have a direct bearing on gold prices. Should prices moderate, volume growth could see a meaningful uptick. If elevated, the industry has demonstrated sufficient adaptability to sustain value growth even under pressure.

The industry expressed confidence that the momentum from this Akshaya Tritiya would carry forward into the broader festive season ahead, with the structural demand drivers for Indian jewellery remaining firmly intact.