National News
Palmonas Celebrates Its 101st Store, Marking A Journey Built On Trust, Community and A New Way Of Experiencing Jewellery
Palmonas, the brand that made modern-looking jewellery a part of everyday style, has reached a significant milestone with the opening of its 101st store, marking another chapter in its journey of making jewellery more accessible.
From its first store in Pune in 2022 to 101 stores across India, Palmonas’ journey began with a simple thought. Jewellery should feel special, without having to be saved for a special occasion. The Demi-Fine® collection was created to bridge this gap, combining thoughtful design, everyday wearability, and affordable pricing.
Today, the brand’s growth extends beyond its retail footprint. Palmonas has also built a community of over 1 million followers on Instagram, reflecting the growing connection it has created with its audience across India. The 101st store marks not just a retail milestone, but a journey shaped by the people who have been part of the brand’s growth.
Speaking on the milestone, Pallavi Mohadikar, CEO & Founder, Palmonas, said,
“Reaching 101 stores is a very special moment for me. When I started Palmonas, I had a simple vision of changing the way people experience jewellery. Today, that vision has grown into 101 stores and over a million people following our journey on Instagram. For us, 101 is a stepping stone towards our next milestone of 2,000 stores. We’re excited for what comes next.”
With its growing retail network and digital community, Palmonas continues to expand its presence across India, bringing its jewellery closer to customers and creating spaces where they can discover and experience the brand.
As Palmonas looks ahead, it remains focused on continuing to make thoughtfully designed jewellery more accessible while growing a community that feels connected to the brand and its journey.
National News
Imposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
Adv. S. Abdul Nazar, State General Secretary of the Kerala Gold and Silver Merchants Association (KGSMA), stated that the decision to impose a 0.4% Merchant Discount Rate (MDR) on specific UPI merchant transactions exceeding Ra. 2,000, effective October 15, is a matter of serious concern for the gold trade sector.
Although a maximum cap of Rs. 300 has been set for transactions of Rs. 75,000 and above, the gold jewelry sector predominantly deals in high-value transactions. Consequently, for a jewelry establishment handling numerous UPI transactions daily, the cumulative MDR costs incurred on each transaction will translate into a significant additional operational expense by the end of the month.
For instance, an MDR of up to Rs. 200 would apply to a UPI transaction of Rs. 50,000, while up to Rs. 300 would apply to transactions exceeding Rs. 75,000. Given the thousands of high-value digital transactions occurring in the gold trade sector, the total financial impact of this cost cannot be underestimated.
While the government has clarified that the MDR should not be collected directly from the customer, the financial burden ultimately falls upon the merchant. For jewelry establishments already grappling with various obligations—such as GST, hallmarking, HUID, banking charges, security, and employee-related expenses—the addition of this new payment cost will particularly impact small and medium-sized enterprises. Given that UPI has become a cornerstone of the nation’s digital economy, the gold jewelry trade sector requires special consideration; high-value gold transactions should not be treated in the same manner as routine retail transactions.
At a time when digital payments are being encouraged and transparent trade is essential, the government and relevant authorities must intervene urgently to prevent imposing an additional financial burden on merchants using UPI.
KGSMA urges the authorities to consider waiving the Merchant Discount Rate (MDR) for high-value transactions in the gold trade or granting a special exemption to the gold jewelry sector.
Palmonas Celebrates Its 101st Store, Marking A Journey Built On Trust, Community and A New Way Of Experiencing Jewellery
Imposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
GJC Is Concerned and Disappointed With The Introduction Of MDR On UPI Merchant Transactions Above ₹2,000
Palmonas Celebrates Its 101st Store, Marking A Journey Built On Trust, Community and A New Way Of Experiencing Jewellery
Imposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
High-Value UPI Payments To Attract 0.4% MDR From October 15
-
National News11 minutes agoImposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
-
National News48 minutes agoHigh-Value UPI Payments To Attract 0.4% MDR From October 15
-
National News29 minutes agoGJC Is Concerned and Disappointed With The Introduction Of MDR On UPI Merchant Transactions Above ₹2,000
-
International News41 minutes agoUS Consumers Are Cutting Back Sharply On Discretionary Items Like Jewellery
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.