National News
Retail Gold Sales Drop 25% Amid Rising Prices, Lightweight Jewelry in Demand
A 4% rise in gold prices in March has led to a significant 25% decline in retail gold sales at jewelers and a 60% drop in Zaveri Bazaar. Indian families with upcoming weddings are feeling the pinch of higher gold prices, turning to lighter, lower-carat jewelry to meet bridal jewelry demands. Despite this, demand is expected to pick up during Akshay Tritiya in April, though lightweight jewelry remains the preferred choice.
Gold prices saw a near-4% increase in the first half of March, bringing down retail sales by 25% compared to the same period last year. Zaveri Bazaar, a hub where retail jewellers buy bullion and jewelry in bulk, saw a 60% drop in sales.
Senco Gold & Diamonds, Joy Alukkas, PNG Jewellers, Mamraj Musaddilal Jewellers, and senior executives from the India Bullion & Jewellers Association mentioned that Indian families, especially those with weddings planned for the upcoming season, are stressed by the escalating prices. As a result, they are opting for lightweight jewelry, as high prices make it difficult to stick to the traditional gold jewelry budgets.

Suvankar Sen, the chief of Senco Gold, shared that sales of small-ticket gold jewelry in the ₹30,000 – ₹40,000 price range have dried up. “The high prices are keeping customers away from spending on gold,” he said. On March 18, gold was priced at ₹88,256 per 10 gm in the physical market, with a 3% Goods and Services Tax (GST), pushing the cost to ₹90,903 per 10 gm.
“Those who have weddings in the family are buying lightweight jewellery as they cannot stretch the budget. Demand has dropped by 15% beginning from March and if this rally continues, the recovery in demand may not happen. The next big sales can only happen during Akshay Tritiya, which falls on April 30,” said the MD of Senco Gold & Diamond.
Despite the rise in prices, the demand has remained sluggish in South India too. “Compared to last March, demand is down by up to 25%. While the high price is a big factor in this demand drop, other things like board exams have slowed down demand as well,” said Baby George, CEO of Joy Alukkas.
Saurabh Gadgil, chairman of PNG Jewellers, also highlighted the shift in preferences. “People are buying lightweight jewellery, and many are exchanging old gold jewellery with new ones. The volumes are getting impacted but value-wise the jewellers are not facing any issue.”


Avinash Gupta, partner at Hyderabad-based Mamraj Musaddilal Jewellers, noted that while demand has softened, it hasn’t reached alarming levels. “Demand will bounce back in April due to weddings and Akshaya Tritiya, but definitely the preference will shift to lightweight and lower caratage jewellery.”
National News
DGSL launches India’s first structured insurance appraisal service for GJ sector
DGSL, one of India’s leading gems and jewellery testing and certification authorities, has announced the launch of specialized Insurance Appraisal Services for gems and jewellery, introducing what it describes as the country’s first structured, standards-driven appraisal service dedicated to insurance documentation.
The initiative seeks to address a long-standing gap in the Indian market, where jewellery insurance documentation has often lacked standardized gemological evaluation and globally aligned valuation methodologies / practices.
With the rising value of fine jewellery collections, heirloom pieces, and investment-grade gemstones, the demand for precise and internationally compliant insurance appraisals has grown significantly. DGSL’s appraisal reports include detailed gemstone identification, grading analysis, market-aligned valuation methodology, high-resolution imaging, and clearly defined value conclusions prepared specifically for insurance coverage purposes.
The reports aim to provide clarity and reliability for clients, insurers, and financial institutions by ensuring accurate replacement value assessments and minimizing ambiguity during insurance claims.
In a parallel development, Atul Jain, Director at DGSL, has been granted membership in the National Association of Jewelry Appraisers (NAJA), one of the world’s most respected professional organizations dedicated to jewellery appraisal standards, ethics, and professional education.
Jain, a Graduate Gemologist with more than four decades of experience in the jewellery trade, has played a significant role in gemological education, diamond grading, and jewellery authentication in India. His professional expertise spans natural diamonds, coloured gemstones, antique jewellery evaluation, and market advisory.

Atul. Jain said, “The introduction of structured insurance appraisal services marks an important evolution for the Indian jewellery industry. Jewellery today represents not only adornment but also heritage, investment, and emotional legacy. It deserves documentation that meets global standards of accuracy, transparency, and credibility.”
DGSL’s Insurance Appraisal Services will cater to private collectors, high-net-worth individuals, jewellery retailers, estate planners, financial institutions, and insurance providers. Each appraisal follows internationally accepted valuation principles while being adapted to the dynamics of both the Indian and global jewellery markets.
With over two decades of excellence in testing and certification, DGSL has built a reputation grounded in scientific accuracy, ethical practices, and client trust. The addition of Insurance Appraisal Services further strengthens DGSL’s position as a comprehensive authority in gemological certification and valuation.
This initiative sets a new benchmark for professionalism within India’s gems and jewellery sector, ensuring that valuable jewellery assets are not only authenticated but also properly valued and protected.
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