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Retail Gold Sales Drop 25% Amid Rising Prices, Lightweight Jewelry in Demand

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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.”

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Education

GSI Strengthens Experiential Gemological Education Through Vietnam Ruby Mine Field Trip for CSP Students

The activity reinforced GSI’s commitment to real-world learning and global gemological excellence for students

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Gemological Science International (GSI), a global authority in gemological education and certification, reinforced its leadership in experiential learning with an immersive field trip to the Luc Yen Ruby Mine in Vietnam for students of its Color Stone Professional (CSP) Program.

Bridging Classroom Learning with Ground-Level Gemology

Organised from 18th to 22nd January 2026 for the CSP 9th Batch, the international field visit was designed to bridge classroom knowledge with on-ground industry realities. The programme offered students first-hand exposure to ruby geology, mining practices, gemstone sorting, valuation, and live market dynamics, while also fostering cultural awareness and team bonding.

Inside Vietnam’s Renowned Luc Yen Ruby Deposits

Luc Yen, located in Vietnam’s Yen Bai Province, is globally recognised for its ruby and spinel deposits formed within metamorphic marble and gneiss formations. During the mine visit, students closely observed manual and alluvial mining techniques, gravel washing, and on-site sorting of ruby rough. Interactions with local miners provided valuable insight into yield variations, seasonal challenges, and the realities of small-scale gemstone mining.

Understanding Market Dynamics at the Source

A key highlight was the visit to the Luc Yen gemstone market, where students witnessed real-time negotiations between miners, traders, and buyers. From understanding how colour, clarity, size, and cutting potential influence pricing to observing buyer psychology and market behaviour, the experience offered perspectives rarely accessible within a classroom environment.

Holistic Exposure Beyond the Mine

Beyond gemological training, the itinerary included cultural and recreational experiences in Hanoi, such as cave exploration, water rafting, and city sightseeing. These activities added depth to the learning journey, encouraging collaboration, cultural exchange, and holistic development.

Leadership Perspective on Experiential Education

“The future of gemology lies in education that goes beyond textbooks. Exposure to mines, markets, and global trade ecosystems equips students with confidence, context, and credibility,” said Meenu Vyas, Global Head Gemologist (GSI). “At GSI, we believe that true expertise is built when theory meets practice on the ground.”

Reinforcing GSI’s Commitment to Global Gemological Excellence

The Vietnam field trip stands as a testament to GSI’s commitment to nurturing globally competent gemologists through immersive education, international exposure, and industry-relevant learning experiences.

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