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
Hari Krishna Exports Celebrates 34 Years With 1.34% Anniversary Advantage and 931 Lifesaving Blood Donations
Hari Krishna Exports Celebrates Its Legacy Of Trust, Sustainability, and Social Impact.
Hari Krishna Exports Pvt. Ltd. (HK) celebrated its 34th anniversary by expressing gratitude to the customers, employees, industry partners, and communities who have been part of its remarkable journey.
To mark the milestone, the company announced a 1.34% Anniversary Advantage on every natural diamond purchase, thanking customers for their continued trust and partnership over the past 34 years.
As part of its commitment to society, Hari Krishna Exports organised blood donation camps across its Surat and Mumbai facilities, collecting 931 units of blood and taking its cumulative contribution to 22,794 blood donations.
The celebrations were attended by distinguished leaders from the gems and jewellery industry, government, banking, and business fraternity, including Abdul Salam, Vice Chairman of Malabar Gold & Diamonds; Dr. Bhushan Gaglani, IAS, Former Commissioner of the Brihanmumbai Municipal Corporation (BMC); Mehul Shah, Vice President of Bharat Diamond Bourse (BDB); Dinesh Lakhani, Director of Kiran Gems; Ghanshyam Shankar, Founder of Shivam Jewels; Ajaykumar Singh, Deputy General Manager, State Bank of India (SBI); along with several other eminent industry leaders.
Extending the celebrations beyond the workplace, the Group hosted “Master Your Health,” a special evening wellness seminar at Nehru Auditorium, where renowned wellness expert Atul Shah, Founder of Ojas Life, shared valuable insights on holistic living with members of the gems and jewellery industry, friends, and well-wishers of Hari Krishna Exports.
The anniversary celebrations were attended by distinguished leaders from the gems and jewellery industry, government, banking, and business fraternity.
Reflecting on the milestone, Shri Savjibhai Dholakia, Founder, Hari Krishna Exports Pvt. Ltd., said:
“Our greatest achievement is not 34 years of business, but 34 years of trust, teamwork, and relationships that continue to inspire our journey.”
Shri Ghanshyambhai Dholakia, Founder & Chairman, Hari Krishna Exports Pvt. Ltd., added:
“As we enter our 35th year, we remain committed to innovation, ethical business, sustainability, and creating lasting value for our customers, employees, and society.”
As Hari Krishna Exports steps into its 35th year, the company continues its journey with a clear focus on responsible growth, customer trust, and meaningful contributions to society.
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