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
GJEPC Seminar In Jammu Focuses on Export Opportunities For MSMEs
Seminar Aimed At Helping Jewellers Tap Global Export Opportunities, Highlighting The Role Of IIJS Bharat In Expanding Business Prospects
GJEPC, in association with Swarnkar Sangh Jammu, organised a seminar on “Export Opportunities for MSMEs and IIJS Retail Connect”, bringing together more than 150 members of the jewellery trade from across Jammu district. The seminar held on 24 July aimed at helping jewellers tap global export opportunities while highlighting the role of IIJS Bharat in expanding business prospects and strengthening India’s gems and jewellery industry.
Mansukh Kothari, Convenor – Events, GJEPC, outlined how IIJS Bharat has enabled manufacturers, retailers and exporters to build professional networks, discover new markets, and generate business opportunities through direct engagement with domestic and international buyers.
Mithilesh Pandey, Senior Director, GJEPC, presented an overview of the Council’s initiatives to strengthen India’s gem and jewellery export ecosystem. He guided participants through the process of establishing an export business, including obtaining an Import Export Code (IEC), GST registration and fulfilling other statutory requirements.
Pandey also highlighted GJEPC’s export promotion initiatives, including IJEX, Dubai, e-commerce opportunities through platforms such as eBay, participation in international trade exhibitions and access to overseas markets. He underscored the growing importance of FTAs in enhancing India’s export competitiveness and outlined the various MSME schemes and government support available to industry members.
Naheed Sunke, Assistant Director, GJEPC, briefed participants on the benefits available to jewellers attending IIJS Bharat through their association, including special discounts on visitor registrations. She also noted that IIJS offers a valuable platform to showcase regional jewellery traditions to a wider audience, adding that Jammu’s distinctive Dogra jewellery has the potential to gain greater national and international visibility through the exhibition as efforts to secure a GI tag continue. The seminar generated strong interest in GJEPC’s membership and trade initiatives. Several participants agreed to become GJEPC members, while many others expressed interest in visiting the upcoming IIJS exhibition.
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