National News

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

Published

1 year ago

March 20, 2025

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.”

Related Topics:2025 GoldSales nationalnews Retail Gold

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National News

Palmonas Turns An Untapped Gap In Indian Jewellery Market Into a New Category: Platinum Plated Silver

Authentic 925 silver meets the elevated finish of platinum

Published

9 hours ago

September 1, 2026

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Palmonas is introducing a new chapter in jewellery with the launch of its Platinum Plated Silver Jewellery Collection, bringing together the authenticity of 925 sterling silver with the elevated appeal of platinum.

While silver has always been a familiar and widely available jewellery category in India, platinum has remained far more exclusive and premium. Palmonas set out to explore what would happen if the two could come together retaining the strength of sterling silver while introducing the bright white, luxurious finish of platinum.

Crafted in 925 sterling silver, each piece is finished with PPS electroplating (Precision Plating System) and platinum plating up to 1 micron. The result is jewellery that combines silver’s authenticity with platinum’s distinctive premium finish, while the protective layer also helps improve resistance to tarnishing and scratches. The collection remains hypoallergenic and suitable for sensitive skin.

For Palmonas, this launch began with a simple question: why should consumers have to choose between the value of authentic silver and a more premium, durable finish? After extensive research, testing and trials, the brand has developed an elevated way to experience silver jewellery.

Featuring over 400 designs across bracelets, necklaces, earrings, rings and anklets, the collection brings this innovation to a wide range of everyday and occasion wear styles.

Pallavi Mohadikar, CEO & Founder, Palmonas, said:

“This collection came from a desire to push the boundaries of what silver jewellery could be. Silver already has authenticity, value and a strong place in the Indian jewellery market, while platinum represents a more premium and elevated finish. We saw an opportunity to bring these two worlds together. After extensive research, testing and trials, we developed a process that allows us to create jewellery that retains the authenticity of 925 sterling silver while offering the distinctive bright white finish of platinum.

This launch reflects our larger approach at Palmonas—to look at familiar categories differently and create innovations that respond to how the modern consumer wants to wear jewellery today’’

With this launch, Palmonas continues its journey of challenging traditional jewellery categories and introducing innovations designed around the evolving needs of the modern Indian consumer.