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
KISNA Diamond and Gold Jewellery Unveils Akshaya Tritiya Campaign
#KhushiyonMeinNivesh
- The campaign brings alive the true meaning of Akshaya Tritiya through a warm, family-led narrative.
- The brand ramps up efforts for Akshaya Tritiya, a key occasion contributing ~15–18% of its annual revenue
- To echo the campaign’s celebration of small occasion-led purchases, the brand has rolled out curated, attractive festive offers for customers.
KISNA Diamond and Gold Jewellery has unveiled its latest campaign, ‘Khushiyon Mein Nivesh’, ahead of Akshaya Tritiya, capturing the deeper cultural significance of the festival through a simple, heartfelt story. Designed as a slice-of-life narrative, the film follows a child’s innocent quest to understand the meaning of “Akshaya”, using a family setting to bring out the emotion and significance of the occasion. The campaign’s theme seamlessly aligns with Kisna’s larger narrative of ‘Khushi ke har pal ke liye Kisna’, reinforcing its commitment to being a part of every joyous moment
About the campaign
The film opens in a warm home on the morning of Akshaya Tritiya, where a young girl curiously asks her grandmother, “Dadi… Akshaya Tritiya kya hota hai?” With gentle wisdom, the grandmother explains, “Akshaya ka matlab hota hai beta… jo kabhi khatam nahi hota… jo hamesha badhta hai.” Still puzzled, the child innocently questions, “Par car to kuch saalon mein purani ho jati hai na… phir wo Akshaya kaise?” Her curiosity sets the tone, carrying into a playful exchange with her father, who hints at a surprise to be revealed later that evening. This builds anticipation as the family steps out together, the child eagerly soaking in the moment.
The story unfolds at a KISNA showroom, where intimate family moments capture the essence of togetherness and discovery. As they explore jewellery, the father gently explains, “Hum invest karte hain khushiyon mein… ye wo khushiyan hain jinki value hamesha badhti hai.” The idea resonates as the child offers her coin, wanting to contribute to this shared happiness. The film closes back at home, where she is surprised with a delicate pendant, her face lighting up as she softly says, “Akshaya!” Ending on an emotional high, the narrative leaves viewers with a simple, enduring thought: “Iss Akshaya Tritiya… invest karein khushiyon mein.”
The campaign features actor Paritosh Tripathi in a key role, alongside a cast of seasoned television actors, bringing relatability and authenticity to the narrative.
Link to the film: https://www.youtube.com/watch?v=kwcGxq-aZfk
Creative Credits:
Conceptualised and executed by D&A
Commenting on the campaign, Ghanshyam Dholakia, Founder & Managing Director, Hari Krishna Group and KISNA Diamond and Gold Jewellery, said:
“Akshaya Tritiya is a festival rooted in meaning and tradition. With this campaign, we wanted to bring that meaning alive in a simple and relatable way. The story reflects how happiness and togetherness are values that grow over time, and jewellery becomes a natural part of those moments.”
Parag Shah, CEO, KISNA Diamond and Gold Jewellery, said:
“At KISNA, we believe jewellery is deeply connected to emotions and the moments people hold close. With ‘Khushiyon Mein Nivesh’, we wanted to tell a story that feels real and relatable, especially through a child’s perspective. The campaign captures how true value lies in happiness that continues to grow, making jewellery a meaningful part of that journey. Akshaya Tritiya remains one of the most significant occasions for us, contributing nearly 15–18% to our annual revenue, and continues to play a key role in driving consumer engagement and overall business performance.”
In line with the spirit of ‘Khushiyon Mein Nivesh’, KISNA has introduced a curated set of festive offers, inviting customers to celebrate the occasion through meaningful purchases. These include up to 40% off on making charges for diamond jewellery, 30% off on gold jewellery, a 7% benefit for armed forces personnel, complimentary silver coins on eligible purchases, and gift vouchers on select transactions, redeemable on subsequent purchases until Dhanteras. Thoughtfully designed for Akshaya Tritiya, these offers encourage customers to mark the occasion with purchases that carry both emotional significance and enduring value.
The campaign will be rolled out across digital platforms, supported by social media amplification, in the lead-up to Akshaya Tritiya.
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