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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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Platinum Guild International India Announces The 2026 Edition Of ‘Platinum Season Of Love’ 

Running From 17th April to 31st May 2026, A Nationwide Activation Celebrating Platinum’s Rarity 

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Platinum Guild International (PGI) – India announces the launch of Platinum Season of Love 2026, its signature nationwide retail activation set to run from 17th April to 31st May 2026 across jewellery stores in India. A key strategic initiative in PGI India’s annual calendar, the programme is designed to drive consumer demand and retail momentum for platinum jewellery across key branded segments, in collaboration with PGI’s trusted retail partners, as they usher in the summer season, marked by special occasions and weddings. 

With a curated collection of exquisitely crafted platinum jewellery pieces across Platinum Evara, Men of Platinum and Platinum Love Bands, this retail initiative will serve as a catalyst to boost platinum jewellery growth during the period. The initiative will help shoppers discover why platinum stands apart as a rare precious metal of enduring value.  This year, it is complemented further by a consumer-facing campaign for Men of Platinum, featuring brand ambassador MS Dhoni, built around the thought of ‘Chosen by Mahi’. The campaign celebrates men of rare character—those who choose with intent and never compromise—making platinum their natural choice. As an icon known for his quiet strength, authenticity and enduring appeal, Dhoni reflects the very qualities that define platinum. The campaign reinforces a clear idea: a man of character chooses a rare metal of enduring value.

At the retail point, Platinum Season of Love 2026 will showcase a curated mix of platinum jewellery across PGI India’s branded categories, including:

  • Men of Platinum, featuring statement platinum jewellery for men
  • Platinum Evara, with finely crafted platinum jewellery designs for the women of today
  • Platinum Love Bands, which celebrate modern love and commitment

Together, these categories showcase platinum’s rarity, emotional significance, and modern relevance—encouraging consumers to choose a metal that is not only precious, but distinctly rare.

Crafted in 95% pure platinum, PGI’s branded platinum jewellery collections continue to resonate with younger Indian consumers.

Vaishali Banerjee – Head of Global Market Development and Managing Director – India & Middle East, Platinum Guild International, said

Young Indian consumers today are increasingly drawn to jewellery that reflects who they are—making rarity, meaning and self-expression more important than ever. Platinum is uniquely placed to meet this need. With Platinum Season of Love, we are translating this insight into a focused retail programme that drives both consumer value and category growth, in close collaboration with our retail partners. We deeply value their continued trust and support, which play a critical role in bringing the platinum story to life across markets.”

With strong retailer participation, Platinum Season of Love 2026 is set to deliver another high-impact season for platinum jewellery in India.

Sharing their thoughts on the upcoming Platinum Season of Love, leading retailers shared:

Rajesh Kalyanaraman, Executive Director- Kalyan Jewellers – 

“Platinum Season of Love has consistently been a strong retail platform to build visibility and excitement for platinum jewellery. Platinum’s coveted preciousness is rooted in its rarity, making it a relevant offering for today’s discerning buyer. With Men of Platinum led by MS Dhoni, alongside Platinum Evara and Platinum Love Bands, we see this activation as a strong opportunity to deepen consumer engagement and drive greater appreciation for platinum across categories.”    

G. R. Radhakrishnan, Managing Director, GRT Jewellers – 

“Retail programmes such as Platinum Season of Love play an important role in driving consumer awareness and consideration at the point of sale. The rarity of platinum builds intrinsic value in a way that is easy for consumers to understand and connect with. With a well-rounded category presence across Men of Platinum, Platinum Evara and Platinum Love Bands, the activation is well poised to create strong interest and engagement in store.”  

Dr Joy Alukkas, Chairman and Managing Director, Joyalukkas Group – 

“Platinum Season of Love presents platinum as a strong and contemporary proposition for today’s market. Through the coming together of Men of Platinum, Platinum Evara and Platinum Love Bands, the programme creates a cohesive retail story that speaks to diverse consumer preferences and occasions. It offers a meaningful way for consumers to connect with the metal, while underscoring platinum’s rarity, modernity and enduring appeal.” 

 

Suvankar Sen – MD & CEO, Senco Gold & Diamonds – 

“Platinum Season of Love has emerged as an important retail intervention for the category. Platinum, being 30 times rarer than gold, gives the consumer a strong, memorable entry point into the category. Supported by the star power of MS Dhoni for Men of Platinum and complemented by Platinum Evara and Platinum Love Bands, the activation is expected to create strong traction and reinforce platinum as a rare and meaningful choice.”  

Milan Shah, Director- Kalamandir Jewellers – 

“Platinum Season of Love beautifully captures what makes platinum truly special—its rarity and its enduring value. In our experience, consumers are increasingly drawn to jewellery that carries both meaning and distinction, and platinum answers that need exceptionally well. Strong in-store storytelling, supported by Men of Platinum, Platinum Evara and Platinum Love Bands, will help create a sharper emotional and aspirational connect at retail.”  

  

Dr Saurabh Gadgil, Chairman & Managing Director- PNG Jewellers – 

“Platinum Season of Love 2026 brings a strong retail proposition to the fore. Its rarity gives consumers a sharper reason to consider platinum, and the retail programme creates strong visibility at the point of sale. With Men of Platinum, Platinum Evara and Platinum Love Bands, the activation is well placed to drive engagement across key consumer segments. We see this as a meaningful opportunity to build momentum for the category.”  

Varghese Alukka, Managing Director, Jos Alukkas Jewellery - 

“Consumers today are looking beyond ornamentation; they are seeking meaning, individuality and lasting value in what they choose. That is where platinum holds a special place. Platinum Season of Love 2026 places the precious metal’s rarity at the centre, translating it into a strong retail experience. We are confident that this programme will help elevate platinum’s desirability and encourage more consumers to explore the category during the activation period.”     

Paul J Alukka, Managing Director, Jos Alukkas Jewellery –  

“Platinum Season of Love puts a clear and differentiated consumer story at the centre of retail. Platinum, being 30 times rarer than gold, is a powerful message, and one that adds to its precious appeal. The activation is expected to strengthen consumer consideration and support stronger traction in-store. It is a strong platform for driving both visibility and conversion.”    

John Alukka, Managing Director, Jos Alukkas Jewellery - 

“Platinum Season of Love 2026 presents platinum in a way that feels modern, meaningful and commercially relevant. The focus on rarity gives the metal a strong point of distinction in the consumer mind. Supported by category-led storytelling at retail, the activation is well-positioned to deepen engagement and drive demand. We look forward to a strong season for platinum.”   

Amarendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers

“Platinum Season of Love brings together a strong product story and a clear retail narrative. For the consumer, platinum’s rarity creates immediate impact and distinction. Through Men of Platinum, Platinum Evara and Platinum Love Bands, the programme offers a compelling platform for category growth. We see this as a strong opportunity to drive visibility and consumer interest.” 

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