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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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Hari Krishna Group’s 12th Amrit Ganga Tirth Yatra Brings 1,380 Members Together in a Celebration of Faith, Gratitude and Togetherness

The yatra includes 344 Radha Krishna couples, 490 employees’ parents, 310 parents-in-law, 54 organising committee members, 63 invited guests, 150 artists, 77 kitchen staff and 96 support staff

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For Hari Krishna Group, employees are never just employees; they are family. And when someone becomes part of the HK family, their parents become our parents too.

Living this belief for over a decade, Hari Krishna Group has commenced its 12th Amrit Ganga Tirth Yatra 2026, bringing together 1,380 members of the HK family on a spiritual journey to Haridwar and Rishikesh. More than an annual pilgrimage, the yatra is a heartfelt tribute to parents and elders whose love, sacrifices and blessings have shaped generations.

This year, the yatra includes 344 Radha Krishna couples, 490 employees’ parents, 310 parents-in-law, 54 organising committee members, 63 invited guests, 150 artists, 77 kitchen staff and 96 support staff, making it one of the most cherished traditions of the Hari Krishna Group. Every invitation reflects the organisation’s culture of treating employees and their families as one extended family.

Months of meticulous planning go into making this journey comfortable and memorable for every elder. From travel, accommodation and healthcare to meals, hospitality, sightseeing and daily assistance, every arrangement is thoughtfully planned so that participants can focus entirely on their spiritual experience with complete peace of mind.

The journey began with the traditional Vadil Vandana ceremony at the Group’s Surat and Mumbai offices, where elders were welcomed with shawls as a mark of honour. Employees also performed Pad Prakshalan, the sacred tradition of washing the feet of parents and elders, expressing gratitude for their lifelong sacrifices. Inspired by the timeless values of Shravan Kumar, employees accompany the senior members throughout the pilgrimage, ensuring they experience every moment with comfort, care and dignity.

Over the coming days, participants will take part in Rudra Abhishek, Ganga Snan, the divine Ganga Aarti at Har Ki Pauri, yoga and meditation sessions, spiritual discourses, cultural performances, recreational activities and tree plantation initiatives. The itinerary also includes visits to the sacred destinations of Rishikesh, Ram Jhula, Laxman Jhula, Janki Jhula, Mansa Devi and Chandi Devi, creating an enriching experience that beautifully blends spirituality, wellness and togetherness.

Speaking on the occasion, Savjibhai Dholakia, Visionary Founder and Chairman of Hari Krishna Exports, said:

“Every parent spends a lifetime creating a better future for their children. This yatra is our humble way of expressing gratitude to them. At Hari Krishna Group, we have always believed that our employees are family, and naturally their parents become our parents too. Their blessings are our greatest strength, and serving them is our greatest privilege. If we can bring smiles to their faces and create memories they cherish for a lifetime, we feel truly blessed.”

As the 12th Amrit Ganga Tirth Yatra begins, Hari Krishna Group continues to uphold a tradition where business and values walk hand in hand. More than a pilgrimage, the yatra is a living expression of gratitude, respect and togetherness, reminding every member of the HK family that while businesses may be built with vision, enduring legacies are built by honouring parents, preserving culture and staying rooted in family values.

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