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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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National News

Mark this Mother’s Day with something as precious as she is, with Candere by Kalyan Jewellers

Celebrate her with thoughtfully crafted jewellery that reflects love, elegance, and everyday beauty

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Mother’s Day isn’t just about marking a date; it’s about recognising the everyday moments, the quiet sacrifices, and the effortless grace that often go unnoticed. The most meaningful gifts, then, are those that feel personal—pieces she’ll reach for not just on special occasions, but as part of her everyday life.

In this context, jewellery becomes more than an accessory. It transforms into a keepsake—something that reflects her personality, complements her style, and stays with her through both daily moments and special occasions. Jewellery feels especially fitting here; it mirrors how precious she is, making it not just a gift, but a meaningful reflection of her worth.

From subtle essentials to more expressive designs, Candere, a lifestyle jewellery brand under the house of Kalyan Jewellers, brings together pieces that are easy, wearable, and genuinely thoughtful—perfect for celebrating her in a way that feels natural, not overdone.

Here’s a curated Mother’s Day edit:

Rylie Diamond and Fancy Gemstone Ring


Playful yet refined, this rose gold ring by Candere features a floral-inspired cluster of vibrant pink stones, framed with delicate diamond accents. The open-ended design adds a contemporary twist, with a contrasting circular motif that brings balance and visual interest. Light, expressive, and easy to style, it’s perfect for adding a pop of colour to both everyday looks and special occasions.

Plain Glimmer Diamond V Ring


Sharp, minimal, and very easy to style, this V-shaped ring is all about clean lines. The diamond detailing adds a light sparkle without changing the simplicity of the design. It’s the kind of piece that works well for stacking or wearing on its own when she prefers something understated.

Classic Treand Diamond Cuff Bracelet


A refined blend of colour and craftsmanship, this rose gold bangle by Candere features elegant twin motifs accented with vibrant blue stones and delicate diamond detailing. The sleek, open-ended design keeps it light and versatile, while the intricate elements add just the right amount of character. Perfect for elevating everyday looks or adding a subtle statement to occasion wear, it’s a piece that balances tradition with a modern edge.

Enchanting Floral Diamond and Fancy Gemstone Oval Bracelet

Delicate with a playful twist, this rose gold bangle features a sleek, minimal band accented by a circular motif of multicoloured gemstones and subtle diamond detailing. The vibrant stones add a touch of personality, while the refined silhouette keeps it elegant and easy to wear. Perfect for everyday styling or adding a hint of colour to special moments, it’s a piece that feels both modern and effortlessly graceful.

Armida Diamond Earrings


Sleek with a hint of movement, these gold earrings feature layered, curved forms lined with shimmering diamonds. The cascading drop elements add fluidity and elongation, creating a striking yet balanced silhouette. Designed to catch the light with every turn, they bring a refined edge to both occasion wear and elevated everyday styling.

Giselle Diamond Dangle Earrings


With a graceful drop design, the Giselle Diamond Dangle Earrings bring a sense of movement and lightness. The cascading diamonds add just the right amount of brilliance, making them perfect for evenings or celebratory moments, while still maintaining a sense of everyday elegance.

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