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
P N Gadgil Jewellers Reports ₹251 Crore Revenue on Akshaya Tritiya, Registers 80.3% YoY Growth
Strong Footfalls, Volume Growth, and Diversified Demand Across Gold, Silver, and Diamonds Drive One Of The Brand’s Highest Single-Day Performances
P N Gadgil Jewellers reported a robust revenue of Rs. 251 crore on Akshaya Tritiya 2026, marking an impressive 80.3% year-on-year growth compared to Rs. 140 crore last year. This performance stands as the company’s second-highest single-day revenue to date, driven by strong consumer sentiment, healthy footfall, and solid traction across key product categories.
The gold segment remained the primary growth driver, recording Rs. 220 crore in revenue, reflecting a 79.6% YoY increase, along with a 12.8% rise in volume growth. Meanwhile, the silver segment surged by 98.0%, reaching Rs. 10 crore, and the diamond and other jewellery category grew by 79.9%, contributing Rs. 21 crore—highlighting balanced growth across segments.
The table below summarises segment-wise revenue performance compared with the prior year:
| Particulars (₹ Cr) | Apr-26 Revenue | Apr-25 Revenue | Revenue Growth (%) |
| Gold | 220 | 123 | 79.6% |
| Silver | 10 | 5 | 98.0% |
| Diamond & Other | 21 | 12 | 79.9% |
| Total | 251 | 140 | 80.3% |
Commenting on the performance, Dr Saurabh Gadgil, Chairman and Managing Director, stated, “We are pleased with the strong operational performance, with total revenue at Rs. 251 crore. The robust demand environment reflects the enduring cultural significance of Akshaya Tritiya and the trust customers place in the PNG brand. Our 194-year legacy and craftsmanship continue to drive this momentum.”
He further noted that gold remained the key contributor, while silver and diamonds showed exceptional growth, indicating strong customer acquisition and effective footfall conversion. The company also witnessed encouraging traction beyond its core markets, particularly in Bihar, Uttar Pradesh, and Indore, alongside its strong presence in western India.
With a strong start to the quarter, P N Gadgil Jewellers remains well-positioned to capitalise on the ongoing wedding season, which is expected to act as a key demand driver in the coming months. The brand continues to focus on expanding its retail footprint, enhancing customer experience across channels, and delivering consistent long-term growth.
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