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
PNGS Reva Diamonds Unveils Official E‑Commerce Platform, Marking A New Digital Chapter In Omnichannel Luxury
Certified natural diamond jewellery from the House of P N Gadgil & Sons now accessible nationwide through a seamless digital experience
PNGS Reva Diamonds, the premium certified natural diamond jewellery brand from the 195‑year‑old House of P N Gadgil & Sons (PNGS), today announced the launch of its official e‑commerce website, going live on September 16, 2026. The new platform extends the brand’s omnichannel footprint, bringing contemporary, hallmarked diamond jewellery to customers across India with the same trust, transparency, and craftsmanship Reva Diamonds is known for in-store.
The website, https://revadiamonds.com/, offers an immersive browsing experience featuring Reva Diamonds’ signature collections including everyday wear, festive pieces, and bridal jewellery, along with detailed product certification, 360° views, and secure, pan‑India delivery.
With the launch of its official website, Reva Diamonds is also introducing exclusive digital launch offers for customers. As part of The Reva Diamonds Digital Reveal, customers can avail themselves of a flat 50% off on making charges on certified natural diamond jewellery, exclusively on the Reva Diamonds website. Additionally, customers who sign up on the website can enjoy Rs. 1,000 off on their first order by using the code GET1000 at checkout.
Commenting on the launch, Amit Modak, CEO & Director, PNGS Reva Diamond Jewellery Limited, said:
“The launch of our official website marks an important step in Reva Diamonds’ journey as we build a contemporary diamond jewellery brand rooted in the enduring values of the P. N. Gadgil & Sons legacy. Today’s customer does not experience a brand through a single channel; discovery may begin online, the consideration may happen across digital and physical touchpoints, and the final experience is built through trust and personal engagement. Our objective is therefore to create a seamless ecosystem where our digital and retail experiences complement each other.
The website is an extension of our brand—not just a destination to view jewellery, but a platform through which customers can discover our collections, understand our craftsmanship and begin their journey with Reva.”
The website launch comes at a significant stage in Reva Diamonds’ growth journey. Established in December 2024, the brand has been developed as a new-age diamond jewellery proposition carrying forward the heritage of P. N. Gadgil & Sons while creating its own identity around modern diamond jewellery. Reva Diamonds has continued to expand its retail footprint, with the brand currently focused on creating a contemporary jewellery experience for today’s consumers.
Amit Modak brings extensive experience across finance, commodity markets, retail and the jewellery industry to his leadership role at PNGS Reva Diamond Jewellery Limited. He has been associated with Reva since its incorporation and also serves as a Director of P. N. Gadgil & Sons Limited.
With the launch of its official website, Reva Diamonds aims to further strengthen its connection with existing and prospective customers, while creating a digital foundation for the brand’s next phase of growth.
Reva Diamonds currently operates 36 locations through a mix of exclusive showrooms and shop‑in‑shop formats, with a strong presence in Maharashtra and ongoing expansion into new markets.
The Reva diamonds reveal – launch offers 50% off on Making Charges of Certified Natural Diamond Jewellery exclusively on the Reva Diamonds Website
PLUS
Sign up & get Rs. 1,000 off on your First Order
Use Code: GET1000
PNGS Reva Diamonds Unveils Official E‑Commerce Platform, Marking A New Digital Chapter In Omnichannel Luxury
Palmonas Celebrates Its 101st Store, Marking A Journey Built On Trust, Community and A New Way Of Experiencing Jewellery
Imposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
PNGS Reva Diamonds Unveils Official E‑Commerce Platform, Marking A New Digital Chapter In Omnichannel Luxury
GJC Is Concerned and Disappointed With The Introduction Of MDR On UPI Merchant Transactions Above ₹2,000
Imposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
-
National News2 hours agoPNGS Reva Diamonds Unveils Official E‑Commerce Platform, Marking A New Digital Chapter In Omnichannel Luxury
-
National News6 hours agoGJC Is Concerned and Disappointed With The Introduction Of MDR On UPI Merchant Transactions Above ₹2,000
-
National News6 hours agoImposition Of MDR On UPI Transactions Imposes Additional Financial Burden On Gold Trade Sector — KGSMA
-
National News6 hours agoPalmonas Celebrates Its 101st Store, Marking A Journey Built On Trust, Community and A New Way Of Experiencing Jewellery
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.