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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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Indriya, Aditya Birla Jewellery, Curates Exclusive Gold, Heirloom-Inspired and Temple Craftsmanship For House Of Masaba’s Bridal Showcase At India Couture Week

Handcrafted By Master Artisans, Delivers On Enduring Expressions Of Culture and Artistry Through Reimagining How Traditions Are Worn For The Contemporary Bride

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Indriya, Aditya Birla Jewellery, unveiled an exclusive jewellery curation for House of Masaba’s bridal showcase at India Couture Week 2026. Marking House of Masaba’s first-ever bridal couture showcase, the collection celebrated a bride who is fearless, joyful and unapologetically herself, rooted in heritage yet free in expression. Complementing this vision, Indriya brought together a thoughtfully curated selection of jewellery that reflected both India’s rich craftsmanship traditions and contemporary design sensibilities. Backed by the trust of the Aditya Birla Group, the brand showcased how heritage-inspired creations, modern silhouettes and evolving design expressions can come together for today’s consumer. The runway was further elevated by an iconic line-up featuring supermodels Madhu Sapre, who returned to the India Couture Week runway after nearly a decade, alongside Carol Gracias, Sheetal Mallar and Sakshi Sindwani, each bringing the collection to life through their distinctive presence.

Themed around reimagining how traditions are worn, the exclusive curation featured some of Indriya’s most exquisite jewellery, inspired by the country’s diverse cultures and regional design languages. From classic yellow gold and heirloom-inspired antique jewellery to temple jewellery adorned with intricate nakshi work, Rajasthan’s iconic aads, delicate filigree craftsmanship, ceremonial maang tikas and vibrant coloured stones set in gold, the curation also reflected Indriya’s contemporary design language through versatile creations crafted for modern tastes and lifestyles. Styled with House of Masaba’s bridal creations, where heritage, colour and individuality take centre stage, the jewellery became a natural extension of the show’s narrative, celebrating Indian craftsmanship through a distinctly contemporary lens.

Speaking about the collaboration, Shantiswarup Panda, Head of Marketing at Indriya, said:

Shantiswarup Panda

“Fashion and jewellery have always shared a powerful dialogue, each elevating the other. Our collaboration with House of Masaba at India Couture Week brought together two distinct creative visions rooted in Indian heritage, offering Indriya the opportunity to present its design philosophy within a larger cultural conversation, where craftsmanship, creativity and contemporary expression come together.

The collection provided the perfect canvas for our jewellery, demonstrating how India’s rich jewellery traditions continue to evolve while remaining deeply relevant to the modern consumer.”

Every creation was handcrafted by master artisans using techniques refined over generations. Intricate detailing, exceptional stone setting and thoughtfully crafted motifs transformed each jewel into an enduring work of art. Styled with House of Masaba’s contemporary bridal silhouettes, the collection reimagined traditional jewellery beyond conventional occasions, revealing its versatility and relevance for the modern bride.

Designer Masaba Gupta said:

“I’m very excited to bring on Indriya as the jewellery partner for my first couture show. I think that the brand is at the perfect cusp of tradition and modernity. I have seen some of the pieces and instantly feel like they will belong not just on the runway but also in our wardrobes and as part of our personal collections. The jewellery is exquisitely crafted and has a lot of storytelling, and I think that the brand is very loud and proudly Indian, which I love and which is what House of Masaba stands for.

It is also a brand that has been able to ignite a lot of trust within the market because it comes from the Aditya Birla Group, and I think when it comes to fine jewellery and bridal jewellery, it’s very important to have that trust, and I think that they do that beautifully,”

Speaking about the jewellery curation, Abhishek Rastogi, Head of Design at Indriya, said:

“For House of Masaba’s showcase at India Couture Week, Indriya brought together a curation that celebrates the breadth and richness of Indian jewellery craftsmanship. Every creation reflects the artistry of master craftsmen, where generations-old techniques, intricate handwork and regional traditions come together in timeless design. Styled with contemporary couture, the collection reaffirms that India’s finest jewellery traditions are not simply preserved, they continue to evolve, proving that heritage remains an enduring source of inspiration for modern design.”

With this exclusive showcase at India Couture Week 2026, Indriya and House of Masaba presented a celebration of contemporary Indian bridal expression. Bringing together House of Masaba’s vibrant, heritage-inspired vision for the modern bride and Indriya’s curation of exceptional regional jewellery craftsmanship, the collaboration demonstrated how tradition can be continuously reinterpreted through fashion and jewellery. Together, the two brands created a powerful narrative of culture, individuality and artistry, honouring India’s rich creative legacy while shaping its future.

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