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
PNG Jewellers Wins IACC Excellence In Service Award At IACE 2026
Prestigious Recognition Honours PNG Jewellers’ Commitment To Customer Service, Retail Excellence and Evolving Consumer Expectations
PNG Jewellers has been honoured with the Excellence in Service award at the 22nd Indo-American Corporate Excellence Awards (IACE) 2026, organised by the Indo-American Chamber of Commerce (IACC). The recognition celebrates PNG Jewellers’ retail excellence in Sunnyvale, California, and its commitment to delivering service excellence and trusted jewellery retail experiences to customers in the U.S. market.
The award was presented at a prestigious ceremony held on September 11, 2026, at Hotel Sahara Star, Mumbai, in the presence of business leaders, members of the Indo-U.S. business community, IACC members and representatives of the diplomatic community. Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, received the award on behalf of the company from Union Minister Shri Nitin Gadkari.
The winners were selected by an eminent jury chaired by Shailesh Haribhakti, alongside Kaku Nakhate, S. S. Mundra, Rajyalakshmi Rao and Nilesh Vikamsey. P. N. Gadgil Jewellers Ltd. was unanimously selected as the winner in the Excellence in Service category.
Commenting on the recognition, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:
“This recognition is a testament to the trust our customers have placed in PNG Jewellers and to the commitment of our teams who work relentlessly to deliver an exceptional jewellery-buying experience. For us, service excellence goes beyond the transaction. It is about understanding evolving customer expectations, offering greater transparency and ensuring that every interaction strengthens a relationship built over generations. We are deeply honoured to receive this recognition from the Indo-American Chamber of Commerce.”
The recognition specifically acknowledges PNG Jewellers’ store in Sunnyvale, California, and the brand’s commitment to extending its legacy of trust, craftsmanship and service excellence to customers in the United States. The Sunnyvale store represents an important milestone in PNG
Jewellers’ international journey, bringing its heritage-led approach together with contemporary retail experiences tailored to evolving consumer expectations in the U.S. market.
The Indo-American Corporate Excellence Awards recognise organisations and individuals making significant contributions to the Indo-U.S. trade and business corridor.
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