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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

The Top 5 Jewellery Trends Defining The Season, Curated By Kushals Fashion Jewellery

India’s Leading Fashion Jewellery Brand Rounds Up The Jewellery Trends Defining The Season Ahead, From Festive Maximalism To Cool-Toned Metals.

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Every season brings a new mood. This one just happens to sparkle a little brighter. After seasons defined by quiet luxury, the Indian fashion scene is embracing a more expressive mood. Jewellery is now the conversation starter, the mood-lifter and, increasingly, the headline act. Ethnic Silver is reclaiming its cool factor, stacks are becoming more personal, and celebration dressing is embracing a touch of glorious colour and excess. From runway cues and red-carpet moments to the pieces already finding their way onto wish lists, Kushals Fashion Jewellery rounds up the 5 trends poised to shape the season ahead.

Sanya Malhotra in Kushals’ Everyday Collection

The Sculptural Statement

Some trends whisper. This one arrives with presence.

Oversized chain-link necklaces, chunky hoops and wide cuffs are emerging as favourites among the fashion set. Defined by bold proportions, smooth curves and striking metal forms, these pieces bring a sculptural quality to everyday dressing. Crafted in premium brass metal with a comfortable fit, they balance artistic expression with effortless wearability, proving that contemporary style is anything but predictable.

Desi Maximalism

“If festive jewellery had a love language, it would be bold.”

Celebration jewellery has never subscribed to the less-is-more philosophy. This season, desi maximalism is reclaiming its spotlight through bold and layered necklaces, ornate chandbalis, stacked bangles, and craftsmanship that’s impossible to overlook. From pieces crafted in antique finishes to intricate kundan designs and statement American diamond styles, these details bring richness and grandeur to every look. The beauty of fashion jewellery lies in its ability to deliver a high-impact look without burning a hole in your pocket. If there was ever a season to make an entrance, this would be it.

The Stack Edit

Once upon a time, matching sets ruled supreme. Now? The charm lies in the mix.

Layered chains, pendant combinations, ring and bracelet stacks and curated ear stories continue to dominate, turning jewellery into a form of self-expression. There’s no exact formula and that’s precisely the point. The beauty of stacking lies in building combinations that feel collected rather than coordinated, evolving with mood and personal style. With new designs launching every week at Kushals, there’s always something new to layer, mix and make your own.

The Silver Temple Revival

Some pieces do more than complete a look. They tell a story.

Intricately handcrafted and adorned with traditional temple and god motifs, silver temple jewellery is having a defining moment. Rich in artistry and rooted in tradition, these pieces bring depth and meaning to festive dressing. Crafted in BIS hallmarked 92.5 silver, they offer a timeless way to celebrate Indian traditions while embracing personal style. In an era of self-expression, wearing your roots proudly has never felt more relevant.

Enter: The Pastel Hues Era

Some jewellery sparkles. Colours have a little more fun.

The softer tones of the Pastel Hues collection are breathing new life into traditional silhouettes. Lavender and light pink hues, paired with American diamonds and enhanced with 18K gold plating, bring a fresh take to celebration dressing. Whether paired with pastel organza sarees, floral lehengas, or contemporary festive ensembles, these vibrant accents add personality and a welcome sense of fun. Equal parts celebratory and expressive, they prove that neutrals aren’t the only way to make a statement.

This season doesn’t ask you to choose between timeless and trend-driven. Instead, it invites you to have fun with both. Whether it’s the drama of desi maximalism, the optimism of the Pastel Hues collection, the cool factor of ethnic silver, the ease of stacking or the confidence of a sculptural silhouette, this season’s jewellery trends share one common thread: personality. The best pieces aren’t just worn—they say something about the person wearing them.

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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.

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