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
Senco Gold & Diamonds Unveils Attractive Rath Yatra Offers
Jeweller Launches A Festival-Inspired Jewellery Collection With Exclusive Discounts On Gold, Diamond, Silver and Gemstone Jewellery, Along With Special Old Gold Exchange Benefits.
Senco Gold & Diamonds, a leading pan-India jewelry retailer with a legacy of over 88 years, is the largest jewelry retail player in Eastern India by showroom count, with more than 200 outlets across India. The brand has announced the launch of its new Rath Yatra Jewelry Collections and festive offers to mark the auspicious occasion. Rath Yatra, also known as the Festival of Chariots, is an important Hindu festival celebrated every year. While observed around the world, the largest celebrations take place in Odisha and West Bengal.
To commemorate the spirit and grandeur of Rath Yatra, Senco Gold & Diamonds has unveiled a thoughtfully curated collection of jewellery inspired by the festival’s rich symbolism and cultural heritage. Expertly crafted by the brand’s master artisans, the collection features intricate motifs of deities, chariots, and other auspicious elements associated with the revered festival.
To make Rath Yatra celebrations even more rewarding, Senco Gold & Diamonds is introducing a host of attractive festive offers across its showrooms. Customers can enjoy up to 40% discount on making charges for gold jewellery, up to 100% discount on making charges and up to 20% discount on diamond value on diamond jewellery, and up to 10% discount on gemstone jewellery. In addition, the brand is offering up to 15% off on making charges for silver jewellery. Further, customers can avail 0% deduction on old gold exchange along with an additional discount of ₹650 per gram.
Each piece is meticulously crafted in BIS Hallmarked Gold, reflecting exceptional craftsmanship, timeless elegance, and enduring quality. Designed to celebrate tradition while appealing to contemporary tastes, these exquisite creations are intended to become treasured heirlooms, passed down from one generation to the next.
Commenting on the occasion, Joita Sen, Director & Head of Marketing & Design, Senco Gold & Diamonds, said:
“Rath Yatra is a festival that holds immense spiritual and cultural significance for millions of devotees across the country. At Senco Gold & Diamonds, we recognize the importance of this auspicious occasion, when many customers choose to invest in jewellery as a symbol of blessings and prosperity.
Inspired by the rich traditions of the festival, our skilled artisans and designers have thoughtfully created a collection that beautifully blends timeless craftsmanship with contemporary elegance. From intricately crafted gold and diamond pendants to vibrant meenakari earrings, the collection offers something special for every taste and preference, making it the perfect way to celebrate the spirit of Rath Yatra.”
Suvankar Sen, MD & CEO, Senco Gold & Diamonds, said:
“Every year we have been doing the celebration in honour of the auspicious period, giving an opportunity to consumers to buy jewellery during this auspicious time.”
Senco Gold & Diamonds offers a diverse jewellery portfolio, including gold, diamond, platinum, and studded jewellery. Its brands include Everlite lightweight jewellery and Gossip, the silver and costume jewellery brand. The company has also launched D’Signia showrooms in India, offering a premium jewellery shopping experience. Its Aham collection caters to men, while the Vivaha collection features premium designer bridal jewellery.
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