Adaptability in product offerings, a surge in digital commerce, and enduring consumer trust helped leading brands register significant gains. Across the country, consumer sentiment remained buoyant, even as a distinct shift in buying behaviour emerged, shaped by price sensitivity and smart choices
Mumbai: Akshaya Tritiya 2025 unfolded under the shadow of unprecedented high gold prices, with rates nearing Rs 1 lakh per 10 grams. Global market volatility due to heightened geopolitical tensions and US President Donald Trump’s controversial reciprocal tariff rates partly fuelled this price surge, with the Indian retail jewellery industry bearing the brunt.
However, despite the cost pressure, Akshaya Tritiya proved to be a strong retail opportunity for many leading jewellery brands. Across the country, consumer sentiment remained buoyant, with brands reporting robust sales, strong digital engagement, and a distinct shift in buying behaviour shaped by price sensitivity and evolving preferences.
Many new jewellery retail channels opened up, including quick commerce platforms like Swiggy Instamart and Blinkit, and these became popular among younger consumers. Overall, jewellery sales were slightly lower in volume, but much higher in value terms compared to last year.
Lightweight luxury and smart investments
Despite a 34% surge in gold prices, consumers didn’t stop buying jewellery—they adapted by choosing smaller, lighter or lower-carat pieces, leading to a major shift in buying patterns. According to Devika Kapoor and Shreyansh Kapoor, Partners at Kashi Jewellers, Kanpur, people transitioned from 22-carat to 18-carat jewellery and opted for lighter pieces.“We see customers moving from gold jewellery to diamond jewellery because it is much more affordable as prices have remained stable,” said Devika Kapoor.
This shift in preferences allowed brands to maintain strong momentum. Thrissur-basedJoyalukkas reported its best-ever Akshaya Tritiya with a 43% year-on-year turnover growth and a 36% same-store sales boost. Thomas Mathew, Executive Director, Joyalukkas credited this to gold’s enduring appeal, saying, “We saw consistent demand for lightweight pieces across India, and our average ticket size rose 60%. Even at all-time high rates, customers viewed gold as a smart investment with further upside.”
Hemant Chavaan, Head of E-commerce and Marketing, PNG Jewellers noted record-breaking single-day sales of Rs 139.5 crore on Akshaya Tritiya Day —a 35% jump over last year. Gold sales grew 34% by value, diamond 23% and silver surged 114% for the brand. “Customers were more selective and intentional in their purchases. Many opted for lighter jewellery that offered value without compromising on design. There was increased traction in bridal jewellery,” said Chavaan.
Senco Gold & Diamondsnoted steady gold demand across coins, bars and jewellery segments. According to Suvankar Sen, MD & CEO, Senco Gold & Diamonds, consumers balanced emotional and investment-driven buys even as lightweight, smart designs gained traction. “People still see gold as a safe investment. Customers are still buying, but they are choosing lighter, smarter designs that fit their budget,” Sen said.
At Sona Chandi Jewellers in Kanpur, gold volume dipped slightly, but value sales rose by 20–25%. “We’re seeing a renewed interest in gold jewellery as an investment. Customers recognize that buying jewellery now isn’t just about adornment—it’s a form of savings. With the price rise, customers in the same budget bracket are now opting for smaller or lighter pieces—or considering lightweight diamond jewellery as an alternative,” said Rajendra Agarwal, Owner, Sona Chandi Jewellers.
According to a spokesperson for KISNA Diamond & Gold Jewellery, even with high gold prices, many consumers remained committed to making a purchase. “The overall sentiment was cautious but positive. There was a strong preference for lightweight, versatile jewellery that offered style without straining the budget,” the spokesperson said.
Platinum, digital gold and diamonds dominate
Premium metals gained new ground as price-conscious consumers diversified their portfolios. Platinum jewellery saw 12–15% growth nationwide, with South India alone contributing 18%, said Vaishali Banerjee, Managing Director, Platinum Guild International. “Platinum represents aspiration and meaningful milestones. This consistent upward trend in growth of platinum reflects young India’s appetite for premiumization,” she added.
Vummidi Bangaru Jewellers (VBJ) from Chennai saw steady footfalls and a significant increase in platinum sales, citing positive short- and long-term market outlooks. “Sales were encouraging, especially considering the significant 30% increase in gold prices from the beginning of 2025 to Akshaya Tritiya… We also witnessed an increase in platinum sales compared to the previous year. Looking ahead, we expect short-term trends to emerge within the next month. In the medium term, the upcoming wedding and Diwali seasons are likely to boost business further. From a long-term perspective, gold remains bullish due to prevailing global economic conditions,” said Jithendra Vummidi, Managing Partner, VBJ.
Another Chennai brand, Gehna Jewellers reported a 15-18% surge in online orders and noted increased traction in jewellery in the range of Rs 15,000–Rs 50,000, especially gemstones and lab-grown options. “Most of our online customers gravitated towards jewellery they could wear every day, rather than locker-bound investments like gold coins,” said Vineeth Samdaria, Co-founder, Gehna.
Ghanshyam Dholakia, Founder and Managing Director of KISNA Diamond & Gold Jewellery, said diamond jewellery saw strong traction, particularly among younger buyers. “The necklace category, including mangalsutras and lightweight styles priced between Rs 50,000 and Rs 1,00,000, accounted for 27% of the inventory sold during the day on Akshaya Tritiya, while earrings with an average price point of Rs 30,000 made up 18% of total inventory sold,” Dholakia said.
Lab-grown diamond jewellery brand Limelight Diamonds posted a 4X sales spike over last year. “Lab-grown solitaires are the new festive favourite—delivering size, sparkle and affordability,” said Pooja Sheth Madhavan, Founder & MD, Limelight Diamonds. Jewellery pieces priced between Rs 50,000 and Rs 1.5 lakh dominated sales, especially in the gifting category and among millennial buyers, she said.
Evaglow Diamonds from the House of AVR Swarna Mahal Jewellers also saw 30% growth, with first-time diamond buyers turning to sustainable, price-efficient offerings.
Meanwhile, digital gold and gold ETFs continued to gain traction, offering millennial and Gen Z buyers convenient, low-barrier investment avenues. “With evolving preferences, many customers now explore digital gold and gold ETFs, which offer convenience and ease of storage,” Suvankar Sen of Senco Gold and Diamonds noted.
Silver sees the strongest gains this year
The fastest-growing category this Akshaya Tritiya was arguably silver jewellery, especially in the lifestyle and gifting segments.
Jammu-based Talla Jewellers posted a 100% growth in silver sales, year-on-year. “Budgets remained the same, but customers opted for less gold weight or diversified into silver and diamonds,” noted Aman Talla, Managing Director, Talla Jewellers. The brand attributed its success to a unique gifting campaign, which included a ‘Dhan Kuber Yantra’ kit.
Silver jewellery brand Vendi, from the House of AVR Swarna Mahal Jewellers, witnessed a 38% rise, driven by its ‘Buy Silver, Get Free Gold’ campaign across Tamil Nadu malls and flagship stores, said AVR Siddhanth, Director, AVR Swarna Mahal Jewellers. “Younger customers are embracing silver not just for budget buys, but for styling. Design-led packaging and gifting helped drive volumes,” he noted.
Written by Achal Chaubey and Megha Misra
Retail Jeweller India Exclusive
