Festive Sparkle Returns, But Will Smaller Jewellers Shine?
Jewelry sales are expected to pick up during the upcoming festival season in India, but volumes may still be subdued compared to last year due to higher gold prices. Harshita Rane, a homemaker from Mumbai's Zaveri Bazar, is among those who had delayed buying jewelry for her daughter due to high prices, but is now planning to make a purchase during Ganesh Chaturthi.
Industry participants expect demand to improve sequentially over the festival period, but sales volumes may still trail the year-ago period. The gold price has fallen from its peak of Rs 2.3 lakh per 10 grams in early 2026 to around Rs 1.5 lakh this week, making it slightly more affordable for buyers.
However, smaller jewellers are expected to remain under pressure as higher prices push customers towards larger and trusted retail chains. 'We are entering the festive season with a cautiously positive outlook,' said Aditya Modak, Director at PNGS Reva Diamonds.