Gold demand in India appears to soften in March after early 2026 strength. Retailers still benefited from weddings and festivals, while gold ETFs recorded strong inflows and investors stayed largely interested despite some profit-taking. Yet price swings are making buyers more cautious, even as jewellers continue expansion plans, signaling confidence in the longer run.
Akshaya Tritiya 2026 reshaped jewellery buying, with tier 2 and tier 3 cities driving growth and prepaid transactions taking center stage. Shoppers increasingly chose lightweight gold for a balance of cost and aspiration, while digital-first brands gained ground. UPI and financing options also boosted spending, and beauty emerged as a major category—pointing to a durable change in festive shopping habits.
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Gold demand for Akshaya Tritiya fell around 30% by volume as prices rose nearly 60% year-on-year, discouraging bigger purchases. Buyers stayed within budgets, opting for lighter jewellery, small coins and exchange-led buying. Millennials leaned toward solitaires in the ₹75,000 to ₹2.5 lakh range, signaling a clear shift to affordability over luxury.
India’s jewellery market is shedding its local-only identity as Kalyan Jewellers scales up. The shift blends traditional town-level advantages with modern store practices and product validation tools, while also leveraging local brand momentum. The result: a faster move from regional presence to national reach, challenging how customers shop for trust, pricing, and craft.
Gold prices in Chennai eased slightly on Friday, April 17, 2026, mirroring the national trend. Leading jewellers quoted 24K gold at around ₹15,431 per gram, down from ₹15,568 on Thursday. The dip comes ahead of Akshaya Tritiya, when demand typically rises and prices can swing quickly.
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