Colin Shah, Managing Director of Kama Jewelry, said gold buying continues to be closely linked to auspicious occasions like Gudi Padwa, but sales this year are likely to remain largely neutral.
He noted that while softer prices may attract some investors, retail consumers are expected to stay measured in their spending given the current geopolitical environment.
Recent price movements have contributed to this cautious approach. Gold prices surged sharply in early March amid escalating tensions linked to the Iran conflict, before easing back toward pre-conflict levels, according to data from the International Bullion Jewellers Association (IBJA).
Market participants say such fluctuations have prompted buyers to adopt a wait-and-watch strategy.
Industry voices also point to subdued retail demand in recent months. IBJA officials have indicated that higher spending on essentials has weighed on discretionary purchases like gold jewellery, keeping overall buying interest in check.
At the same time, consumer preferences are evolving.
Shah said demand for affordable and lightweight jewellery, particularly in 9K, 14K and 18K segments, is gaining traction among younger buyers seeking practicality along with the appeal of precious metals.
Adding to this trend, Jignesh Mehta, Managing Director and Founder of Divine Solitaires, highlighted a shift in consumer behaviour during the festive season.
He said buyers are making conscious and value-led purchases, with natural diamonds continuing to attract interest due to their perceived rarity, authenticity and long-term value.
Mehta added that as pricing stabilises, consumer confidence is gradually improving, positioning natural diamonds as both an emotional and considered investment during key occasions like Gudi Padwa.
The All India Gem & Jewellery Domestic Council (GJC) also flagged that geopolitical tensions in the West Asia could keep gold prices volatile in the near term, especially ahead of Akshaya Tritiya.
However, it expects underlying demand to remain supported by the ongoing wedding season and India’s strong cultural affinity for gold.
