As gold prices soar, jewellery retailers are offering attractive discounts on making charges and gold value to entice customers ahead of the auspicious Akshaya Tritiya festival. Leading brands like Tanishq, Senco Gold, MP Jewellers, and PC Chandra Jewellers are offering a range of discounts to take advantage of the buying season. Despite the rise in gold prices, which have surged over 30% in the last year, strong consumer confidence and the appeal of gold as a safe investment are expected to drive robust sales during the festival.
Jewellery Retailers Compete with Discount Offers Amid Rising Gold Prices
With Akshaya Tritiya fast approaching, one of the most auspicious days for purchasing gold and other precious items in India, jewellery retailers are rolling out an array of discount schemes to attract customers. This comes despite the rising gold prices, which have surged more than 30% over the past year.
Tanishq, Senco Gold, MP Jewellers, and PC Chandra Jewellers are among the major brands offering discounts on both the making charges and the price of gold to capitalize on the strong buying sentiment this festive season.
Tanishq, Senco Gold Lead with Discounts on Making Charges
Tanishq, one of India's leading jewellery brands, is offering up to 20% off on the making charges for gold jewellery, making it a more affordable option for customers. Similarly, Senco Gold is offering a flat Rs 350 discount on gold rates and up to 30% off on making charges. The company has also extended a 100% discount on making charges for diamond jewellery, in addition to offering up to 15% off on diamond purchases.
MP Jewellers has followed suit with a Rs 300 per gram discount on gold jewellery, along with a 10% reduction in making charges. PC Chandra Jewellers is also offering discounts of Rs 200 per gram on gold rates, 15% off on making charges, and a 10% discount on diamond jewellery.
These promotions reflect an effort to provide consumers with value amid soaring gold prices and to ensure the shopping experience remains exciting and rewarding.
Optimism for Akshaya Tritiya Amid Strong Consumer Confidence
Industry experts are optimistic about the upcoming Akshaya Tritiya season, citing strong consumer confidence in gold as a significant driver. Annargha Uuttiya Chowdhury, Director of Anjali Jewellers, remarked that consumer trust in gold has reached an all-time high, especially due to the current global economic situation. Chowdhury explained that the yellow metal is often seen as a safe haven during times of economic uncertainty, with central banks worldwide purchasing gold to hedge against inflation.
This trend has bolstered consumer confidence, as many view gold as a reliable investment with returns that have outperformed other asset classes. In Kolkata, for instance, the price of 22-carat gold is hovering around Rs 9,000 per gram, which is up more than 30% from the previous year. While prices are expected to continue rising, industry analysts predict that gold may appreciate by an additional 5-7% in the short term, with no immediate price correction in sight.
Innovations to Maintain Affordability Amid High Gold Prices
Despite the higher gold prices, retailers are finding creative ways to offer customers value without sacrificing quality. Suvankar Sen, MD & CEO of Senco Gold, noted that while the overall volume of purchases has dipped due to high gold prices, the sentiment around gold buying remains strong, especially with the wedding season coinciding with Akshaya Tritiya. To maintain affordability, Senco Gold is reducing the cost of wedding ornaments by incorporating pearls and stones, which help reduce the amount of gold used in jewellery sets.
This innovation enables customers to purchase more affordable jewellery sets while still benefiting from the auspicious occasion.
Strong Investment Demand for Gold and Silver
The optimism surrounding gold purchases extends beyond retail jewellery and into the investment segment. According to a report from ICRA Analytics, inflows into gold exchange-traded funds (ETFs) jumped by nearly 99% year-on-year to Rs 1,979.84 crore in February 2025, compared to Rs 997.21 crore during the same month in 2024. This surge in demand reflects the growing appeal of gold ETFs as an attractive alternative for investors seeking exposure to gold without the complexities of physical ownership.
The total assets under management (AUM) for gold ETFs have nearly doubled, rising from Rs 28,529.88 crore to Rs 55,677.24 crore over the same period, underscoring the increased investor appetite for gold amid the uncertain global economic climate.
Similarly, silver has also been attracting increasing investor interest. According to Zerodha Fund House, the AUM of silver ETFs in India surpassed Rs 13,500 crore as of January 2025, reflecting the growing popularity of the precious metal since the Securities and Exchange Board of India (SEBI) allowed the launch of silver ETFs in November 2021.
The Festive Spirit and Growing Demand for Precious Metals
With the combination of strong global economic trends, heightened investment demand, and the festive spirit surrounding Akshaya Tritiya, jewellers are poised for a robust season. The increasing interest in both gold and silver, driven by the wedding season and cultural traditions, is expected to provide a significant boost to jewellery sales during this period.
The festive season, coupled with the high consumer demand for gold as a secure investment, positions the jewellery industry for a solid performance. Retailers are leveraging promotional offers to ensure they capture a share of this lucrative buying season.
Conclusion: A Bright Outlook for Gold Retailers This Akshaya Tritiya
As the Akshaya Tritiya festival approaches, jewellery retailers are rolling out enticing discounts to attract customers despite rising gold prices. With strong consumer confidence in gold as a safe haven investment and the added allure of festive and wedding season buying, the jewellery industry is expecting a strong turnout this year. Whether through discounts on making charges or innovative strategies to reduce costs, brands like Tanishq, Senco Gold, and PC Chandra Jewellers are well-positioned to capitalize on the growing demand for gold and silver.
With the outlook for gold remaining bullish, the combination of attractive offers, cultural significance, and robust investment demand ensures that this year’s Akshaya Tritiya will be a prosperous one for the jewellery sector.
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