GOLD AND JEWELLERY · INDIA 2026
Customers are spending more rupees on gold but buying fewer grams. Jewellers who learn how their own shoppers are adjusting will keep sales while others wait for prices to fall.
By ARS Market Research Services, Chennai. For jewellers, bullion dealers and gold retailers.
What the numbers say
According to the World Gold Council, India’s average gold price in Q2 2026 was about ₹1,50,744 per 10 grams, against about ₹94,875 a year earlier. Tonnes bought fell only 6%, far less than the price rose, which shows buyers cut volume gently rather than stop buying. Jewellery fell more (15%), while bar and coin demand rose (9%). The Council also reports a shift to lighter-weight and lower-carat jewellery, and expects the festive and wedding season to support demand in the second half of 2026.
For a jeweller this means the customer has not left. The customer has changed what, and how much, they buy.
6 studies that help jewellers at record prices
1. Budget and weight-ladder study
What budget does a wedding or festival buyer set, and how many grams does it buy now? Learn the price points where your customers stop and start.2. Lightweight and low-carat test
Show designs at 22K, 18K and 14K and lighter weights. Which sell, at what price and to which age group?3. Jewellery vs coin and bar buyers
Who buys for investment and who for adornment in your catchment? Plan stock and promotion for each separately.4. Old-gold exchange behaviour
How many customers exchange old gold, what they expect to receive and what makes them trust the value offered.5. Store catchment and competitor map
Count jewellers, footfall and income in each area. Decide whether a new branch or a pop-up is worth it.6. Mystery shopping on trust
Auditors check hallmark explanation, making-charge clarity, billing and after-sales, which decide repeat visits. See BIS for hallmarking rules.A simple way to read your own data
| Question | Where the answer is |
|---|---|
| Are customers buying fewer grams? | Your monthly sales in grams, compared with the same month last year |
| Which price point sells most? | Invoice count by bill value band |
| Who is walking out? | A short exit survey of 100 non-buyers |
| Is it the price or the design? | Ask walk-outs what would have made them buy |
Compare the same festival season year on year, not month on month. Dhanteras and wedding months distort any other comparison.
Research for gold and jewellery businesses
ARS Market Research Services runs shopper surveys, mystery shopping and store-location studies for retailers and jewellers. The directors personally supervise fieldwork. Tell us your question and we will suggest the right study.
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See our retail and jewellery research page and the Tamil Nadu and Chennai Jewellery Market Report 2026. Business guides are at arsmrs.in/books and ready reports are in the ARS Marketplace.
Source: World Gold Council, Gold Demand Trends: India Focus Q2 2026 (gold.org), as reported on 30 July 2026.