Gold jewelry sales in India are set to drop during the upcoming festival season, as record bullion prices push buyers toward less costly alternatives in one of the world’s largest markets.
Bloomberg
Demand for ornaments is likely to drop by as much as 27% from a year ago in volume terms during the three-week buying period, according to Surendra Mehta, national secretary at the India Bullion and Jewellers Association. Consumers, especially in big cities, are postponing spending due to high costs, he said.
Gold is a traditional gift for weddings and special occasions in India, as well as a favored investment. But at a time of year when demand for jewelry is typically strong — the buying season kicks off with the nine-day Navratri festival in September and goes through to Diwali in October — bullion prices are up almost 50% compared to the same festive period last year.
Gold outlets across the country are typically open until midnight during the festival of Dhanteras, which marks the start of Diwali festivities and is a favored time to purchase gold and silver. Jewelry accounts for about 70% of India’s total bullion consumption and for local sellers, revenue for the entire year depends heavily on these few weeks.
This season local prices are hovering above 100,000 rupees ($1,128) per 10 grams, or one lakh rupees in the Indian numbering system, discouraging consumers, who generally allocate a fixed budget. Many end up buying lighter pieces than what they would have desired.
Global spot prices have more than doubled in the last two years, hitting an all-time high of $3,791.10 per ounce this week.
Demand has been under pressure for much of the year. India bought 17% less jewelry between April and June than a year earlier, with total purchases of the precious metal seen dropping in 2025 to the lowest level in five years, according to a World Gold Council report in July.
“Most of the demand now is for lightweight or more affordable pieces,” said Arham Ahmad, a Delhi-based jeweler. People coming to his shop are buying small ornaments, some weighing as little as 2 grams, he said.
“Demand for heavier jewelry has been subdued for quite some time.”
Not a label, not a lobby, not even a legal entity. That is how Arielle Lévy, president of the Une Autre Mode Est Possible (UAMEP) collective, characterises this nascent union. Animer, an acronym for “Acteurs Nationaux Indépendants Mode Engagée Régénérative,” aims to shine a light on all the initiatives undertaken by fashion stakeholders, from producers to brands, who are advancing responsible, regenerative fashion in France.
The union was founded by eight collectives involved in regenerative fashion – UAMEP
The union was officially launched on Monday January 19, following the petition initiated by Arielle Lévy against Shein in response to the watering down of the anti–fast fashion law. Titled “Paris deserves better than Shein,” the petition drew nearly 140,000 signatures. “I wanted us to unite because I realised how strong the civic voice was,” explains Arielle Lévy. “These collectives are doing superb work and, at a certain point, there is a desire to close ranks, to make society together,” she says.
“Breaking the isolation of initiatives across the regions”
In addition to UAMEP, a number of other collectives are behind Animer, including Fashion Revolution France, L’Âme du Fil (Angers), Collectif Baga (Marseille), Café Flax (Clermont-Ferrand), Le Comptoir de la mode responsable (Poitiers), Le Conservatoire de la Mode Vintage (Isère), and La Grande Collecte/Textile Lab (La Rochelle). “It’s a union of independent collectives, committed to their local areas and sharing the same societal project,” Arielle Lévy emphasises.
The union hopes to represent all French territories – Collectif Baga
The union plans to focus its efforts on the ground, working across supply chains, regions, practices and even our shared imagination. With “hundreds” of stakeholders already on board via the various founding collectives, Animer is built on ten key ideas: dignity, value-sharing, traceability as a common language, less and better, circular design, smart re-localisation, carbon sobriety, inclusion and plurality, cooperation rather than “sterile competition”, and proof through action.
Animer’s founders plan to bring together all the initiatives active in regenerative fashion across the country. The union hopes to become a preferred interlocutor in defending a societal project focused on respect for the earth, and for men and women. With the help of Fashion Revolution, it aims to act in the national interest by engaging the general public and the country’s institutions.
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French cosmetics giant L’Oreal said on Wednesday it will set up a beauty tech hub in the south Indian city of Hyderabad with an initial investment of over 35 billion rupees ($383.4 million).
L’Oréal
The hub aims to be a global base for AI-driven beauty innovation, create 2,000 tech jobs through 2030, and speed up the rollout of advanced AI beauty solutions, the company said in a statement.
Nicolas Hieronimus, L’Oreal’s CEO, and the state government of Telangana formalized the partnership at the World Economic Forum, Davos.
Telangana has rapidly emerged as a key investment and technology hub in southern India.
Bilateral trade between India and France stood at $15 billion in 2024, and Indian Prime Minister Narendra Modi and French President Emmanuel Macron have been forging warmer ties.
The two sides have also been working to recast their tax treaty since 2024 to modernize it by adapting global standards on tax transparency, Reuters reported in December.
Swarovski on Tuesday announced the appointment of Sindhu Culas to the role of president, general manager, North America at the Austrian jewelry maker.
Sindhu Culas – Courtesy
Based in the luxury firm’s New York City office, Culas will be responsible for “maximizing the Swarovski physical and digital presence and overall brand affinity in the U.S.,” according to a press release.
“We are thrilled to welcome Sindhu to Swarovski. Her vast leadership experience and passion for the brand make her an exceptional addition to our team,” said Kolja Kiofsky, chief commercial officer, Swarovski.
“With Sindhu guiding our next chapter in North America, we are looking ahead to an exciting future filled with creativity, operational excellence, and meaningful growth under our LuxIgnite strategy.”
A retail veteran with over 25 years of experience across omni‑channel retail and institutional investment management, Culas joins the crystal jewelry maker from G-Star, where she served as CEO of North America at the British denim and apparel brand.
She began her career as a buyer and planner at Macy’s, Talbots, and Lord & Taylor before being promoted to strategy and brand management at Macy’s. Later on, the executive served as senior vendor manager at Amazon and as senior vice president of e‑commerce and strategy for Calvin Klein.
“Watching Swarovski’s brand repositioning and momentum in recent years has been inspiring,” said Culas, in response to her new appointment.
“I’m excited to join this exceptional team, collaborate across the business, and help strengthen our position while accelerating growth throughout North America. It’s a remarkable moment for the brand, and I’m thrilled to contribute to the journey ahead.”