India's PNG Jewellers launches lightweight jewellery brand as gold prices surge
MUMBAI (Reuters) -India's P N Gadgil Jewellers on Tuesday launched Litestyle, a new sub-brand for lightweight and lower-carat jewellery, as record gold prices push consumers towards more budget-friendly options.
Gold prices have jumped sharply in the past few months, but consumers' budgets haven't risen in the same proportion, leading them to look for budget-friendly options, Saurabh Gadgil, chairman of the Pune-based company, told Reuters.
The lightweight jewellery segment is growing rapidly at around 30% per annum, and the company will launch 12 Litestyle stores this year to tap into this segment, Gadgil said.
Local gold prices, which hit a record high of 101,078 rupees per 10 grams on Monday, have risen 29% so far in 2025, after rising 21% in 2024.
Consumers are slowly adjusting to higher prices, Gadgil said, forecasting a 30% to 35% year-on-year jump in revenue in the fiscal year ending March 2026.
Investment demand for gold and silver has been rising as both metals are yielding better returns than other asset classes, he added.
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