Gold's 14% slide from May highs squeezes Q1 FY26 margins for Indian jewellery retailers
A ₹25,195 correction to ₹1,44,782/10g leaves jewellers holding high-cost inventory as buyers delay purchases anticipating further declines. Retailers weigh higher making charges and hedging to offset mark-to-market losses, even as FY26 import value tracks $72 billion on a 24% volume surge.
What happened
Indian Jewellery Retailers · Sharp 14% gold price correction from May highs threatens June-quarter margins of Indian jewellery retailers carrying high-cost
Key facts
- ₹25,195 fall
- 14% decline
- ₹1,44,782 per 10g
- ₹1,69,977 high
- 15% import duty
- $4,181/oz
- $72 billion FY26 imports
- 24% import surge
Why this matters
Distressed regional jewellers carrying unhedged high-cost inventory become acquisition targets in H2 FY26, while hedging-platform and gold-leasing fintechs warrant partnership scoping now.