Kerala jewellers target ₹10,000 crore-plus Onam sales as exchanges and weddings support demand

Kerala’s jewellery trade expects Onam 2026 sales to exceed ₹10,000 crore, versus an estimated ₹7,000-₹8,000 crore last year. Old-gold exchanges, lightweight designs, weddings and NRI arrivals are expected to support turnover, though elevated prices may curb volumes and squeeze smaller retailers.

— Source published Thu, 20 Aug, 2026, 15:39 IST · First seen Thu, 20 Aug, 2026, 15:51 IST · Source The Hindu BusinessLine

What happened

Kerala’s jewellery trade expects Onam 2026 sales to exceed ₹10,000 crore, driven by old-gold exchanges, lightweight designs, weddings and NRI arrivals. High prices may lift turnover while reducing gold volumes, intensifying pressure on smaller jewellers.

Key facts

  • Kerala Onam 2026 gold jewellery sales forecast: over ₹10,000 crore
  • Estimated Onam sales last year: ₹7,000-₹8,000 crore
  • 22-carat gold price: ₹14,600 per gram

Why this matters

Rising old-gold exchanges and stress on smaller retailers could create opportunities for scale players to expand through acquisitions, franchise partnerships, or shared sourcing and recycling capabilities.

What to watch

  • Gold price movement in the six to eight weeks before Onam, especially whether prices remain above recent highs or correct.
  • Old-gold exchange share of total sales and whether exchange offers widen across major Kerala chains.
  • Wedding-calendar density, NRI arrivals and remittance flows into Kerala ahead of the festival.
  • Footfall-to-purchase conversion, average weight per invoice and demand for 18K or lightweight products.
  • Making-charge discounting and inventory financing stress among independent jewellers.
  • Consumer sentiment, monsoon disruption and any import-duty or gold-policy changes.
  • Large chains will intensify old-gold exchange bonuses, making-charge waivers and festival installment plans to protect conversion.
  • Jewellers will expand lightweight, modular, daily-wear and lower-karat assortments while reducing dependence on heavy bridal inventory.
  • Organized retailers will target NRI customers with pre-booking, digital catalogues and appointment-led wedding sales.
  • Smaller jewellers may raise short-term borrowing or trim inventory depth as higher gold values increase working-capital needs.
  • Banks, NBFCs and gold-loan firms may see higher demand from retailers and households using pledged gold to bridge purchase funding.