With jewellery prices soaring, festive advertising turns to timeless traditions

The festive season always arrives draped in anticipation: the sparkle of diyas, the laughter of family gatherings, the rustle of silk saris, and, most importantly, the glint of gold. For generations, no Diwali, Akshaya Tritiya, or Karva Chauth has felt complete without that reassuring purchase of a bangle, a chain, or a set of earrings. 

But this year, as the celebrations approach, the joy of buying gold is tinged with hesitation. Because gold, once a steadfast symbol of prosperity, has become shockingly, painfully expensive.

India witnessed gold prices soar past ₹1 lakh per 10 grams. On August 7, 2025, prices peaked at ₹1,02,155, driven by a weakening rupee, geopolitical turbulence, and the weight of anticipated U.S. tariffs.

This unprecedented rise triggered waves of cautious consumption. The World Gold Council noted a 25% year-on-year fall in gold jewellery demand by volume in Q1 2025. The demand in Q2 fell 17%, helping push overall gold consumption toward a five-year low, with projections for 2025 dipping to 600-700 metric tons, from 803 tons in 2024.

CRISIL Ratings forecast a 9-11% drop in sales volumes for organised retailers in FY 2026, though revenues could grow 13-15% due to higher gold realisations.

And while international price swings and safe-haven demand are familiar forces, the added specter of U.S. trade policy has exacerbated the strain. Tariff-induced volatility, including a potential 25% levy on Indian imports (and broader 50% retaliatory tariffs), intensified pressure on gold and jewellery markets.

Why does this matter so deeply? Because gold in India isn’t just a metal, it is security, tradition, and emotion rolled into one. 

Now, with the cost climbing past ₹1 lakh, that tender ritual of gifting, the dream of buying jewellery for a daughter’s wedding, gifting a gold coin to mark Diwali, or self indulgence feels painfully out of reach.

For families who have always seen jewellery as an expression of love and auspiciousness, the sticker shock is hard to ignore. Instead of walking into stores with wide-eyed anticipation, many consumers now linger at the display counters calculating carats, weights, and budgets, silently wondering if this year’s tradition is worth the splurge.

Yet, even in this gloom, there's a story waiting to be told: of brands that pivot, of agencies that strategise, and of consumers who love, but must now shop differently.

Marketing and agency professionals shared how these shifts are shaping festive marketing plans, from creative briefs and campaign narratives to media strategies.

Media spends still sparkle amid headwinds

While gold buying slowed, ad buying hasn’t. Brands are still lighting up the season across screens and billboards.

Guru Mishra, Senior VP – Digital Media and Buying, RepIndia, projected, “Expected ad spends is likely to cross INR 530 Cr per month during this festive season largely attributed to top 10 organised brands.”

Binu Thomas, Managing Partner – Investments, Havas Media India, added that festive campaigns remain a priority. He said, “Festive budgets rise by 16-20% higher than regular campaigns, with key brands spending 2-3 times their regular media budgets in the peak festive periods.”

That confidence also stems from the sheer size and growth of the category. Jewellery, projected to hit $150 billion by 2028 with 20% CAGR, continues to be a heavyweight advertising category. But allocation is evolving. 

Mishra explained, “Traditional mediums—Print and TV—will continue to be the mainstay to reach a wider audience and build brand trust. I am betting on extensive use of CTV as a digital extension of TV, with tighter audience control. Powerful video campaigns on YouTube, social, and influencers will see a surge.”

Some mediums anchor credibility, while some drive urgency and footfalls. Thomas shared, “Print, TV, and OOH build credibility, while digital ads and influencer tie-ups push time-bound offers and drive store visits.”

Hyperlocal is also accelerating. Mishra noted, “There is a significant push for driving footfalls via hyperlocal vicinity-based communication as jewellery buyers prefer the experience. Regional media buying is a natural course to appear native and appeal to sentiments.”

Even as consumers trim their purchases, brands are unwilling to trim their presence. 

Sujala Martis, Consumer Marketing Director – India, Platinum Guild International explained, “Platinum enjoys strong affinity among younger audiences, and with these cohorts steadily migrating away from traditional media, digital becomes central to our strategy. That spans the full spectrum, from CTV and OTT to music platforms and key lifestyle apps, allowing us to connect where our audience already spends their time. This only becomes sharper with the addition of deterministic and transactional signals.”

Shaifali Gautam, CMO, CaratLane,  pointed out the importance of omnichannel synergy: “This year, we’re investing equally across our marketing mix — outdoor, print, BTL activations, and digital — to make sure we reach customers across all touchpoints. The synergy between channels is what makes festive campaigns impactful.”

Krishna Iyer, Director – Marketing, MullenLowe Lintas Group highlighted the creative challenge beyond media selection. He said, “The real challenge isn’t selling ornaments; it’s creating modern heirlooms that honour tradition without looking trapped in it.”

Jewellery remains a high-involvement, trust-led category where top-of-mind recall during festivals can decide market share for the entire year. Yet, spends and mediums are only half the story. What truly determines outcomes this season is how consumers are responding to high gold prices, a response that is shaping buying patterns in significant ways.

Controlled indulgence

Behind the screens and billboards, the consumer’s mindset is undergoing its own recalibration. The gold consumption hit a five-year low, yet, reports suggest buyers aren’t abandoning jewellery, they’re finding ways around the pinch.

A surge in lightweight designs, lower-carat offerings, and recycling of old gold to manage costs is seen. In Ahmedabad, silver even stole the spotlight, gaining 33% versus gold’s 30% rally and hitting ₹1.16 lakh per kg. Lab-grown diamonds are also stepping into the frame, with Raksha Bandhan sparking a 15–20% rise in demand for such alternatives.

Gautam summed up the consumer sentiment. She said, “While gold prices have risen, jewellery still remains an emotion-led purchase, especially around festivals. Rather than holding back, customers are becoming more intentional, often choosing design-rich, lighter gold and diamond designs.” 

To ease this transition, CaratLane has launched initiatives like affordable 9KT gold collections, the Treasure Chest installment plan, and old-gold exchange, ensuring aspirational purchases don’t slip away.

At Platinum Guild International, Martis sees an opportunity in this moment. “Rising gold prices have undoubtedly made consumers more value-conscious, but that doesn’t mean they’re stepping away from precious metals. For platinum, this environment offers an opportunity. Consumers who might have previously defaulted to gold are now exploring alternatives that feel more distinctive, design-forward, and personal,” she said.

This shift in the buyer’s mindset is shaping the very briefs agencies are receiving, forcing them to recalibrate both creative and media strategies.

Even on the agency side, Iyer highlighted the evolving brief. He shared, “This festive season, briefs are less about dazzling only the bride, and more about trying to break the mould or a stereotype, celebrating jewellery as self-expression. What’s shifted is how brands chase attention, more are leaning on celebrity faces to drive visibility, rather than letting the brand itself be the celebrity.”

Storytelling shifts

If media spends and consumer behaviour have shifted gears, the heart of festive campaigns, storytelling, is evolving too. With consumers re-evaluating the ‘how’ and ‘why’ of jewellery buying, brands are leaning into narratives of emotional connection, individuality, and cultural nuance.

“In India, gold isn’t a purchase, it’s a passage, a tradition,” said Iyer. “Even with the precious metal prices climbing higher, the desire to possess hasn't dimmed; it’s simply become sharper, more strategic. The real challenge isn’t selling ornaments; it’s creating modern heirlooms that honour tradition without looking trapped in it.”

For Tanishq, this means anchoring campaigns not to the festival calendar but to customer insights. “We start out with a sense of deep curiosity, what is inspiring her, what is her cultural, traditional celebratory mood,” explained Pelki Tshering, CMO of Tanishq. From Tamil Nadu’s Pudhumai Penn to Bengal’s Pongal Katha, the strategy is to regionalise without fragmenting. “Our hope is to reimagine tradition in a way that is truly fresh, truly joyful, and truly full of possibilities,” she said.

Martis shared, “Festivals in India are as varied as the audiences who celebrate them and that’s exactly how we approach marketing platinum. The way we tell that story flexes to the cultural codes, emotions, and purchase triggers unique to each occasion.”

Martis elaborated with examples, noting that for festivals like Akshaya Tritiya, where precious metal purchases are deeply rooted in tradition, the brand positioned platinum as a contemporary yet equally auspicious choice, balancing heritage with modernity. During the wedding season or around Valentine’s Day, Platinum Love Bands took centre stage, celebrating modern love and its promise rendered in platinum. 

Gautam highlighted CaratLane’s regionalised films: “This year we created special regional campaign films for Teej, Rakhi, and Ganesh Chaturthi. By tailoring our storytelling to cultural moments, we ensure our campaigns feel culturally nuanced while also resonating at a national level.”

CaratLane is betting on collections that spark personal and cultural resonance, such as its FRIENDS × CaratLane line blending pop-culture nostalgia with modern craftsmanship. Platinum, meanwhile, is positioning itself as the metal of meaning, rarity, and identity, a contemporary choice for consumers seeking symbolism as much as sparkle.

Tshering added the philosophy behind Tanishq’s approach: “Festivities aren’t just a seasonal burst or just a calendar event. In India, festivals are so emotionally layered, full of memories, meanings, connections.”

She rounded it off with a reminder of what really matters. She said, “A festive campaign where both the needle has moved and the heart has moved is really the one that has delivered.”

According to the marketers, listening to the customer, understanding regional and cultural subtleties, and reimagining traditions in a contemporary way is what makes a festive campaign resonate. 

Across the board, campaigns are being structured in phases: early awareness built through emotional storytelling, mid-phase deep dives into product narratives, and last-mile calls-to-action powered by digital precision. 

For brands and retailers, the message is clear: consumers haven’t stopped buying, they’ve simply become sharper, more selective, and more value-conscious. Success in this climate won’t come from louder discounts, but from campaigns that balance aspiration with accessibility. 

Interestingly, despite gold prices dominating consumer conversations, most festive storytelling hasn’t touched on it at all, which could be a missed opportunity to build deeper trust. As the season unfolds, those who acknowledge both sentiment and sensibility will shine the brightest, because while prices may rise, the emotion of gifting and celebration remains priceless.