As gold prices continue their upward trajectory, India’s leading jewellery brands are defying economic gravity with bold marketing investments designed to ignite festive demand and reinforce long-term growth strategies.

**Rising Prices, Rising Spend**

In Q2 FY26, jewellery retailers in India have faced the dual challenge of record-high gold prices and intensifying market competition — yet rather than retreat, brands are doubling down on their marketing budgets. Kalyan Jewellers and Senco Gold & Diamonds, two of the country’s prominent players, have aggressively ramped up their advertising spends to sustain consumer interest during this critical festive season.

Kalyan Jewellers, known for its expansive footprint and consumer trust, allocated ₹108.8 crore to marketing in Q2 FY26 — a 7% increase compared to the same quarter last year and 13% higher than Q1 FY26. Interestingly, this surge isn’t limited to just campaign spending. The company is channeling investments into CRM systems and data-driven customer experience platforms — signalling a strategic pivot toward long-term customer engagement, retention, and hyper-localized personalization.

From a digital transformation standpoint, such tools mirror SaaS CRM and analytics stacks popular across fast-scaling consumer tech platforms. For B2B and SaaS brands, this cross-learning signals a growing norm: **Customer Lifecycle Optimization (CLO)** is no longer optional — it’s a differentiator.

**Senco Doubles Down on Cultural Moments**

Senco Gold & Diamonds is taking a cultural-creative route. The brand increased its marketing spend by a significant 46.6% YoY in Q2, touching ₹40.83 crore, and a robust ₹83.4 crore over the first half of the fiscal year. Their strategy has been vibrant, running specific campaigns tied to Indian festive calendars such as Teej, Monsoon Edit, Rakhi, and Varalaxmi. These campaigns were differentiated by unique collections like ‘Elements of Nature’, ‘Aparupa 2.0’, and ‘Everlite – Shakti Collection’.

This approach blends product marketing with occasion-based storytelling — an effective framework with parallels in modern omnichannel SaaS launches. In an era of micro-moments, personalization, and DTC agility, Senco’s execution reflects a rising imperative: **align brand narratives with cultural cadence.**

**Bluestone and the Rise of Exchange-Based Engagement**

Bluestone Jewellery and Lifestyle reported that marketing constituted 8.2% of its revenue in the recent quarter. Compared to the prior year, this marked a decline of 220 basis points, but sequential figures show upticks, driven by early festive pushes and strategic promotions like the ‘Big Gold Exchange’. By focusing on trade-in upgrades and value rediscovery, Bluestone optimizes for both new acquisition and existing customer uplift.

This tactic — campaign-driven retention through perceived value enhancement — resonates with SaaS pricing model innovations like usage-based and freemium-to-premium transitions. It’s an area B2B platforms can learn from retail counterparts: **when consumers feel they’re ‘upgrading smartly’ rather than just ‘spending more’, they remain commercially engaged.**

**Market Outlook and Consumer Sentiment**

Despite record-breaking gold rates — ₹12,795 per gram for 24-karat gold in Delhi — industry estimates forecast the Indian jewellery market to reach an astonishing $140 billion by 2029, nearly double from $67 billion in 2023. This growth will continue to be underpinned by rising disposable incomes, aspirational buying among younger urban consumers, and greater financial autonomy among women.

All these trends point to one marketing truth: **brand differentiation in hyper-competitive, price-volatile sectors hinges on data-led experience design, cultural intuition, and omnichannel agility.**

**Implications for Tech-First Brands in India**

Whether you’re operating a B2C jewellery chain or scaling a B2B SaaS platform, the emerging playbook is clear: platform investments (CRM, analytics, targeting) must align with activation campaigns across lifecycle touchpoints. Brands that build feedback-rich, insight-driven systems are better equipped to scale relevance amid economic turbulence.

From loyalty upgrades to seasonal campaigns powered by segmentation engines, applying the right stack — and knowing how to execute around cultural or product-based demand cycles — will separate market leaders from downstream players.

As digital and consumer-tech strategies converge, it’s clear that modern growth now relies heavily on orchestrating data-driven engagement across the entire customer lifecycle. At DevSparks, we help brands integrate advanced CRM, automation, and personalization frameworks that drive enduring value — whether you’re selling gold or software.