India's gold jewellery market is adjusting to a new reality following the government's increase in import duties. Suvankar Sen, Managing Director of Senco Gold & Diamonds, noted a surge in consumer buying driven by wedding season urgency and fears of rising prices. This panic buying has led to increased foot traffic in Senco's showrooms. However, Sen predicts that overall sales volumes could decline by 10-15% as consumers opt for lighter, lower-value jewellery to stay within budget. Currently, Senco holds approximately 2.5 tonnes of gold inventory, which is sufficient for four to five months of sales, with about 50% of this stock hedged against price fluctuations. The duty hike is expected to push prices up, but it may also lead to a structural shift towards lower-karat jewellery, which typically carries better margins for retailers. Sen advocates for a collaborative effort between the industry and government to promote these alternatives and encourage the circulation of old gold through exchange programs.