Belagavi, once a city dominated by time-honoured local jewellers also known as ‘Sarafs’ like Potdar’s, Herekar’s, Verenekar’s, Lengade’s, Bembalgi’s, Naik’s is witnessing a golden revolution. The rise of organised gold jewellery retailers has transformed the city’s jewellery market and challenged the long-standing reign of these trusted local names. New-age brands like Kalyan Jewellers, Malabar Gold, and Joy Alukkas have swiftly gained traction, with more than 20 major stores now operating in Belagavi. What explains this seismic shift in consumer behaviour?
One word lies at the heart of this transformation: trust. Trust has emerged as the defining factor in a market that has faced significant challenges, from fluctuating gold prices to economic uncertainties. As the festive and wedding seasons approach, the Indian public returns to gold with renewed fervor. But this time, the trend is different. More consumers are willing to pay a premium for the promise of authenticity, quality, and transparency that organised retailers offer.
For decades, the local jewellers of Belagavi built their reputations on personal trust and relationships. Families would return to the same jeweller for generations, confident in the gold’s purity and the price’s fairness. However, the landscape has changed. Now, hallmark certification, return policies, and modern designs have become essential. Organised brands guarantee all this, appealing to a younger, more discerning customer base.
The old Saraf Katta at Shahapur was the hub of the gold and silver jewellery market. With dozens of shops sitting choc-a-bloc, the owners commanded respect and credibility for generations. Old timers like Bembalgi, Herekar, Naiks, Tilve, Lengade, Bhosale were successful owing to their trust, more than the variety and designs. The saraf katta was demolished during the road widening in the 90’s making way for wide roads.
Take Preeti Kulkarni, for instance, a 50-year-old Belagavi resident who, for her daughter’s wedding, has switched from local retailers to well-known brands like Tanishq and Kalyan Jewellers. “They offer a great range of choice, pricing, and hallmark,” she says. Kulkarni believes that purchasing from these brands ensures not only good resale value but also peace of mind when it comes to the authenticity of the gold.
The New Battleground: Mahatma Fule Road, Samadevi Galli, Nana Shankar Sheth Marg and Khanapur Road
A walk through Belagavi’s jewellery hubs showcases this transformation. In Samadevi Gali, major players are locked in a competition for visibility and luxury. Jos Allukas opened a store just opposite Kalyan Jewellers, while Chandu Kaka Saraf prepares to open its new outlet a mere 20 meters away. Veteran jeweller Herekar, a beloved local name, is also expanding its footprint in this competitive space.
Over on Nana Shankar Sheth Marg (Kahade Bazar), Joy Allukas has established itself near Potdar Jewellers, another iconic name in Belagavi. The once unchallenged dominance of these old-timers now faces stiff competition. Meanwhile, Mahatma Fule Road and Khanapur Road have become hotspots for new stores like Tanishq, Subham Daddi Jewellers, CaratLane, PN Gadgil, and Bhima Gold. Even more entrants like BlueStone and Kisna are lining up, eager to tap into the city’s growing market.
What’s Driving the Shift?
The rise of organised jewellery retail in Belagavi is part of a broader trend across India. Organised retailers now account for slightly more than a third of the market, with the rest still controlled by smaller, fragmented, and often unorganised players. The key to this formalisation? Branding, marketing, and a relentless focus on customer experience.
Retailers are pouring resources into advertising, offering higher discounts, and expanding their product lines to appeal to the diverse tastes of the modern buyer. Gold prices may be rising, but these brands are betting on customers who are willing to pay a premium for the assurance that comes with purchasing from a well-established, nationwide brand.
While the organised sector is growing, regional preferences still play a vital role. Jewellery designs in India are deeply influenced by cultural and regional factors, and this is no different in Belagavi. Many national brands are curating their collections to cater to these local tastes, even as they expand their pan-India presence.
For example, while consumers in urban areas are increasingly purchasing gold bars and coins as investment options, semi-urban and rural markets—like much of Belagavi—still see a significant demand for traditional jewellery. Organised brands are keenly aware of this and are balancing modern designs with regional favorites.
What Does the Future Hold?
Belagavi’s jewellery market is at a crossroads. The old guard, represented by trusted local jewellers, still holds a significant place in the hearts of many customers. However, organised retailers are making rapid inroads, driven by their ability to offer what the modern consumer desires: trust, transparency, and trendsetting designs.
As more brands set up shop in the city, competition will only intensify. Local jewellers, many of whom have been in business for generations, are now adapting to this new landscape. Stores are being refurbished, new marketing strategies are being implemented, and some local players are even collaborating with larger brands to stay relevant.
In this evolving market, one thing is clear—gold, a symbol of wealth and tradition, is more than ever tied to the values of trust and authenticity. And as Belagavi’s residents navigate the changing landscape of jewellery retail, they find themselves balancing between old loyalties and the allure of new-age brands.
With inputs from Swatee Jog and Mandar Kolhapure
I am a born Keralite,but did my schooling,college and most part of my service in SBI in Belgaum .Having lived in this city ,since the late 60’s to the present, I must say that Belgaum has silently undergone a metamorphosis, which few
towns in India have undergone.While the authors have painstakingly written about the gold and jewellery scene,they will well do to write one about
the medical sector from family physicians to the emergence of corporate hospitals,about the eatery sector from Paranjape’s and Suvarn mandir to Eefa and UK 27,the education sector from Galli Shaalas to Global ICS standard schools ,the travel sector from a few autorickshaws and cycles to the owning of ultraluxury cars,the old world charm of Thalakwadi to the bustling apartment culture etc
and many more areas impacting our lives