Gold Sales During Ganesh Chaturthi Fall 15% As High Prices Push Buyers Towards Lightweight Jewellery

Gold buying during Ganesh Chaturthi was weaker this year. As per news reports, sales volumes were down about 15% from last year as the sharp rise in gold prices made customers more selective about what they bought. 

The difference in prices has been substantial. Gold was selling at ₹1.57 lakh per 10 grams, including 3% GST, in Mumbai on Monday, compared with ₹98,000 on Ganesh Chaturthi last year. 

Old Gold Exchanges Help Buyers 

The higher price has changed the way some customers are shopping. Surendra Mehta, national secretary of the India Bullion & Jewellers Association, said more buyers are exchanging old jewellery for new pieces, with lightweight jewellery seeing most of the demand. 

This has allowed customers to continue making festival purchases without buying the same quantity of fresh gold. There was also demand for gold in the form of coins and bars during the festival. 

Wedding Buying Holds Up 

The World Gold Council said the festive season has started cautiously, with the rise in gold prices causing some consumers to delay discretionary purchases. Wedding-related buying has held up better, while physical investment demand has remained steady. 

Jewellers are now looking towards the coming wedding period for a stronger flow of customers. 

Read More: MSME Credit Grows 12.5% to ₹47.4 Trillion, Small and Medium Firms Lead! 

Conclusion 

High gold prices have reduced festival jewellery volumes while changing what consumers choose to buy. Lighter pieces, old-gold exchanges and bullion are gaining attention as the market moves towards the wedding season. 

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