With Dhanteras just a day away, the festive sheen appears to be dimmed in jewellery markets across Ludhiana, as both residents and jewellers feel the pinch of record high gold and silver prices, leading to subdued footfalls and muted sales.
Reportedly, gold prices have soared to an unprecedented ₹1.32 lakh per 10 grams for 24 carat purity, while 22 carat gold is retailing at around ₹1.23 lakh. In addition, silver has touched a steep ₹85,000 per kilogram a figure that has discouraged even regular buyers from indulging in the customary festive purchases.
Explaining the situation, jewellers noted that Dhanteras marks the beginning of Diwali celebrations and is considered an auspicious day for buying gold and silver. However, this time while footfall and inquiries have increased over the past few days, actual sales have not reflected the same enthusiasm.
Anand Sikri, president of the Ludhiana Jewellers Association, said “With the steep rise in 24 carat and 22 carat gold, we are anticipating higher demand for lightweight ornaments and jewellery in the 14 to 18 carat range,” he explained.
Sikri noted that the overall footfall in jewellery stores remains modest compared to previous years, as many buyers are postponing their purchases in the hope of a price correction. “Some rate adjustments were expected in gold and silver, but looking at the current trend, prices may even touch the ₹1.5 lakh mark per 10 grams if the rally continues,” he said.
{{/usCountry}}Sikri noted that the overall footfall in jewellery stores remains modest compared to previous years, as many buyers are postponing their purchases in the hope of a price correction. “Some rate adjustments were expected in gold and silver, but looking at the current trend, prices may even touch the ₹1.5 lakh mark per 10 grams if the rally continues,” he said.
{{/usCountry}}However, he added that a clearer picture will emerge on Dhanteras, when customer turnout and market sentiment will indicate how the festive sales are likely to shape up this year.
Rajesh Verma, a local jeweller in Ghumar Mandi said,” People are visiting showrooms, asking about prices and even trying smaller ornaments, but when it comes to purchase, most are stepping back. Gold prices have gone up by nearly ₹6,000 in the last two weeks alone. It is understandable that customers are hesitant.”
Hence, we have introduced lightweight designs and diamond studded jewellery as alternatives to mitigate the impact of soaring gold rates. “We have diversified our collections to attract younger buyers who prefer trendy, smaller pieces. Still, the overall sentiment is cautious,” he added.
Meanwhile for residents, the emotional connection with Dhanteras remains strong, even if their shopping habits have shifted. Some are opting for silver coins or gold plated items as symbolic purchases rather than investing in heavy ornaments.
“Buying silver or gold jewellery on Dhanteras is a family tradition, but this year, we will probably buy a small silver coin just to keep the custom alive,” said Renu Bansal, a resident of Model Town.