Gold offerings for Ganpati drop as prices soar by ₹9,000 this year

According to the Mumbai Jewellers Association, the massive hike in gold prices to ₹38,000 for every 10 grams, from ₹29,000 for every 10 grams in 2018, has led to the drop in sales.

With gold prices peaking in the range of ₹37,000 to ₹38,000 for every 10 grams, there has been a 70% drop in the sale of gold ornaments that devotees offer to Ganpati during the festival, according to the Mumbai Jewellers Association (MJA). The sale of silver items has, however, increased.

During Ganesh Chaturthi, devotees tend to offer gold ornaments, such as crowns, trunks, durvas, coins and chains to the deity. (Hindustan Times)

During Ganesh Chaturthi, devotees tend to offer gold ornaments, such as crowns, trunks, durvas, coins and chains to the deity.

The ornaments are ordered in advance to ensure they fit the shape of the idol.

According to the association, the massive hike in gold prices to ₹38,000 for every 10 grams, from ₹29,000 for every 10 grams in 2018, has led to the drop in sales. “We have seen a drop of approximately 70% in sale of gold items which were made for Ganpati this year. Devotees have either postponed their purchases to next year or are buying lesser quantities,” said Kumar Jain, vice president, MJA.

He added that the prices have jumped by around ₹8,000 to ₹9,000 per 10 grams.

Goldsmiths also said they’ve made lesser ornaments as compared to last year.

“We used to make at least 15 gold ornaments annually which has now dropped to two or three. In contrast, the number of silver ornaments made has increased this year as we have orders of at least 15, as compared to 10 last year,” said Ratnadeep Chindarkar, who has a workshop at Chinchpokli.

Apart from devotes offering ornaments to Ganpati, mandals also use the donations they receive to make gold and silver items for the deity.

However, against the backdrop of the rising prices and economic slowdown, many mandals have been finding it difficult to get donations and sponsorships. Chindarkar also said that many mandals which used to make gold ornaments for the idols have refrained from doing so this year.