The recent price drop in Mumbai's spot market to ₹1.37 lakh per 10 grams has prompted shoppers to revisit jewelry stores ahead of Dhanteras on November 6. Retailers are seeing renewed interest in both gold jewelry and silver items, with softer rates giving buyers room to consider higher-weight pieces within their budgets. However, because prices remain historically elevated, many shoppers are adjusting their strategies toward 18-karat gold and lightweight diamond jewelry.
Key points
Jewellers project sales volume to expand by 10% to 12% compared to last year for the upco…: Jewellers project sales volume to expand by 10% to 12% compared to last year for the upcoming Dhanteras festival.
Customers are actively releasing deferred wedding demand through increased store visits a…: Customers are actively releasing deferred wedding demand through increased store visits and advance booking orders.
Buyers are managing historically high baseline rates by opting for 18-karat items and lig…: Buyers are managing historically high baseline rates by opting for 18-karat items and lightweight diamond or solitaire pieces.
Sources checked by our analysis pipeline: 1
Buying has picked up since last week, as gold prices began correcting, and is expected to continue until Dhanteras on November 6, said jewellers. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, predicted sales volume to increase 10-12% from a year earlier on the day considered to be one of the most auspicious to make high-value purchases.
Also read: Explained: Why gold investors should tone down expectations as yellow metal plunges to a 1-year low
Gold was trading at ₹1.37 lakh per 10 gm in Mumbai's spot market on Monday. The price has dropped from ₹1.48 lakh a month earlier and the all-time high of ₹1.80 lakh recorded on January 29.
Smaller-ticket Purchases
Jewellers are reporting an improvement in store footfalls, with demand picking up for gold jewellery as well as silver coins and articles. Advance bookings for the wedding season are also gathering pace, indicating that some of the demand deferred during the sharp price rally is returning to the market.
"The recent softening in gold and silver prices, coming just ahead of Dhanteras, is a…
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