Gold at Rs 1.57 lakh per 10g cuts Ganesh Chaturthi jewellery sales 15%
With gold prices up about 60% year on year from Rs 98,000 per 10 grams, festive jewellery buyers are shifting to lighter pieces, old-gold exchanges and coins or bars. Higher BIS hallmarking fees add another cost pressure ahead of the wedding season.
What happened
India jewellery retail market · India’s Ganesh Chaturthi gold-jewellery volumes fell about 15% as prices rose 60% year-on-year. Shoppers shifted to lighter
Key facts
- Gold price: Rs 1.57 lakh per 10 grams including 3% GST
- Gold price a year earlier: Rs 98,000 per 10 grams
- Gold price increase: around 60% year-on-year
- Ganesh Chaturthi gold sales volume decline: around 15% year-on-year
- Gold hallmarking fee increased from Rs 45 to Rs 75 per article
What changed
India’s Ganesh Chaturthi gold-jewellery volumes fell about 15% as prices rose 60% year-on-year. Shoppers shifted to lighter pieces, old-gold exchanges and coins or bars. BIS also raised gold hallmarking fees to Rs 75 per article before the festive season.
Why this matters
Jewellery retailers should pivot festive assortments toward lighter-weight designs, exchange-led offers and coins or bars as high gold prices suppress traditional purchase volumes.
What to watch
- Gold price movement above or below Rs 1.57 lakh per 10g, especially sustained moves of more than 5-10%.
- Wedding-date bookings, bridal advance orders and average gold weight per transaction from September onward.
- Share of sales through old-gold exchange, EMI plans and gold-savings redemptions.
- Coin/bar sales growth versus ornament sales and changes in average transaction value.
- Making-charge discount intensity and competitor promotional activity during Navratri, Dhanteras and Diwali.