Discover Why This Year’s Diwali Gold Rush in India Stands Out on Dhanteras
The Diwali festival in India is traditionally marked by a significant increase in gold purchases, particularly during Dhanteras. This year, the vibrant jewellery market in Delhi, especially in Lajpat Nagar, has seen an influx of shoppers despite soaring gold prices.
Significant Demand Amid Rising Prices
Gold prices have surged to over $1,440 per 10 grams. This increase, which represents a 60% rise compared to last year, has made potential buyers cautious. However, the allure of gold remains strong.
Dhanteras: An Auspicious Occasion
- Dhanteras falls on Saturday this year, leading into Diwali.
- Hundreds of thousands of Indians are expected to buy gold, silver coins, and jewellery.
- Purchasing gold during this time is believed to bring wealth and luck.
Prakash Pahlajani, owner of Kumar Jewels, noted a notable increase in customers this year. He mentioned that the fear of missing out (FOMO) is driving many to purchase, as they worry about further price hikes.
Changing Buying Habits
Despite high prices, buyers are adapting their purchasing strategies. Tanishq Gupta, a fellow jeweller, explained that customers are opting for smaller purchases rather than avoiding shopping entirely.
- Innovative Designs: Jewellers are creating lighter pieces that have an elaborate appearance without the high cost of gold.
- Affordable Options: Coins weighing as little as 25mg are now available, priced at approximately $35.
A Shift Towards Lighter Jewellery
Pushpinder Chauhan, another retailer in Lajpat Nagar, noted a growing trend among younger buyers seeking lighter jewellery options. This shift caters to daily wear rather than special occasions, reflecting a broader change in consumer preferences.
The combination of rising gold prices and changing buying behaviors is making this year’s Diwali gold rush distinct. As shoppers navigate these dynamics, the market is adapting to meet their evolving needs while maintaining the festival’s cherished tradition.
