The over 10 per cent fall in gold prices over the past month has boosted gold jewellery sales on the occasions of Gudi Padwa and Ugadi on Thursday.
The All India Gem and Jewellery Domestic Council estimated that sales were 10 per cent higher compared to last year in terms of value.
On Friday, gold prices fell further by ₹671 to ₹1,47,218 per 10 g against ₹1,47,889 on Thursday. In contrast, silver prices increased by ₹2,491 to ₹2,32,364 per kg against ₹2,29,873 on strong buying support.
Rajesh Rokde, Chairman of the council, said Gudi Padwa was overall good across the country. In Maharashtra, it holds special significance as it marks the New Year. In Karnataka and Andhra Pradesh, similar festivals such as Ugadi were celebrated.
Silver more than double
One of the key reasons behind this is the price trend last year, gold was around ₹88,500, whereas this year it has reached about ₹1.48 lakh.
Similarly, silver, which was around ₹1.03 lakh on Gudi Padwa last year, is now close to ₹2.45 lakh. Customers are well aware that prices in long-term will only go up, he said.
“Attractive offers by jewellers across the country also played a big role in driving this demand. Overall business worth around ₹22,000 crore may have been done on a single day,” he said.
Diamond, gems
Dr Saurabh Gadgil, CMD, PNG Jewellers, said there was a strong participation from customers as Gudi Padwa was a key gold-buying occasion in Maharashtra. It also marks the start of the wedding season.
The recent fall in prices further strengthened the buying sentiment with good traction in diamond jewellery and coloured gemstones, he said.
“We expect about 20 per cent year-on-year growth in value terms, led by wedding-related demand ahead of Akshay Tritiya, while volume growth may remain in single digits due to the sharp rise in gold prices over the past year, he said.
Published on March 20, 2026
