Gold prices fell by ₹789 to ₹1,54,879 per 10 gram on Wednesday against ₹1,55,668 on Tuesday
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PTI
Jewellers in India are expecting a 40 per cent rise in gold jewellery demand during the Marathi New Year, Gudi Padwa, and Telugu and Kannada New Year, Ugadi, which fall on Thursday. The industry anticipates the recent fall in gold prices to boost demand for light-weight jewellery in particular.
Gold prices fell by ₹789 to ₹1,54,879 per 10 gram on Wednesday against ₹1,55,668 on Tuesday. Gold has crashed by ₹12,592 from ₹1,67,471 since March 2.
Similarly, silver has crashed by ₹2,433 on Wednesday to ₹2,49,907 a kg against ₹2,52,340 on Tuesday. Silver prices have declined by ₹39,941 per kg since the start of this month.
Cultural significance
Rajesh Rokde, Chairman, Gem and Jewellery Council, said despite elevated gold prices, jewellers are optimistic that Gudi Padwa and Ugadi will witness strong consumer sentiment due to deep cultural significance.
While volatility in the international markets may keep prices firm in the near term, the industry expects demand to remain resilient, with consumers increasingly opting for lighter jewellery pieces and innovative designs.
The festive spirit, coupled with the ongoing wedding season, will ensure that sales momentum stays healthy at 7-8 tonne on Thursday compared to 5 tonne last year, he said.
Mindful buying
Sachin Jain, Regional CEO, India, World Gold Council, said the current festive season beginning with Gudi Padwa, Ugadii, Cheti Chand, Chaitra Navratri comes at a time when gold demand in India is showing both continuity and change. While elevated prices are shaping purchasing decisions, they are also encouraging more mindful buying, with consumers prioritising value, flexibility and thoughtful purchases, he added.
The demand has widened with interest not just in jewellery but also in bars, coins, ETFs and digital gold, as more consumers look at gold through both a consumption and increasingly an investment lens, he said.
This reflects a more balanced approach, where gold is increasingly part of broader financial planning, especially in a dynamic global environment, said Jain.
Dr Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said Gudi Padwa has set a strong start to the season, backed by encouraging pre-bookings and positive consumer sentiment.
“With the upcoming wedding season and Akshay Tritiya, demand visibility remains robust across categories. Lightweight jewellery continues to drive volumes, while wedding jewellery is seeing steady traction. We are also witnessing growing interest online in gold bars and coins,” he said.
Overall, PNG Jewellers expects to deliver a healthy value growth of 20–25 per cent over last year, he said.
Neutral sales
Colin Shah, MD, Kama Jewelry, said auspicious occasions like Gudi Padwa attract a large number of buyers, driven by sentimental value. This year, domestic jewellery sales during Gudi Padwa are likely to remain neutral, irrespective of the downtrend in gold prices after a long time.
While some buyers from the investors’ fraternity may leverage this opportunity, the consumer class will be mindful, given the current geopolitical scenario,” he said.
Demand for affordable light-weight gold jewellery in 9k, 14k, and 18k is likely to see traction from young buyers who prefer practicality and the prestige of wearing a precious metal. However, this year will not record any significant festive spike in sales, and business is expected to remain neutral at large.
Published on March 18, 2026
