Th In no time, the price of gold in India has skyrocketed. While gold was priced at ₹50,000 per ten grams (24 carats) in 2023, it is now selling for ₹1.5 lakh per ten grams. Silver prices have also skyrocketed. Silver is considered cheaper than gold. It is used both industrially and in jewelry, yet its price has risen to ₹2.15 lakh per kilogram. The question arises: despite the increased jewelry prices, weddings are still taking place with the same enthusiasm. Gifts of gold, silver, and jewelry are being exchanged. Gold markets are also operating as briskly as before. Looking for answers, we see a shift in the buying and use trends of gold in major cities like Delhi, Ahmedabad, Kolkata, and Jaipur. Studying these markets reveals that the use of gold in weddings hasn’t decreased, but the way jewelry is being made has certainly changed. Nowadays, markets for lightweight jewelry are flourishing. The gold used to make these new, lightweight jewelry is 50 to 70 percent sourced from the country’s middle-class people, who have purchased their old jewelry. Goldsmiths today make up to 70 percent of their jewelry by breaking old gold. The new generation demands modern, lightweight jewelry. Pendants, bracelets, and neck chains are available in the market, and the demand for them has increased. Anticipating further gold prices in the coming days, advance bookings at the current rate are high. As soon as the price of gold falls, people immediately make advance bookings or buy gold on auspicious days. Another trend has changed. Weddings are no longer promised ten tolas; it’s clearly stated that the gold budget will be ten, fifteen, or twenty lakh rupees, meaning jewelry worth that amount will be given, regardless of the weight. Not only 24-carat gold with lightweight designs, but even 20-carat gold is becoming increasingly popular. Demand for branded jewelry is increasing in major cities, meaning gold is selling less by weight, but spending on it has increased by 34 percent. Recently, along with general consumers, central banks have also purchased gold, boosting demand and prices.
Marriage Amid Gold Price Hike
