Akshaya Tritiya & Gold: Indian buyers balk at high prices of yellow metal
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'We wanted to browse gifts for my wedding, but the options are way out of our budget,' the 24-year-old said, as she inspected jewelry in a row of packed stores. 'We will probably hand out cash, or maybe try to come here again closer to the wedding date.'
The Hindu and Jain festival of
Akshaya Tritiya
is one of the most auspicious periods in India's calendar, a time for weddings, investments and gold buying. Snapping up bullion during this time is believed to bring prosperity, good fortune and success. But with prices up by more than a quarter so far this year, after a similar jump in 2024, many shoppers are holding back.
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Jewellers search for more than golden eggs as gold prices soar
Gold briefly surpassed 100,000 rupees ($1,172) per 10 grams for the first time last week in the world's second-biggest market for the precious metal, tracking a surge in global prices that have been pushed higher by trade wars, geopolitical uncertainty and central bank buying.
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'Such price levels will continue to restrict jewellery volumes,' the
World Gold Council
said in its latest report. 'Indian buyers are likely to use any price dips as opportunities to buy.'
Also Read:
Gold on Akshaya Tritiya? Grandma was right & you could have been richer
India's largest jewelry companies have rolled out special Akshaya Tritiya collections. Some are offering discounts and even installment plans, allowing buyers to pay as little as 5,000 rupees a month. But business remains slow, storeholders said.
'High prices and evolving lifestyle choices are driving demand for lightweight
gold jewellery
,' said MP Ahammed, chairman of Malabar Gold and Diamonds, which has about 400 retail outlets in more than a dozen countries. 'Customers are becoming discerning – putting greater emphasis on quality and purity standards, design excellence and offers.'
India's jewelry demand slumped 25% from a year earlier to 71.4 tons during the first three months of 2025, according to the World Gold Council. Crisil Ratings Ltd. anticipates a decline in sales of as much as 11% during the fiscal year through March 2026.
India accounted for almost 30% of global demand for jewelry, bars and coins last year, according to data compiled by the World Gold Council.
In Chandni Chowk, a centuries-old market that sells gold, perfume, shoes, clothes and accessories for weddings, the lanes were jam-packed — but even during the peak shopping hour, some jewelers sat idle.
Sanjay Singh, 35, a cart puller, is among those feeling the impact. Normally, with money earned transferring goods from shop to shop he occasionally buys gold and sends it home to his family, as a form of savings.
'I haven't been able to buy it in the past two to three months,' he said. 'Even with discounts, gold has become unaffordable.'
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