As the wedding season approaches in May and June, families across India are bracing themselves for the sky-high prices of gold, forcing them to explore alternative options for the traditional wedding jewellery.
The Unprecedented Price Hike
- The price of 24-carat gold has touched an unprecedented Rs 95,180 per 10 grams in Bhubaneswar, an all-time high.
- The price of 22-carat gold stands at Rs 87,200 per 10 grams in Bhubaneswar, a 25% increase since January this year.
“Buying gold is like buying a fortune,” said Pranati Das, a resident of Nayapalli, whose daughter’s wedding is in April-end. “We planned for two gold sets, but now we’re considering silver and designer imitation jewellery instead,” she said.
The Emotional Strain
“Gold prices are unlikely to go down in the near future due to global instability. As people are emotionally attached to gold in weddings, letting go of that tradition is not easy for them. But practical choices are overtaking emotional ones this year,” said Sanjoy Hans, one of the leading jewellers of Odisha.
Jewellers, meanwhile, are witnessing anxious visitors. “There is hesitation in every purchase,” said Srinivas Senapati, owner of a prominent jewellery showroom in Saheed Nagar. “Customers are walking in with budgets fixed months ago, only to realise that those budgets now barely cover a small jewellery item, much to their dismay,” he added.
Shifting Sentiment
- Traditionally, gold has been a symbol of status and security in Indian weddings, but the current surge is forcing a shift in sentiment.
- Some families are replacing gold with gadgets, investment in fixed deposits, or gold bonds.
“Instead of buying 50 grams of gold, we are investing that money in an education fund for the couple. It makes more sense now,” said Prakash Nayak, a groom’s father from Cuttack.
A Changing Landscape
| Option | Cost |
|---|---|
| Gold Jewellery | Rs 95,180 per 10 grams (24-carat) |
| Silver Jewellery | Rs 15,000 per 10 grams |
| Designer Imitation Jewellery | Rs 5,000-10,000 per item |
| Gold Bonds | Rs 30,000 per 10 grams |
| Fixed Deposits | Rs 10,000 per 10 grams |
With the wedding season approaching, families are forced to re-evaluate their priorities and make practical choices. As the demand for gold jewellery continues to dwindle, jewellers are witnessing a shift in sentiment, with many opting for alternative options.
The Future of Gold in Indian Weddings
“The current price surge is unlikely to impact the overall demand for gold, but it will force families to think twice before making a purchase,” said Sanjoy Hans.
