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Gold demand in India drops 28% during recent festive stretch
Gold demand in India dropped 28% during the recent festive stretch—from Raksha Bandhan to Onam—the sharpest fall in three years, says the India Bullion & Jewellers Association.
The main culprit? Gold prices have jumped a hefty 49% compared to last year, making traditional purchases much tougher for most people.
Shift to lighter, lower-karat pieces
With gold retailing at a record ₹1,07,321 per 10gm (as of early September 2024), many buyers are choosing lighter and lower-karat pieces instead of classic heavy jewelry.
Ramesh Kalyanaraman from Kalyan Jewellers notes that shoppers are seeking more affordable options now.
Meanwhile, lighter jewelry—especially in urban and northern areas—is trending, and interest in gold coins for investment is still going strong.