Bhopal (Madhya Pradesh): People are going for jewellery of lesser weight and lower carats following the big jump in gold prices. Some are treating the surge in price of yellow metal as an investment opportunity, while others are exchanging old jewellery for new or getting it recast in modern designs.
As of January 30, the price of 24-carat (24K) gold is approximately Rs 16,475 a gramme (or Rs 1,64,750 for 10 grammes). The price of 22-carat (22K) gold is around Rs 15,690 a gramme.
Gold jewellery is a must in Indian weddings, which is why even the sharp rise in prices has not impacted sales substantially. “If people went for 22-carat gold earlier, now they are going for 18-carat. Also, they are opting for lightweight jewellery, say a necklace of 15 gm gold instead of 20 gm,” said Shobhit Agarwal, owner of Agarwal Jewellers.
Neelima Dixit, who was buying jewellery for her son’s marriage, said she had bought two sets of ornaments last week. “We have decided our budget and won’t exceed it, even if we have to go for lighter pieces,” she said.
Nitin from Sajawat Jewellers said that instead of grammes or carats, people are now making purchases according to their budget. “They have a fixed budget and buy whatever they can get within it,” he said.
According to Ajay Agarwal of Abhushan, many people bring their old jewellery to exchange for new items. “That way, they just have to pay the making charges,” he said.
However, Amit Singh, manager at a jewellery showroom, said the surge in prices has had little impact on sales. Hoping that prices will rise further, some people are treating gold as a lucrative investment option, buying gold coins instead of jewellery pieces. Shiba Khan, a homemaker, said she had come to buy jewellery, but after learning the making charges, decided to buy gold coins instead.
