High gold prices alter wedding purchases amid marriage season

MUMBAI: The wedding season has begun in right earnest, and the astronomical price of gold is rapidly changing shopping patterns. Several clients are selling off old jewellery to buy new designs for family weddings. Others are exploring lightweight ornaments and studded items that give a stylish look.

On Saturday, 24 carat gold cost Rs 1,55,000 per 10 gm, excluding GST and making charges, and silver Rs 2,50,000 per kg.

TOI interviewed a cross section of bullion traders, jewellers and wedding families who all pointed to changing dynamics in trousseau shopping for ornaments.

Surendra Mehta, national secretary, IBJA (India Bullion & Jewellers Association) said, "Nearly 30% customers are opting to buy new jewellery against old. Light weight and lower caratage are other options many are exploring."

Kanaya Kakad, joint treasurer, IBJA, said, "All big brands like Tanishq and Kalyan are offering to exchange old gold for new. Gifting of silver items like vessels is presently low at weddings due to high prices."

Pt Bharat Bhushan Mishra of Malad is solemnising a handful of marriages this fortnight across Mumbai, Mahabaleshwar and Igatpuri. Of these, Amit Bubna, brother of groom Vimal, told TOI, "Definitely we have had to reduce the grammage of wedding ornaments. Salaries are nowhere keeping pace with the rise in prices. Imagine the condition ten years later."

Another groom's relative Vastupal Shah said, "A family's wedding budget is fixed so one has to compromise on quantity of gold. In 2025 we spent Rs 75,000 per 10 gm to buy gold for another marriage at home, and this time the rate has doubled to Rs 1,50,000."

Goldsmiths are on their toes. Jay Sagar, partner at the 60-year-old family-run Pransukhlal Jewellers, Charni Road, points to a new trend of convertible ornaments. "Buying has not stopped. But the young generation doesn't want big expensive sets. They want something that they can wear, not jewellery that will be put away in a bank. It should have multiple uses. For this reason the trend of convertible jewellery is gaining ground. For instance, a necklace can be converted into a pendant or bracelet. Owing to changing times we have a team dedicated to innovative ornaments. Yes it is going to get tough, considering how expensive jewellery is getting. But we must adapt."

Colin Shah, MD, Kama Jewelry, says selling old ornaments is subjective. "One set of consumers believes in passing on heirloom jewels to future generations for its sentimental value while another wants to keep up with latest fashion trends and sell off old pieces."

Sanjay Shah, MD of Gold Star Group added, "People are also exchanging diamond studded jewellery for gold jewellery. They are accepting lower gold caratage especially with diamond studded gold jewellery -- 14/10."

While Colin Shah feels gold will continue as Indians' favourite investment although the size may lessen, Surendra Mehta points out, "Nearly 50% sale is down at retail counters. This shows that the ordinary middle class is not able to afford gold." Sanjay Shah says, "I agree to this as people's income is the same."

Indeed, bullion is swiftly becoming an investors' market. The ordinary middle class buyer who purchased small items on every festival or gifted ornaments on auspicious occasions is gradually being driven out. Salaries and incomes are unable to keep pace with inflation. Households say the bride and groom's families have now come to accept that volumes of gold exchanged will be low, and are quite accommodating too.