The Hindu festival of Gudi Padwa is considered an auspicious day for shopping, particularly for gold jewellery. However, this year, due to the skyrocketing price of gold, sales of jewellery on Gudi Padwa were less than expected.
Gold jewellery sales during Gudi Padwa, the Hindu New Year festival celebrated in Maharashtra, were slow this year due to inflation.
Despite customers visiting jewellers, sales were down 20% compared to last year because of the high price of gold, which has risen by about 14% compared to last year. Although some customers are exchanging old gold ornaments for new ones, sales of new ornaments are very low.
While jewellers are expecting some sales during the wedding season, pricing pressures may keep rural demand weak, and urban shopping and digital gold may also be affected. The banking crisis in the West has contributed to the increase in gold prices, which have risen by around 7-8% in the last month. In this scenario, some jewellers gave discounts on making charges to boost sales.