Ahmedabad: Demand for jewellery and gift items has picked up ahead of Rakshabandhan, despite gold prices being nearly 55% higher than a year ago and silver more than doubling.Jewellers said the recent correction in precious-metal prices had improved buying sentiment. Consumers are increasingly opting for silver rakhis, coins and lower-carat, lightweight jewellery.Gold prices climbed to Rs 1.7 lakh per 10 grams in Ahmedabad on Monday, against Rs 1.02 lakh on Rakshabandhan last year. Silver was around Rs 2.45 lakh per kg, compared to Rs 1.17 lakh a year ago.Both metals, however, are well below their Jan peaks. Gold had touched Rs 1.81 lakh per 10 grams on Jan 29, while silver had peaked at Rs 3.65 lakh per kg.“Demand is particularly strong for gold and silver rakhis, coins and gift articles priced up to Rs 5,000. Consumers are increasingly looking at jewellery as a Rakshabandhan gift,” said Jigar Soni, president, Jewellers’ Association of Ahmedabad.In the jewellery segment, 9-carat and 14-carat gold, along with lab-grown diamonds, are becoming more popular. Lightweight chains weighing up to 2 grams, rings and other everyday jewellery are also in demand.Param Begani, director of a lab-grown diamond jewellery company, said, “We have witnessed increasing demand for lab-grown diamond jewellery, especially among young consumers. High gold prices are changing consumer preferences.”Ahmedabad jeweller Ashish Zaveri said, “After the PM urged people to refrain from buying gold, the market remained subdued. Prices have now come down, so demand is good.”“While 22-carat gold still attracts customers seeking greater purity, only a small segment prefers it. In contrast, demand for 9-carat gold is rising among the youth,” he added.Manoj Soni, a jeweller, said wedding purchases had also begun picking up. The onset of Shravan has further encouraged buyers to make use of discounts offered by jewellers, he said.The shift towards 9-carat and 14-carat jewellery is also allowing consumers to buy lighter pieces despite high gold prices. Weddings, meanwhile, continue to support demand for higher-value jewellery. Devesh Sarkar, a jeweller, said, “Silver rakhi demand has remained strong while demand for gold jewellery weighing 1.5g to 2g is also reasonably good for Rakshabandhan.”
