Bhubaneswar: With the wedding season approaching in May and June, the sky-high prices of gold have made purchases difficult. And, families are looking for alternatives to gold jewellery.
On Tuesday, the price of 24-carat gold touched an unprecedented Rs 95,180 per 10 grams, while 22-carat gold stood at Rs 87,200 per 10 grams in Bhubaneswar, an all-time high. Since Jan this year, the price of gold has increased by 25%.
“Buying gold is like buying a fortune,” said Pranati Das, a resident of Nayapalli, whose daughter’s wedding is in April-end. “We planned for two gold sets, but now we’re considering silver and designer imitation jewellery instead,” she said.
Jewellers admit that while high prices often indicate festive demand, the emotional strain on families is undeniable. “Gold prices are unlikely to go down in the near future due to global instability. As people are emotionally attached to gold in weddings, letting go of that tradition is not easy for them. But practical choices are overtaking emotional ones this year,” said Sanjoy Hans, one of the leading jewellers of Odisha. He also expressed concern over a possible drop in business during Akshay Tritiya on April 30 — a day considered highly auspicious to buy gold.
Jewellers, meanwhile, are witnessing anxious visitors. “There is hesitation in every purchase,” said Srinivas Senapati, owner of a prominent jewellery showroom in Saheed Nagar. “Customers are walking in with budgets fixed months ago, only to realise that those budgets now barely cover a small jewellery item, much to their dismay,” he added.
Traditionally, gold has been a symbol of status and security in Indian weddings, but the current surge is forcing a shift in sentiment. Some families are replacing gold with gadgets, investment in fixed deposits, or gold bonds. Prakash Nayak, a groom’s father from Cuttack, said, “Instead of buying 50 grams of gold, we are investing that money in an education fund for the couple. It makes more sense now.”