Despite tensions in Gaza causing a 5.5% rise in gold prices, leading jewelers report a remarkable 30% increase in sales during Dussehra-Navratri compared to the previous year.
The surge in silver prices has been steady since July-August. Currently priced at ₹60,612 per 10 grams, gold has been on an upward trend since the month of Shraadh and gained momentum with the onset of Navratri. Purchases span various categories, with a notable focus on necklaces, bangles, and elaborate wedding jewelry.
Titan's jewelry division saw a 19% YoY rise in sales, crediting weddings and high-value purchases as driving factors. Anticipation of further price hikes due to the Gaza situation is also prompting purchases. Overall, robust consumer demand and retail expansion are contributing to this significant boost in jewelry sales.