Hyderabad’s gold jewellery market saw weaker-than-expected Dhanteras sales as high prices pushed customers to buy smaller quantities, choose lighter designs or consider silver and gold coins instead. Showroom managers said footfall had declined from last year, with festive purchases also competing with wedding-season expenses.
On Friday, 22-carat gold was priced at ₹1,31,500 for 10 grams in Hyderabad, while 24-carat gold was quoted at ₹1,43,450 for 10 grams. Silver stood at ₹1,950 for 10 grams. The elevated prices made it difficult for customers to remain within budgets planned for Dhanteras and upcoming weddings.
Sindhu Reddy, who visited a jewellery showroom with a fixed budget, said she had to spend more than expected. The pieces available within her budget were smaller than she had anticipated, prompting her to stretch her spending to purchase a larger set. She said the rise in gold prices had made buying difficult even though showrooms experienced a festive rush, with Dhanteras coinciding with the wedding season.
Navnath S. Bhosale, a showroom manager in Somajiguda, said sales had declined compared with last year. Customers who previously bought about 10 grams were now restricting purchases to around five grams, he said, adding that fewer people were visiting showrooms.
Bhosale said some bulk buyers were also reconsidering their plans. Customers who had intended to purchase 500 grams or 1.5 kg of gold were exploring alternatives such as coins and silver for savings and investment. He also observed that online purchases were higher than offline buying.
Rohit Rudrangi, a shop owner from RP Road, said customers were choosing smaller quantities and lightweight jewellery. Orders that were previously placed in kilograms had come down to grams, he said. According to Rudrangi, customers were buying gold only when they had savings remaining after meeting other expenses.
The tradition of purchasing gold on Dhanteras continued to draw some buyers despite the prices. Janardhan, who purchased gold, said he believed buying it on the occasion would bring Goddess Lakshmi and prosperity to his home.
Jewellery showrooms are offering discounts and reducing making charges to retain customers and encourage festive purchases. Bhosale said retailers were providing concessions to make customers more comfortable with their purchases. Jewellers are now hoping that the approaching wedding season and festive offers will improve sales despite the high gold rates.
