Gold's record run: Heirlooms put on sale, buyers turn to lightweight bling

The bustle, so typical of a wedding season, is conspicuously absent in Bowbazar, Kolkata's storied jewellery district.

- AKSHARA SRIVASTAVA, SHARLEEN D'SOUZA, ISHITA AYAN DUTT & SHINE JACOB

Around 350 shops line this central stretch of the city, but the ennui in the air is unmistakable.

Gold prices have skyrocketed to a point where shoppers' budgets are falling woefully short, says a salesperson at Gold Emporium. "Sales are down significantly. Those who want to gift gold to their near and dear ones are not getting anything worthwhile within their budget. Even something as basic as a nose pin now costs ₹6,000. And who gives a nose pin?"

"People are looking for gold chains in 2 grams. Is it possible?" asks the owner of another shop.

The story hardly varies across Bowbazar - footfall is thinning and the demand for lighter, lower-weight pieces is on the rise. As safe-haven assets gain traction in the face of global uncertainty, the rally in gold prices has put consumers in a spot.

Early last week, domestic gold prices breached the psychologically significant ₹1 lakh mark per 10 grams in the retail market. Though prices have since softened, they remain about 20 per cent higher than the average across 2024-25. Even with the slight correction, shoppers are hesitant to open their wallets. "They are in wait and watch mode," says Bablu De, working president of the Swarna Shilpa Bachao Committee.

With budgets under strain, shoppers are turning to old jewellery to meet new needs. "Consumers are looking for wedding jewellery within their budgets.

Old gold exchange has gone up by 40 per cent," notes Suvankar Sen, managing director and CEO of Kolkata-headquartered Senco Gold.

The same story plays out across other gold hubs around the country.

Chandni Chowk, Delhi The normally teeming lanes of Chandni Chowk lead to an unexpectedly quiet Dariba Kalan, the city's historic jewellery and ornaments hub.