Gold’s relentless rally has cast a shadow over India’s festive jewellery sales this season, with prices touching an unprecedented ₹1.27 lakh per 10 grams.

Speaking to CNBC-TV18, Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said the surge has made gold “out of anybody’s pocket,” leading to a noticeable drop in demand.

“Consumers are cautious, and retailers are reporting a slowdown of 15–20%,” Bhansali noted. “Still, some activity continues in stores as the festive season approaches.”

Despite muted domestic demand, India’s gem and jewellery exports have shown resilience. According to Bhansali, exports rose nearly 4% in September, supported by demand from UAE, the Netherlands, and the UK, even as shipments to the US fell by over 40%.

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