Craze of buying gold on Dasara despite price rise; Nashik records Rs 120 crore business

Nashik: The city jewellery market clocked an estimated business turnover of around Rs120 crore from gold sales on Tuesday, as Nashik residents purchased the yellow metal on Dasara, defying the sharp rise in gold prices over the past year. Jewellers said there was a strong demand for gold coins, bars and ornaments, with many buyers viewing gold as an auspicious and reliable investment option.

Girish Navase, president of the Nashik Jewellers’ Association, said jewellers witnessed good business throughout the festive day. While he refrained from disclosing the exact turnover, he estimated that the city jewellery market registered around 15-20% growth over last year’s Dasara sales, despite gold prices touching record highs.“The increase in business value is largely due to rise in gold prices over the past year.

In terms of volume, the business is largely similar, but higher prices have increased turnover,” Navase said. Many families also purchased jewellery ahead of the upcoming wedding season.

According to Chetan Rajapurkar, senior member of the Nashik Jewellers’ Association and president of the North Maharashtra unit of the India Bullion and Jewellers’ Association (IBJA), consumer sentiment was positive despite rising prices of precious metals.“The demand was mainly for gold bars and gold coins purchased as investments but high demand for gold and silver ornaments was also seen. Over the past four to five years, especially after Covid, a new trend of booking jewellery during Navaratra and taking delivery on Dasara has emerged among customers,” Rajapurkar said.

He added that there was high demand for 9-carat gold jewellery, which is comparatively affordable. Gold prices stood at around Rs1.45 lakh per 10 grams (excluding GST) on Dasara this year, compared to Rs1.17 lakh per 10 grams on Dasara in 2025.

In 2024, the price was around Rs75,000 per 10 grams. Silver was trading at around Rs1.34 lakh per kg (excluding GST) on Tuesday, up from Rs1.18 lakh per kg a year ago.

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Key quotes

• “The increase in business value is largely due to rise in gold prices over the past year. In terms of volume, the business is largely similar, but higher prices have increased turnover,”