Pune: Gold price has dropped by nearly Rs8,000 per 10g over the past month, but jewellers said customers are not rushing to make immediate large-ticket purchases. Instead, they are closely tracking prices, and enquiries have increased with the approaching festive season. “Even though gold price has fallen over the last month, it is nowhere near the Rs90,000-Rs1 lakh mark. We are hoping it falls a little bit more before we can make purchases for an upcoming family wedding,” said Nidhi Sengupta, a Wanowrie resident.Aditi Yagnik, from Fatima Nagar, echoed the sentiment: “We are planning to make only token purchases if gold stays around this rate. Jewellers are saying that prices may dip a little more but we are waiting and watching.”Buyers are coming back slowly, said Augmont chief research officer Renisha Chainani. “Many people stayed away when prices were at record highs. This correction looks like a fair entry point to them. We’re seeing more enquiries and steady buying, mostly in coins, small bars and digital gold, because people can buy these in smaller amounts.”Despite the recent decline, gold remains significantly more expensive than last year. Gold is currently trending at Rs1.47 lakh per 10g without GST. In early Sept it was around Rs1.55 lakh/10g. Last year, during the corresponding time, gold was trending at Rs1.15 lakh/10g.Consumers are opting for lighter jewellery and smaller purchases. “People are avoiding big purchases at the moment and there is a cautious buying sentiment at present. However, the lab-grown diamond space is seeing more purchases,” said Abhinav Jain, a city-based jeweller.Supriya Kataria, Kumari Fine Jewellery founder, said, “Customers who had deferred their purchases are now returning to the market. We are seeing stronger interest in festive and occasion-led jewellery, while the preference for lightweight, versatile and design-led pieces continues.”With the seasonal uptick already underway and gold price currently more favourable than a month ago, Ekaraa is expecting buying activity to strengthen further in the run-up to Diwali. “We are seeing enquiries pick up, particularly for lighter, everyday pieces. There is a clear sense that some customers had held back earlier, but as the season approaches, they are now more willing to convert those enquiries into purchases, for gifting, as well as self-purchases for festive occasions and the upcoming wedding season,” said Mehul Jain, founder, Ekaraa Jewellery.
