Bhubaneswar: As the wedding season approaches in May and June, soaring gold prices have left families grappling with the financial strain of purchasing traditional gold jewelry. With the cost of gold at an all-time high, many are opting for alternatives.
On Tuesday, the price of 24-carat gold reached a record Rs 95,180 per 10 grams, while 22-carat gold was priced at Rs 87,200 per 10 grams in Bhubaneswar—marking an unprecedented rise. Since the beginning of the year, the price of gold has surged by 25%, leaving many families reevaluating their wedding plans.
Pranati Das, a resident of Nayapalli whose daughter is set to marry in late April, expressed her concern: “Buying gold feels like buying a fortune these days. We had planned for two gold sets, but now we’re considering silver or designer imitation jewelry as more affordable options.”
Jewellers acknowledge the emotional importance of gold in weddings but admit that the soaring prices are causing strain on families. “Gold prices are unlikely to decrease soon due to global instability. Although gold holds a deep emotional value for many, especially during weddings, practical alternatives are becoming more appealing this year,” said Sanjoy Hans, a leading jeweller from Odisha. Hans also expressed concern that the high prices might impact business during Akshay Tritiya on April 30, a day traditionally seen as highly auspicious for buying gold.
Customers, too, are feeling the pinch. “There’s hesitation with every purchase,” said Srinivas Senapati, owner of a well-known jewellery showroom in Saheed Nagar. “Customers who had set budgets months ago are now finding that those budgets barely cover a small item of jewelry, which is disheartening for them,” he added.
Gold has traditionally been a symbol of status and security in Indian weddings, but the current price surge is forcing a shift in this longstanding tradition. Some families are now choosing to invest in alternatives such as gadgets, fixed deposits, or gold bonds. “Instead of buying 50 grams of gold, we’re investing that money in an education fund for the couple. It just makes more sense now,” said Prakash Nayak, a father of the groom from Cuttack.
As gold prices continue to rise, it remains to be seen how this will affect wedding traditions and consumer spending in the coming months.
