PANAJI
Goans are known for their love of gold. But with gold prices shooting up in recent months, many are wondering if people will still visit their trusted jewellers to buy gold in the name of Goddess Laxmi on the auspicious day of Dussehra. The market mood is mixed. Some jewellers fear business will be slow this year due to record-high prices, while others believe gold will continue to attract buyers.
Jewellery showrooms across Goa are decorated for the festive season, creating a warm and inviting atmosphere. These preparations will carry through to Dhanteras and Diwali, with exclusive designs for each festival. Along with fresh collections and elegant décor, jewellers are offering special discounts and gifting schemes to attract customers during this season.
Gold prices have risen sharply this year. On Dussehra 2025, 24K gold is around Rs 1,21,214 per 10 grams, compared to Rs 77,410 during Dussehra last year. Despite the steep rise, festive buying often defies logic, as families consider gold both an investment and an auspicious purchase.
“Gold purchases this Dussehra are expected to remain strong despite the price rise. We are ready with a new collection that balances modern designs with tradition,” says Vikram Verlekar, managing director of Ulhas Jewellers, Margao. The store is offering 20% off on diamond jewellery and 25% off on making charges for gold jewellery.
With high prices, demand is shifting to 18K and 22K gold ornaments, which allow for creative designs at affordable rates and are suitable for daily wear. 24K gold is still popular for coins and bars, mainly for investment.
Prices this year have shot up by more than 50% due to global economic uncertainty, inflation, and central banks buying gold reserves. A weak rupee and strong festive demand have pushed Indian prices even higher.
Local jewellers face tough competition. “Big brands from outside Goa have entered the market, and small players cannot match their schemes,” say Sonali and Sanjit Nagvenkar of Shree Sainath Jewellers, Panaji. They add that younger buyers prefer lightweight, one-gram polished ornaments with no resale value, while regular customers still choose 22K jewellery.
Pre-bookings, however, are lower this year. “We usually take 80% payment from customers who book for Dussehra and the balance on the festival day, along with the price difference. But this year, people are cautious,” says Sanjit, whose family has been in the business since 1979.
For many, buying gold is a habit and a way of saving. “I buy at least one gram every festival. It helped me when my daughter got married, as I already had enough gold collected over the years,” says homemaker Nirmala Shirude.
Gold remains a trusted investment. “It is a hedge against inflation and offers security. The price keeps rising, and resale rarely means a loss,” explains Lalit Soni.
Jewellers in Goa cater to all communities. While Hindu families buy gold mainly during Dussehra and Diwali, Catholic customers often prefer daily-wear jewellery with modern designs, especially during Christmas. They value pieces that combine tradition, faith, and practicality, trusting Goan jewellers for quality and service.
