Odisha jewellery market slows due to Gold rate spike

Gold prices are witnessing a sharp and steady surge, leaving jewellers anxious and customers cautious. The upward trend in the precious metal has impacted jewellery markets across Odisha, with many buyers postponing their purchases.

According to jewellers, the daily price hikes have significantly reduced customer footfall, even affecting the usual wedding season demand. “Shops are wearing a deserted look as buyers hesitate to purchase at such high rates,” said a local jeweller.

Experts attribute the surge in prices to a mix of international and domestic factors. Global uncertainties, rising crude oil prices, inflationary pressure, and geopolitical tensions are believed to be pushing up gold prices in the international market, which directly impacts prices in India.

Rajasthan’s Jaipur was the highest exporter of jewellery. But now the goldsmiths have no work. Similarly, the tariff has reduced the value of the Indian currency. We expect a further hike in gold price,” said K Badrinarayan Subudhi, managing director of Rithvika jewellery.