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Gudi Padwa jewellery sales flat; demand for gold coins surges

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 Gold prices have surged to nearly Rs 90,000 per 10 grams (excluding GST) in the physical market, leading to a noticeable decline in jewellery sales in Maharashtra/Goa during Gudi Padwa, a festival traditionally associated with gold purchases. Despite this, demand for gold coins as an investment remains strong, as consumers anticipate further price appreciation. Mumbai’s largest gold hub has observed a shift in consumer behavior toward gold coins and bars. Traders said  that buyers are purchasing gold coins with the expectation of future price increases.

As of Gudi Padwa, gold prices have reached nearly Rs 90,000 per 10 grams, making gold jewellery significantly more expensive. Higher prices have deterred traditional jewellery buyers, shifting demand towards investment-oriented purchases, such as gold coins. Industry experts anticipate that gold prices may continue to rise, reinforcing gold’s status as a long-term store of value.

Equal demand was observed between gold jewellery and investment-grade coins. Retailers introduced discounts and exchange offers, but high prices still impacted sales volume.Tier-2 cities experienced similar trends, with more gold coin buyers than jewellery shoppers. Lightweight jewellery, silver accessories, and gold-plated ornaments saw higher traction compared to heavy gold jewellery.

Global trade tensions and potential U.S. Fed rate cuts are boosting gold’s attractiveness as an investment. Investors are shifting towards gold due to its historical role as a hedge against inflation and economic instability The Indian Rupee’s performance against the U.S. Dollar is also a contributing factor to local gold price fluctuations.

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National News

Joyalukkas Breaks Two Guinness World Records Titles With The World’s Heaviest and Largest Pair Of Gold Earrings

Record-Breaking Gold Earrings Unveiled By His Excellency Abdulla Bin Touq Al Marri, UAE Minister Of Economy and Tourism, At Jewel Of Joy By Joyalukkas, Dubai Gold District – Now On Public Display

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Joyalukkas Jewellery, one of the world’s largest jewellery retailers, has officially entered the Guinness World Records with two titles – Heaviest pair of gold earrings and Largest pair of earrings – for a monumental pair of handcrafted gold jhumkas. The record-breaking earrings were unveiled today by His Excellency Abdulla Bin Touq Al Marri, Minister of Economy and Tourism of the United Arab Emirates, at Jewel of Joy by Joyalukkas, the biggest jewellery destination in the Middle East, located in Dubai Gold District.

Two records, one extraordinary creation

Named Mayura Sahasra – “A Thousand Peacocks” – the earrings take their inspiration from the peacock, India’s eternal symbol of grace, pride and divine beauty. Legend tells of a peacock that danced at the gates of heaven, shedding a thousand feathers, each carrying a different prayer, wish and dream, which the gods wove into something eternal. Every detail of the design echoes the plumage of a thousand peacocks, united in one timeless masterpiece.

The Gold jhumkas – the traditional bell-shaped earrings of South Asian bridal heritage – were handcrafted over several months by Joyalukkas’ master artisans. The net gold weight of the combined pair of the 22k Gold earrings is 16.514 kg – more than five times the previous world record, both records were verified by Guinness World Records, they will be preserved as a complete pair and displayed permanently at Jewel of Joy by Joyalukkas showroom.

The unveiling ceremony

The earrings were unveiled on Saturday, 24 October 2026 at Jewel of Joy by Joyalukkas in Dubai Gold District by His Excellency Abdulla Bin Touq Al Marri, Minister of Economy and Tourism of the United Arab Emirates, in the presence of Ms. Laila Mohd Suhail , Member of Dubai Golden Jewellery Group , Chair of marketing committee, Former CEO, Strategic Alliances & Partnerships Sector, Dubai Tourism and Economy.  Mr. Rashid Alharmoodi, Senior Director – Commercial, Dubai Gold District, Mr.Levy Pezulu, Senior Policy LEAD, World Gold Council, Mr. Adnan Anwar. CEO of National Bank of Fujairah, UAE. Dr. Joy Alukkas, Chairman, Joyalukkas Group, Mr. John Paul Alukkas, CEO, Joyalukkas Jewellery, Members of the Joyalukkas family and other distinguished dignitaries.

An official Guinness World Records adjudicator presented the certificates for both titles to Dr. Joy Alukkas and Mr. John Paul Alukkas in the presence of His Excellency Abdulla Bin Touq Al Marri, UAE Minister of Economy and Tourism and Invited guests, media and influencers from across the region.

Leadership quotes

Dr. Joy Alukkas, Chairman, Joyalukkas Group:

“For nearly four decades, Joyalukkas has grown alongside Dubai, the City of Gold. These earrings are our tribute to this city and to the artisans whose hands turned an impossible idea into gold. Two Guinness World Records titles in one creation is a proud moment for our family, our teams in 13 countries, and every customer who has trusted us for decades. We are honoured that His Excellency Abdulla Bin Touq Al Marri unveiled them, and we dedicate this achievement to the UAE.”

John Paul Alukkas, CEO, Joyalukkas Jewellery:

“Jewel of Joy was built to be the biggest jewellery destination in the Middle East, and today it becomes home to the heaviest and largest pair of gold earrings in the world. This is not a piece for sale – it is a landmark. We invite residents, tourists and jewellery lovers from everywhere to visit Dubai Gold District, see the earrings for themselves, and experience the craftsmanship that defines Joyalukkas.”

Open to the public at Jewel of Joy

The record-breaking earrings are now on permanent public display at Jewel of Joy by Joyalukkas, Dubai Gold District – the biggest jewellery destination in the Middle East. Entry is free and open to all visitors, tourists and customers during showroom hours, 10AM to 10PM, seven days a week.

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