Ahead of the Hindu festival of Diwali, the jewellery market in Indian capital Delhi's vibrant Lajpat Nagar neighbourhood is teeming with crowds.
Shops have stayed open even on holidays, with dozens of cars lining the streets as flashy signboards beckon shoppers into the flower-adorned stores.
Soaring gold prices, which have topped $1,440 (£1,081) for 10g, may have dented jewellery demand slightly, but Indians aren't willing to give up on gold just yet. Diwali, along with Dhanteras, is considered auspicious for buying gold and silver for wealth and luck.
Many buyers face FOMO (fear of missing out) as prices continue to rise, which has translated into more customers visiting jewelry shops this year.
However, with gold being up 60% and silver 70%, jewellers are adapting to customers' changing budgets, encouraging them to buy less but still engage in the market.
Retailers are now introducing lighter jewellery pieces that are appealing to younger buyers who prefer everyday wear rather than extravagant items.
Many customers are also shifting their focus from jewellery to investment, evidenced by data showing a rise in gold bars and coins purchases. While gold jewellery accounted for 64% of gold demand this year, investment interests surged from 19% to 35%.
More funds are flowing into exchange-traded funds (ETFs) or digital gold, showcasing a modern approach to gold buying.
Despite higher prices, the outlook remains positive, with experts predicting sustained demand among affluent classes, although lower-income families struggle with access to these prices.
This ongoing cultural affinity for gold suggests a long-term stability in consumer interest, indicating that even with current economic challenges, gold retains its value as both an ornament and an investment.
