Gold Gets Costlier, Silver Shines As Budget Buyers Rethink Jewellery

Rising gold prices are certainly encouraging more consumers to look at silver, but the shift goes much deeper than affordability alone.

23 Jul 2026, 04:02 · www.ndtv.com

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Buying gold in India is costly with prices near record highs, urging caution
Consumers should compare jewellers' gold rates with daily market prices before buying
Making charges and purity certification impact final gold jewellery costs significantly

How do I calculate making charges on a jewellery piece?

Gold, Silver Prices Today: Buying gold is becoming an expensive affair for Indian consumers. With prices hovering near record highs, many buyers are walking into jewellery stores with a bigger question than ever before: How can I make sure I'm not overpaying?

The answer, experts say, lies in understanding how gold is priced before making a purchase.

Industry experts advise buyers to compare the jeweller's quoted gold rate with the day's market price before finalising a deal. Gold jewellery prices are built on multiple components, including the value of gold, making charges and taxes. Even small differences in the quoted gold rate can significantly increase the final bill, especially on heavier jewellery.

Checking the day's benchmark price and comparing rates across jewellers can help buyers avoid paying more than necessary. Buyers should also pay close attention to making charges, which vary widely between retailers and often have a bigger impact on the final cost than many realise.

Another important factor is purity. Hallmarked jewellery certified by the Bureau of Indian Standards (BIS) gives consumers greater confidence about the quality of the gold they are purchasing. Experts also recommend asking for a complete price breakup before making the payment.

As gold prices continue to climb, affordability is beginning to influence buying decisions. But instead of abandoning jewellery purchases altogether, many consumers are exploring alternatives.

One of the biggest beneficiaries has been sterling silver.

According to Saahil Gupta, Founder of Aarnora Jewels, rising gold prices are certainly encouraging more consumers to look at silver, but the shift goes much deeper than affordability alone.

"Every time gold prices rise, the conversation inevitably turns to silver. Will more consumers begin choosing sterling silver instead? To some extent, yes. As gold becomes more expensive, affordability naturally becomes part of the purchase decision," Gupta said.

He believes consumer behaviour itself is undergoing a transformation.

For decades, jewellery purchases were largely tied to weddings, festivals and family celebrations. Those occasions remain important. But today's consumers are increasingly buying jewellery simply because it matches their personal style or complements their everyday wardrobe.

That trend has opened the door for 925 sterling silver jewellery.

Gupta said consumers now see sterling silver as modern, versatile and suitable for daily wear. It allows buyers to experiment with different designs, gradually build a jewellery collection and make purchases without waiting for a major life event.

He, however, does not see silver replacing gold.

According to Gupta, gold continues to enjoy a unique emotional and cultural position in Indian households. It represents tradition, celebration and long-term value, qualities that have been passed down through generations.

Silver, on the other hand, is attracting a younger generation of buyers entering the jewellery market with different priorities. Their first meaningful jewellery purchase may not be a wedding set or heirloom piece. Instead, it could be an affordable accessory they wear every day.

Gupta believes that is the real story unfolding in the jewellery market.

"Higher gold prices may encourage consumers to explore sterling silver, but price alone won't sustain its growth. Long-term growth will depend on whether sterling silver continues to meet the expectations of a generation that values design, versatility, and everyday wear just as much as tradition," he said.

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