Ganesh Chaturthi 2023: Jewellers see spike in gold sales as people buy ornaments for idols

Some jewellers saw a jump of 60-70% over last year in sales of ornaments for Ganpati idols, though jewellery that customers buy for themselves did not see any major movement

The Ganesh Chaturthi celebrations are all about good wishes, sweets and plenty of merriment. On the same note, jewellers have also noted a good performance in the sales for jewellery that is used to adorn the idols of Lord Ganesha. Though most of the adornments are always booked and ordered days or weeks in advance, jewellers are also particular about keeping a ready stock of silver and gold jewellery in their stores that serve their customers who opt for last-minute festive purchases.

Jewellery retailers like Uday Soni, Director, Lalchand Mangaldas Soni Gems and Jewellers Private Limited, have said that any major trends in the realm of jewellery sales would not be seen until Navratri.

He, however, noted that this year, gold overtook silver when it came to the Ganpati idol jewellery sales. “We have gold and silver items such as crowns, armbands and necklaces that are used to adorn the deity, and we have personally reached out to our customers through messages, videos and photos, showcasing our offerings. This year, we saw that the sales of the gold products seem to have outdone silver,” he said.

The jewellery that customers buy for themselves, however, has not seen any major movement since the festival is all about Lord Ganesha and not a gifting occasion like it is during Navratri, Diwali and the wedding season. At the same time, the type of small purchases that consumers make during this time comprises lightweight chains and pendants, to keep up with the festive spirit.

Tejpal Ranka, Partner, Ranka Jewellers pointed out that during this year’s festival, categories like rings, earrings and bracelets and the brand’s gold mangalsutras did really well, even though the jewellery and décor for Lord Ganesha was mainly silver. Additionally, Ranka Jewellers took to promoting the occasion with elaborate advertising.

He said, “We are particular about the advertising since this is a very important occasion. This time we had Rupali Pradnya Prakash Bhosle promote the festival through short films and boosted it on social media and OTT channels. There were also full-page newspaper advertisements, influencer marketing and hoardings.”

For some others like Aditya Pethe, Managing Director, Waman Hari Pethe Jewellers, the auspicious festival of Ganesh Chaturthi is a religious celebration but also a personal belief. He said this is why the brand did not go all out to promote the jewellery and instead, just kept to general advertisements conveying good wishes of the festival.

Speaking about the sales, Pethe said, “The increase in the sales of Ganesh Chaturthi jewellery can be attributed to the increase in the number of people who are celebrating the festival at home.” According to him, over the years, more and more people are celebrating the festival at home with individual idols of the deity, compared to years ago when local communities jointly organised the festival.

“We have adornments like the leaves, thalis, crowns, modaks and jewellery for the idol’s trunk. All these ornaments are readily available with us in silver, gold and a couple of them in diamonds as well. There has been a substantial increase in the demand for this jewellery. If you just consider the sales of the ornaments for the idol, we have seen a jump of 60-70% over last year.”

Written by Aparna Bhowmick

Retail Jeweller India Exclusive