The festival, which traditionally sees a rise in gold purchases as a symbol of prosperity and protection, witnessed a remarkable 50% surge in demand compared to last year.

Jewellers reported that despite the rising international gold prices, the lower domestic costs made gold more accessible to a broader range of consumers. The import duty cut, announced in the latest budget, played a significant role in this shift, encouraging both first-time buyers and seasoned investors to increase their purchases. This price advantage was particularly noticeable in smaller towns and rural areas, where consumers were eager to buy gold as a secure investment amidst global economic uncertainties.

Many retailers noted that the average transaction size also increased this year, with customers opting for heavier and more elaborate pieces, ranging from traditional jewellery to contemporary designs. The festive spirit was further amplified by various promotional offers and discounts, which enticed even more buyers into the stores.

The strong performance during Rakshabandhan has set a positive tone for the upcoming festive season, which includes key gold-buying occasions such as Dhanteras and Diwali. Industry experts are optimistic that this trend will continue, buoyed by the combination of cultural significance, favourable pricing, and the enduring perception of gold as a reliable investment.

Overall, this Rakshabandhan has proven to be a golden opportunity for both consumers and retailers, marking one of the most successful sales periods in recent years.