MUMBAI: With Diwali festivities running from November 6 to 11, shopping activity is picking up pace in markets across the city. Like Ganeshotsav and Navratra, Diwali celebrations too will extend by a day this year, according to the Hindu almanac.Dhanteras will be celebrated on Friday, November 6, while the main Lakshmi Puja ritual will take place on Sunday, November 8. The festivities will conclude with Bhai Dooj on November 11.Gold and diamond jewellers are looking forward to Friday’s Dhanteras, with gold prices having declined significantly in recent weeks.Kanaya Kakad, treasurer of the India Bullion & Jewellers Association (IBJA), said, “I would say this is the right time to invest in gold since the market has seen a correction [reduction in prices]. Rates have fallen by Rs 10,000-15,000 of late. Monday’s gold rate was Rs 1,38,000 plus GST for 10 gm. Diwali may see interest from people who invest during festivals. Also, retail jewellers are arriving to purchase new stocks from wholesalers so we are hopeful of a good season.“Gold had crossed Rs 1,50,000 per 10 gm and remained at those levels for several weeks.Kakad said buyers making auspicious purchases during the Diwali muhurat may opt for lightweight jewellery and gold coins. “Silver too, since the rate has declined considerably.” On Tuesday, silver was priced at Rs 1,76,000 per kg. It had reached an all-time high of Rs 4 lakh at the start of 2026.Diamantaire Sanjay Shah of Gold Star Group said, “Sales of gold are higher than diamond jewellery for two reasons. Firstly, lab grown diamonds have created a dent in sales of natural diamonds. Secondly, with gold prices having decreased, consumers are buying more gold jewellery.”Speaking about current buying trends, Shah said, “Since we are manufacturers of diamond jewellery, I can only give an update on this. Consumers are buying diamond jewellery in budgeted price, not spending like before.They buy those pieces where the percentage of gold/diamond is 50%. If the diamond quantum is more then they do not buy as they fear they will not get the value for diamond. The sale of large certified diamonds is slow.”However, auspicious festival purchases have increasingly moved out of reach for salaried Mumbaikars. “The last time I bought gold was at Rs 60,000 per 10 gm.Now at Rs 1,50,000, mahurat purchases are unthinkable. Only if there was a wedding in the family would I be forced to buy,” said Goregaon resident Vijaya Joshi.
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