Despite gold prices soaring to record highs, Gujarat’s gold imports surged 62 per cent month-on-month in Feb, reaching 11.32 metric tonnes (MT) compared to 6.98MT in Jan, according to data from the Ahmedabad Air Cargo Complex. The wedding season, packed with auspicious muhurats, kept demand strong despite prices hitting an all-time high of Rs 89,500 per 10 grams in Ahmedabad.
However, year-on-year imports declined by 18 per cent from 13.91MT in Feb 2024, reflecting the impact of skyrocketing prices. The real shocker was silver, with imports plummeting to just 3.49MT in Feb 2025, a staggering 97 per cent drop from 135.23MT in Jan and a massive fall from 749.01MT in Feb 2024.
“Retail demand for gold remained upbeat as weddings fuelled purchases, though buyers had to dig deeper into their pockets. Many investors, wary of stock market fluctuations, booked profits and shifted funds to gold, a traditional safe-haven asset during economic and geopolitical turbulence. The steep rise in prices, however, made buyers more cautious, leading to a shift towards lighter jewellery. On Feb 19 this year, gold in Ahmedabad touched Rs 89,500 per 10 grams — nearly 40 per cent higher than Rs 64,000 on the same day last year,” said Jigar Soni, president, Jewellers’ Association of Ahmedabad (JAA).The significant jump forced wedding buyers to reconsider their budgets, with many opting for lower-purity jewellery to manage expenses. “The price surge has certainly impacted consumer buying patterns. While weddings ensured steady demand, many customers moved towards 14-, 16-, and 18-carat gold jewellery instead of the traditional 22-carat to reduce costs,” said a city-based jeweller.
While gold imports remained resilient, silver demand saw a drastic slump due to reduced industrial consumption and price volatility discouraging bulk buying. Jewellers are now keeping a close watch on global market trends and domestic sentiment, which will play a crucial role in shaping gold and silver demand in the coming months.
