Mumbai bullion market sees record gold buying for Ganeshotsav, Rs 4000 crore expected

This Ganeshotsav, gold and silver buying in Mumbai's bullion market has outpaced even the traditional festival and wedding season, setting a new record. People are buying large quantities of gold and silver purely to adorn Ganpati idols. In this atmosphere of devotion and wish fulfilment, even inflation figures appear to have had no effect, with demand for gold in Mumbai's bullion market rising several times over.

According to Kumar Jain, national spokesperson of the India Bullion and Jewellers Association, sales of ornaments for the idol alone are expected to cross Rs 4000 crore by Ganesh Chaturthi this year. Notably, despite gold prices rising more than 40 percent compared to last year, there has been no slowdown in buying.

During Ganeshotsav in 2026, the price of 10 grams of gold has touched around Rs 1,50,000. Despite this, jewellery worth more than Rs 200 to 225 crore is being sold every day in Mumbai's bullion market. More than 150 special necklaces, used for daily wear or offered when a wish is fulfilled, are being sold. More than 200 tonnes of gold is expected to be bought and sold in Mumbai alone, while around 250 tonnes is expected across the country.

At Mumbai's 200-year-old Zaveri Bazaar and other major jewellery centres, work is going on around the clock to prepare ornaments for decorating the idol. Devotees whose wishes have been fulfilled are buying jewellery on a large scale.

Gold necklaces and pendants, weighing between 10 grams and 150 grams, are in the highest demand. Among these, traditional kanthahaar necklaces, paduka pendants and mohar pendants are the most popular. Special offerings of 15 to 25 grams, including gold modaks, bangles and jasmine flower motifs, are also selling well. Among silver items, silver mice and large crowns weighing between 50 grams and 1.25 kg are in demand. Pandal-special ornaments such as trunk and ear rings, armbands, maces and tridents are being customised according to customer requirements.

Experts say Ganeshotsav is not just a festival but the backbone of the cultural economy of Konkan and Maharashtra. While purchases made on Dhanteras or Gudi Padwa are treated as investment, purchases made during Ganeshotsav are seen as a means of fulfilling faith and vows. This is why devotees are setting aside financial calculations and preferring to buy necklaces weighing from 10 grams to 150 grams, gold modaks and silver symbols.

Compared to last year, the pace of buying in the market has doubled this time, with the segment of items linked to decorating the idol proving stronger than retail jewellery overall.