Budget Wedding Planning: How To Save Despite Expensive Gold And Silver

Indian weddings can’t be complete without gold jewellery. However, the skyrocketing gold and silver prices amid the festive demand could derail the wedding planning for many families.  

The gold price for 24 carat purity stood at Rs 1,32,770 per 10 gram on Oct. 17 in India, while the price for 22 carat gold increased to Rs 1,21,700 per 10 gram. Silver prices stood at Rs 1,85,000 per kilogram on Friday. Amid the festive demand on the occasion of Dhanteras and Diwali, the prices of precious metals may surge further. In the last one year, gold prices have rallied more than 65%.

Generally, the second leg of the wedding season in India begins from early November. The demand for gold and silver jewellery during the wedding season may lead to a further rally in prices. For families belonging to the middle class and low-income groups, preparing for a budget wedding, it could be unaffordable to buy the yellow metal due to the rising prices. In India, gold ornaments are an integral part of cultural and ceremonial practices for weddings.  

While those preparing for a budget wedding could be reconsidering their plans, a few simple steps can help to save more on marriage expenses. Despite the steep price of gold and silver, here are a few effective ways to prepare for your big day without compromising on wedding plans.

Due to the rise in prices, exploring alternatives to gold could be a suitable option. You can opt for affordable options like lighter gold jewellery instead of heavy and multiple ornaments. Silver and imitation jewellery could also help you cut expenses on gold items.

As the gold prices have increased significantly, exchanging old jewellery could fetch you more money. Exchanging old gold jewellery can help to offset higher prices and you can purchase new ornaments for the wedding at a reduced cost. Many gold jewellery retailers are offering attractive schemes under the exchange programme during festivals and the wedding season. You can keep a watch on such exchange schemes to maximise your benefits.  

Generally, leading jewellery brands roll out offers to attract more customers during festive and wedding seasons. It could be a prudent step to keep a watch on such offers to buy the yellow metal for your wedding, without derailing your budget. For instance, many jewellery companies are offering up to 100% value on the exchange of old gold. Many brands are also offering discounts on making charges.

Smart shopping can also help you save more on buying gold for your wedding. For example, you can opt for jewellery design that offers a heavier look due to volumetric detailing but with lower grammage. This can reduce costs. It could also be an affordable option to go for more contemporary designs with lower weight compared to traditional gold and diamond pieces.