Mumbai Diwali Gold Buying: Bars, Coins and Zaveri Bazaar Trends

Zaveri Bazaar has made up its mind this Diwali, and what it wants is metal. Prices were at record levels when PTI reported from Mumbai just ahead of the festival, with gold at Rs 1,28,395 per 10 grams on MCX during the day, yet the crowds had not thinned. What had changed is what people were carrying home.

Vrishank Jain, owner of Umedlal Tilokchand Zaveri Jewellers in the heart of Zaveri Bazaar, told PTI that demand for jewellery had slowed while gold and silver bars and coins were moving fast, and that many buyers were locking in prices through advance booking because they expected a further surge. It is a very Mumbai way to celebrate: the auspicious purchase still happens, but it is shaped like an investment, easy to store, easy to resell, and booked early at a known price.

The wedding pipeline is doing the rest. Kumar Jain, spokesperson of the India Bullion and Jewellers Association, told PTI that families with weddings were coming in to recycle their old gold into new purchases, and that there was no slowdown in demand. Put together, the bazaar is treating gold less as adornment this season and more as money that happens to shine.

Mumbai sets the national baseline rate, so between two Zaveri Bazaar counters the metal rate is essentially the same. The real difference is the making charge and the buyback terms, and that is where a Mumbai buyer wins or loses.

Buyer takeaway: Spend your bargaining energy on making charges and buyback terms rather than the metal rate, check today’s live rate on our Mumbai page before you set out, and if your purchase is mainly investment, the bars and coins your fellow Mumbaikars are choosing carry the lowest making charges of all.

Source: PTI, 16 Oct 2026