Despite jewelry dealers luring clients with gold discounts, demand for silver is increasing in the city due to the skyrocketing costs of gold during Akshaya Tritiya, according to certain jewelry dealers.

They said that the price of 10 grams of gold was over Rs 1 lakh rupees on Tuesday, whilst 10 grams of silver was Rs 1,120.

According to members of the Telangana Gold and Silver Jewellery Association, consumers are choosing lighter gold jewelry over larger pieces as a result of the increase in gold prices. Several jewelry stores have launched a number of promotions to attract clients over this holiday season, such as trading in old jewelry for new. However, sales of gold are declining due to the high price of gold, while demand for silver is quite strong.

“We are witnessing a shift to silver, as consumers are preferring silver articles, given that gold rates hit an all-time high this year,” said Anvesh Agarwal of Oro Jewels.

“Buying precious metals during Akshaya Tritiya has been a tradition, but this year there has been a decline in gold sales and a rise in silver sales,” a staff member at New DM Jewellers in Secunderabad said.