As Diwali approaches, the usually bustling jewelry market in Delhi’s lively Lajpat Nagar is a sight to behold. The streets are buzzing with excited shoppers, eager to indulge in the age-old tradition of purchasing gold—a symbol of prosperity during the festival. But here’s the catch: gold prices have skyrocketed, now topping $1,440 (£1,081) for just 10 grams, leaving many to wonder if they’ll still splurge this festive season.

Despite the staggering increase in price, which has seen gold jump by 60% and silver by 70%, the allure of gold remains irresistible for many Indians. Festivals like Diwali and Dhanteras, which falls this Saturday, are considered auspicious for buying precious metals. These occasions see hundreds of thousands of Indians flocking to jewelers, believing that gold brings luck and wealth into their homes.

Prakash Pahlajani, owner of Kumar Jewels, shared that the fear of missing out, or FOMO, has driven more customers to his shop this year. With prices climbing ever higher, buyers are anxious they might miss the chance to invest in gold. “People are not saying ‘I don’t want to buy,’” noted Tanishq Gupta, another jeweler in the area. Instead, they’re opting to buy a little less. This shift in customer behavior is prompting jewelers to adapt, creating more intricate pieces with less gold.

Gupta has ingeniously designed lighter pieces, with offerings like a 250mg gold coin priced at just $35, appearing as grand as their heftier counterparts. Coins weighing a mere 25mg are also gaining traction among buyers. Pushpinder Chauhan, yet another retailer, pointed out that the higher prices have sparked a preference for lighter jewelry, especially among younger consumers looking for everyday wear rather than just special occasion pieces.