Tue Oct 14 15:10:00 UTC 2025: Here’s a summary of the text and a rewritten news article:

**Summary:**

Record-high gold prices are expected to dampen demand for gold jewelry in India during the upcoming festive season. The India Bullion and Jewellers Association (IBJA) predicts a potential drop of up to 27% in volume compared to last year. This follows a significant 28% decline in demand between Raksha Bandhan and Onam, marking the steepest fall in three years, despite recent GST reforms.

**News Article:**

**Gold Loses Its Luster: High Prices Threaten Festive Sales in India**

**NEW DELHI** – The traditional gleam of gold may be fading this festive season as record-high prices put a damper on jewelry purchases across India. The India Bullion and Jewellers Association (IBJA) is forecasting a significant drop in gold demand, projecting a potential decline of up to 27% in volume compared to last year’s festive period.

This anticipated slump follows a worrying trend. Between Raksha Bandhan and Onam, gold demand already saw a sharp 28% year-on-year decrease, the most substantial fall in three years, with demand slumping to just 50 tonnes.

“While the government’s recent GST reforms were intended to stimulate the market, they appear to be doing little to offset the impact of soaring gold prices,” said an IBJA spokesperson. “Consumers are clearly hesitant to make large purchases at these elevated levels.”

The festive season is typically a peak time for gold sales in India, driven by cultural traditions and auspicious occasions. A significant drop in demand could have repercussions for jewelers and the wider gold market. Analysts will be closely watching sales figures in the coming weeks to gauge the true impact of the price surge.

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