The annual event in the suburb of Goregaon offered consumers the chance to buy jewelry at wholesale prices from 1,600 stalls run by jewelers from across the globe.
With the festive season — marked by Diwali, considered the financial New Year by many Indian businesses - around the corner, consumers are rushing to make their annual jewelry purchases, fearful prices will go up further.
“I’m buying jewelry because gold is probably going to rise, so it’s better to buy now,” Devli Bhatia, a 26-year-old shopper told CNBC, as she eyed her next purchase, a gold cocktail ring with nine different colored semi-precious stones.
The precious metal, which is widely regarded as a store of wealth by Indians, is traditionally gifted during weddings and religious occasions, particularly during the months of October and November.
Spiraling gold prices, which should typically put pressure on margins of jewelry producers, are in fact benefiting them, according to Ram Babu, owner of the Jaipur-based precious jewelry supplier Gold Mountain.
“With the increase in gold prices, my sales have gone up, not down, " says Babu. "People don’t have trust in paper money, so they are putting their money in gold and silver."