High gold prices fail to dampen Dhanteras shopping: Sales touch Rs 60,000 crore, rise 15-20%
MUMBAI: Despite gold prices remaining significantly higher than last year, the tradition of buying precious metals on Dhanteras continued to draw consumers to jewellery stores across the country on Friday, with the industry estimating sales of around Rs 60,000 crore.
The preliminary estimate by the All India Gem & Jewellery Domestic Council (GJC) indicates a 15-20% growth in value terms over last year, even as volumes remained largely unchanged.
Jewellery stores opened as early as 8am, with retailers reporting strong footfalls across markets. GJC chairman Rajesh Rokde said the response marked an encouraging start to the festive season, attributing the momentum to the cultural significance of Dhanteras, improved consumer liquidity and relatively softer gold prices in recent months.
“After a considerable period, our jeweller fraternity has witnessed such positive business momentum,” Rokde said, adding that the industry was receiving encouraging reports from different parts of the country.
Gold prices, however, continue to be a consideration for buyers. From around Rs 60,000 per 10 grams in 2023, prices rose to Rs 80,000 in 2024, Rs 1.15-1.2 lakh in 2025 and approximately Rs 1.42 lakh as of Friday. The correction in prices on Dhanteras offered some relief to buyers.
Retailers said consumers were adapting their purchases rather than postponing them.
“Buying patterns are evolving, with consumers increasingly gravitating towards lightweight, versatile designs that offer value without compromising on aesthetics or aspiration,” said Kirit Bhansali, chairman, Gem and Jewellery Export Promotion Council (GJEPC).
Kalyan Jewellers executive director Ramesh Kalyanaraman said Tier II and III cities were reporting encouraging traction, with first-time jewellery buyers contributing to demand.
Customers were also making token purchases ahead of weddings and planning larger purchases closer to the occasion.
Malabar Gold & Diamonds chairman M P Ahammad said demand remained strong across traditional gold and contemporary designs, with diamond jewellery also witnessing interest.
With the wedding season approaching, Ahammad expected the momentum to continue beyond Diwali.
The preliminary estimate by the All India Gem & Jewellery Domestic Council (GJC) indicates a 15-20% growth in value terms over last year, even as volumes remained largely unchanged.
Jewellery stores opened as early as 8am, with retailers reporting strong footfalls across markets. GJC chairman Rajesh Rokde said the response marked an encouraging start to the festive season, attributing the momentum to the cultural significance of Dhanteras, improved consumer liquidity and relatively softer gold prices in recent months.
“After a considerable period, our jeweller fraternity has witnessed such positive business momentum,” Rokde said, adding that the industry was receiving encouraging reports from different parts of the country.
Gold prices, however, continue to be a consideration for buyers. From around Rs 60,000 per 10 grams in 2023, prices rose to Rs 80,000 in 2024, Rs 1.15-1.2 lakh in 2025 and approximately Rs 1.42 lakh as of Friday. The correction in prices on Dhanteras offered some relief to buyers.
Retailers said consumers were adapting their purchases rather than postponing them.
“Buying patterns are evolving, with consumers increasingly gravitating towards lightweight, versatile designs that offer value without compromising on aesthetics or aspiration,” said Kirit Bhansali, chairman, Gem and Jewellery Export Promotion Council (GJEPC).
Kalyan Jewellers executive director Ramesh Kalyanaraman said Tier II and III cities were reporting encouraging traction, with first-time jewellery buyers contributing to demand.
Customers were also making token purchases ahead of weddings and planning larger purchases closer to the occasion.
Malabar Gold & Diamonds chairman M P Ahammad said demand remained strong across traditional gold and contemporary designs, with diamond jewellery also witnessing interest.
With the wedding season approaching, Ahammad expected the momentum to continue beyond Diwali.
Next Story