While gold is holding its traditional place in Dhanteras shopping, consumer choices are bringing lighter jewellery, diamonds and silver into the festive shopping mix. The shift is evident among younger customers, who are prioritising design and wearability alongside traditional considerations like purity and resale value. A bride-to-be, senior marketing executive Anjana Kumarankutty, says she is planning to make purchases around the festive season, given the recent correction in gold and silver rates. “I like exploring unconventional designs, particularly distinctive pendants and rings. I am also considering buying gold coins as an investment. So, my purchases will be a mix of personal choices and long-term value.”
Varghese Alukkas, MD, Jos Alukkas Group, says Dhanteras used to be mainly a North Indian occasion, but it has grown steadily here now. “Alongside heavy jewellery, people are buying coins, small pendants, light chains and diamond pieces,” he says. Minimal designs, everyday chains, pendants and diamond pieces are finding favour, with younger shoppers paying greater attention to how jewellery fits into their wardrobes. “Today’s shopper browses online and arrives with a clear sense of what they want. They are gravitating towards jewellery that fits into their daily lives,” opines CaratLane’s co-founder and CPTO Gurukeerthi Gurunathan.
Design is taking precedence over the choice of metal or price category. Leaning towards a simple chain and a classic ring, entrepreneur Vedant Verma shares, “My personal style is more contemporary, so I prefer designs that can be worn regularly and paired easily with both casual and traditional outfits. I’m conscious of my spending without compromising on style."
A preference for understated, versatile designs guides homemaker Kiran Sinha's Dhanteras purchases. She values jewellery that compliments different outfits and can be worn across occasions. "For me, Dhanteras is about buying something timeless that I can cherish for years. I prefer classic gold jewellery, such as a simple nose pin, that can be worn with both sarees and everyday fits. I would rather invest in one beautiful, versatile piece that make multiple purchases," says Sinha, emphasising timeless designs.
The growing interest in lab-grown diamonds is another development this festive season. Anand Lukhi, founder-CEO of Lukson, says consumers are increasingly approaching the category with greater awareness, asking questions about certification, design, gold purity and pricing. “Two years ago, a customer walking into a diamond store had to be told what a lab-grown diamond was. In the run-up to this Dhanteras, people are walking in already knowing what they want,” he says.
Lukhi believes their category, which includes solitaire pendants, tennis bracelets, stackable rings and diamond mangalsutras, is attracting customers who would otherwise consider natural diamonds. Men’s jewellery, including statement rings, studs and chain bracelets, is another growing segment. He adds, “The shopper who once bought a plain gold chain or a coin is increasingly looking at a diamond piece set in hallmarked gold. So I would call it an addition to the tradition of buying gold.”
Jewellers are also seeing renewed interest in silver. Ramesh Kalyanaraman, executive director, Kalyan Jewellers, says the softening in gold and silver prices ahead of Dhanteras has encouraged customers who had been waiting to make their festive purchases, adding that silver has become ‘far more accessible’ this season, with expectations to draw renewed interest for both traditional and gifting purchases.
Gold prices stood at about Rs 1.28 lakh per 10 grams for 22-carat gold and Rs 1.39 lakh per 10 grams for 24-carat gold as of Nov 4. Silver has crashed roughly 18 per cent over the past month, falling sharply in domestic markets, while gold rates have gone down significantly overall compared to their record highs earlier in the year