As homes across India fill with the soft glow of diyas and the scent of marigolds, Dhanteras returns with its familiar promise of good fortune. The ritual of buying something precious, whether a sliver of gold or a diamond that catches the light just right, is less a transaction and more a tradition. With prices at record high (Rs 12,170: 22 carat gold; Rs 13,358: 24 carat gold, as of October 17) and consumers more thoughtful, the mood is shifting from indulgence to intentional.
“Over the last few years, we have seen a spurt in sales during the final week before the festival, and this year is no different. There is steady interest in natural diamonds. Silverware sales have grown significantly and bullion purchases have increased too, but gold and diamonds continue to dominate the festive haul,” says C Vinod Hayagriv, Managing Director of C Krishniah Chetty Group of Jewellers.
Jewellers are noticing a careful balance of excitement and caution as purchases become more occasion-driven than purely investment-based. “This time, there is a modest growth in value compared to 2024, though in volume it is lower due to the spike in gold prices. Shoppers are favouring lighter jewellery, lower karat pieces and gold coins, bars and silver ornaments. There is also demand for precious stones,” says Varghese Alukkas, Managing Director of Jos Alukkas Group, noting that while buyers are mindful of prices, the festive spirit remains strong. Echoing that sentiment, Navya Harjani, franchise partner at Tyaani, observes that the festival still holds emotional significance. “We have a lot of orders in spite of the rising gold rate. But, we can definitely see a shift in market sentiment towards fine jewellery purchases as the gold rate is quite overwhelming,” she notes.
Diamonds, meanwhile, are emerging as the new symbol of festive elegance. Wearability has become the new luxury, with statement earrings, delicate chains and diamond-studded pieces crafted with minimal gold gaining traction for celebrations. Men are also embracing jewellery, choosing collar cuffs, brooches and zipper necklaces to mark the occasion. “With gold prices at record highs, demand for natural diamond-studded jewellery, crafted with minimal gold, has surged. Consumers are also embracing 18-karat closed settings and 14-karat contemporary jewellery, reflecting modern tastes,” says Eshwar Surana, Managing Director of Raj Diamonds.
Radhika Jewellers reports a steady buying trend. “This year is less about volume and more about meaningful, mindful purchases,” says brand director, Jenil Zinzuwadia. The appetite for colour is also growing. “We’ve seen a demand for emerald and Navratan designs post the Ambani wedding. People are getting bolder with their choices, choosing statement pieces,” adds Harjani, pointing to how celebrity trends and social media are influencing festive picks.
Digital platforms have become central to the festive experience, with online browsing, virtual consultations and call-based purchases gaining traction. “We are handling over 1,000 orders a day, putting stress on despatches. Though many are small-ticket items, they are significant,” says Hayagriv. Varghese notes a similar surge as he shares, “There has been a thrust towards online sales particularly for lightweight jewellery, coins and bars.” Customers are increasingly using these channels for inspiration and planning.
This year, though the gold rush has a gentler rhythm, the urge for intentional buying is ringing loud and clear, with each piece demanding attention and sparkle.
