This year’s Dhanteras-Diwali festival saw resilient demand for precious-metal and gemstone jewellery in India despite record-high gold and silver prices. For gold and silver alone, the jewellery market recorded roughly ₹60,000 crore in value during Dhanteras, up about 25% year-on-year, as reported by newspaper Mint.
Gold broke all-time records of ~₹1,34,800 per 10 gm and silver surged to ~₹1,69,230 per kg, thus boosting overall value even as volumes declined.
Gold jewellery volumes are estimated to have fallen by around 10-15% this Dhanteras compared with last year, while value rose by ~20-25% as buyers shifted to coins, lightweight designs and lower-gram formats, reported The Economic Times.
Overall, the festival highlighted two aspects: strong wallet spend (thanks to price inflation) and shifting buyer behaviour — lighter gold, high-purity silver coins/bars, and more diamond jewellery — as consumers adapted to metal-price headwinds.
Mahesh Bapna, President, Mumbai Wholesale Gold Jewellers Association, revealed: “The mood in Zaveri Bazaar was one of elation during this Dhanteras-Diwali. In terms of volume, we saw around a 10–12% boost in sales volume, though it was slightly lower compared to last year because of the record high gold prices. Consumers leaned more towards practical choices, with gold and silver coins being the most popular buys. Silver was in great demand, and sales were 1.5 times higher than last year! Lightweight gold coins, in particular, saw strong demand as customers preferred smaller denominations. In contrast, jewellery sales were relatively muted. However, overall, the sentiment was incredibly positive, with people continuing the tradition of investing in precious metals, but in a more thoughtful and value-conscious manner this year.”
P N Gadgil Jewellers Limited recorded festive season sales of ₹606 crore during Diwali 2025, reflecting a robust 74% growth over the previous year. Dhanteras alone contributed ₹277 crore — the company’s highest-ever single-day festive sales — marking an exceptional 105% year-on-year increase. Despite gold prices climbing nearly 60% compared to last year, gold volumes expanded by 10% to 390 kg, while diamond and silver volumes rose by 47% and 17%, underscoring resilient consumer sentiment and sustained demand across all key segments. Dr. Saurabh Gadgil, Chairman and Managing Director of P N Gadgil Jewellers Ltd., said: “This Diwali marks yet another milestone in our journey. We are truly grateful for the continued trust and love our customers place in our brand, craftsmanship, and service. Looking ahead to the wedding season, we remain highly optimistic. With customer sentiment remaining positive, we are well-positioned to continue this strong momentum.”
Vikram Talwar, Managing Partner, Talwarsons- Anil Talwar Group, revealed, “We witnessed decent volume growth (low double digits) for 22-karat jewellery, but a dip in 14-karat and 18-karat volumes, as clients preferred a purer form of the yellow metal. On Dhanteras, although our volume growth was in single digits, it was way better than our expectations, with customers flocking to the store despite record-high gold rates. I sensed a strong FOMO (fear of missing out) among customers, who anticipated prices to rise further. Of course, purchases were also driven by the bridal season. With many people having made solid returns on gold investments over the past six months, I foresee a decent momentum going forward!”
Santosh Kataria, Managing Director, D.P. Abhushan Ltd., shared, “During the festive period of Navratri and Dussehra 2025, our company achieved record festive sales of ₹237 crore, marking an impressive 85% year-on-year growth across gold, silver, diamond, and other jewellery categories. With positive consumer sentiment and the onset of the wedding season, we remain optimistic about future demand. Our continued focus on design-led diamond collections, backed by a strong gold jewellery base across our stores, positions us well for sustained growth in the coming quarters.”
Piyush Gupta, Director, PP Jewellers by Pawan Gupta, Delhi, said, “This Dhanteras, we saw around a 10–12% boost in sales, though it was slightly lower compared to last year because of higher gold prices. Consumers leaned more towards practical choices, with gold and silver coins being the most popular buys. Lightweight gold coins in particular saw strong demand as customers preferred smaller denominations. Overall, the sentiment was positive, with people continuing the tradition of investing in precious metals, but in a more thoughtful and value-conscious manner this year.”
Amit Bandi, CEO, Kumari Fine Jewellery, Mumbai, stated, “The gold market is highly sentiment-driven, and its behaviour shifts notably between price rises and dips. The current dip has largely been influenced by global geopolitical conditions, which continue to create uncertainty in the commodities market. Predicting the exact trajectory for gold and silver prices at this stage is therefore difficult.
“Interestingly, consumer behaviour around gold is often counterintuitive. During festivals or auspicious occasions, when prices rose, sales surged as consumers viewed the purchase as both auspicious and financially prudent.
“Now that the festive period has passed and the market has cooled slightly, the recent dip has prompted a more cautious approach among consumers. Many prospective buyers are choosing to wait and observe market trends, anticipating another upward movement in prices before making their next investment. This ‘wait-and-watch’ phase is typical of post-festive sentiment, and we expect momentum to pick up again once stability returns to the market.”