Cash registers rang across Indian jewellery showrooms on Friday as Dhanteras shoppers poured ₹60,000 crore into gold purchases. Turnover leaped 15% to 20% in value terms compared to last year's festive baseline. Yet physical tonnage barely budged. Elevated sticker prices forced retail buyers to recalibrate their spending, trading sheer grammage for lightweight ornaments, low-carat alloy designs, and sovereign coins.
Bullion took a heavy beating earlier this year, but that slide proved to be a catalyst for retail footfalls. In Delhi spot markets, 24-carat gold cleared Friday trading at ₹1.46 lakh per 10 grams including taxes—a steep descent from the record peak of ₹1.83 lakh logged on January 29. Even with that pullback, prices stood 10.6% above the ₹1.32 lakh per 10 grams seen during Dhanteras last year. Silver traced an even wilder arc. Spot silver stood at ₹1.92 lakh per kilogram, down sharply from its January high of ₹4.04 lakh, but holding a 12.9% premium over the ₹1.70 lakh quoted twelve months ago.
| Asset / Benchmark | Dhanteras Current | Jan 29 Peak | Dhanteras Last Year | YoY Value Change | YoY Volume Change |
|---|---|---|---|---|---|
| Gold (24K / 10g, Delhi) | ₹1.46 lakh | ₹1.83 lakh | ₹1.32 lakh | +15% to +20% | 0% (Flat) |
| Silver (per kg, Spot) | ₹1.92 lakh | ₹4.04 lakh | ₹1.70 lakh | +30% | +10% |
Brisk footfalls confirmed that Indian households retained their appetite for precious metals. "Total gold business across India on the occasion of Dhanteras is estimated to be approximately ₹60,000 crore," stated Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC). Silver demand ran even hotter. The GJC projected silver turnover to jump 30% in value and 10% in volume as white metal bars and tableware absorbed festive liquidity. Avinash Gupta, Vice Chairman of the council, noted that advance bookings and strong showroom traffic drove momentum, particularly across western and northern hubs.
Store managers adapted quickly to budget-conscious foot traffic. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, reported strong sales in lightweight pendants, bangles, and chains alongside silver coins, noting sharp traction across non-metro cities including Jaipur, Dehradun, Surat, Belgaum, Ara, and Raipur. In Pune, PNG Jewellers tracked 25% to 30% incremental top-line growth over last year, aided by lower price points, advance orders, and the extended Diwali weekend, according to Chairman and Managing Director Saurabh Gadgil. Old-gold exchanges accounted for a substantial chunk of funding for fresh sets.
Down-carat purchases became the default strategy for mid-market shoppers. At Kama Jewelry, overall sales advanced 10%, but 18-carat pieces accounted for roughly 50% of total volume, said Managing Director Colin Shah. Customers also picked up 14-carat and 9-carat studded collections, while investment buyers snapped up 1-gram to 5-gram bullion coins. High precious metal prices forced discipline rather than abstinence, observed Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, as consumers swapped scrap metal to finance bridal heirlooms.
Digital platforms tapped an entirely different tier of festive capital. App-based distributor super.money saw entry-level transactions starting from ₹10, drawing first-time Gen Z buyers into fractional bullion, according to Chief Executive Officer Prakash Sikaria. Concurrently, natural diamond pieces posted a 20% demand pickup at Raj Diamonds, said Managing Director Eshwar Surana. With Dhanteras wrapped, domestic retailers now turn to clear the impending winter wedding pipeline, where heavier bridal bookings will determine whether order books sustain this momentum through December.