Gold fell from about ₹1.80 lakh per 10 grams in January to between ₹1.42 lakh and ₹1.49 lakh by Dhanteras and the IBJA estimates 52 tonnes were sold.
NEW DELHI: India’s bullion trade says the Dhanteras and Diwali window cleared 52 tonnes of gold worth about ₹72,000 crore. The India Bullion and Jewellers Association estimates volumes rose 30% from a year earlier. Notably, trade bodies say gold sales volumes had fallen by nearly 50% in the first half of the year.
A correction that reopened the wallet
Gold touched about ₹1.80 lakh per 10 grams in January. By Dhanteras on 6 November it traded between ₹1.42 lakh and ₹1.49 lakh, a fall of roughly 21%. Silver fell more than 52% from its January high to about ₹1.81 lakh to ₹1.94 lakh a kilogram. Consequently, households that had delayed purchases returned to showrooms. Notably, gold remains above last year’s Dhanteras level of about ₹1.29 lakh. The distance from the peak, rather than a low price, drew buyers. Furthermore, salaries and festive bonuses arrived around the same time.
Smarter, not smaller
Retailers describe a buyer who spent with more care. Shoppers who once bought 30 to 40 gram necklace sets chose 12 to 13 gram designs. Demand for 18-carat bracelets of about 4 grams, 14-carat pieces and two-tone jewellery was strong, particularly among younger urban buyers who wear jewellery daily. Meanwhile, many families bought 1 to 5 gram coins as festive tokens and pre-booked bridal pieces at the corrected price. Old-gold exchange schemes also helped, because they cut out-of-pocket cash. The pattern shows adaptation rather than retreat.
Silver for the many
Silver sales reached 300 tonnes worth about ₹5,400 crore, up 10% in volume, according to the IBJA. The metal is an entry point for rural and lower-middle-income families, who bought idols, puja thalis, diyas and kalash. Moreover, investors moved too. Silver ETF inflows jumped 57% in October to ₹3,092 crore. Gold ETF inflows eased 22% to ₹3,474 crore, a dip that coincides with festive switching to physical metal. Encouragingly, cumulative gold ETF inflows from January to October passed ₹49,000 crore, above the whole of 2025.
A strong quarter for retailers
Organised retailers reported broad gains. Titan’s total income grew 25% in the September quarter, and Kalyan Jewellers’ India revenue rose 27%. Senco Gold and Diamonds reported sales value growth above 25%. PC Jeweller cited volume growth of 30% to 35% and value growth of 45% to 50%. Regional players gained too, with Thangamayil Jewellery reporting same-store sales growth of 35.9% for the first half. Furthermore, C Krishniah Chetty Jewellers reported natural diamond sales up 250% on Dhanteras, as some affluent buyers diversified into studded pieces.
Coins in ten minutes
Quick-commerce platforms became a festive channel. Zepto co-founder Aadit Palicha said the platform moved 14,000 gold and silver coins in a single peak hour. Swiggy Instamart reported a 23-fold rise in gold coin orders in the week before Dhanteras and a sevenfold rise in silver coin orders. One order alone was worth ₹1.73 lakh. Meanwhile, BigBasket reported gold coin sales up 146% and silver coin sales up 234%. Blinkit promised 10-minute delivery of certified 24K coins from partner brands. Consequently, small standardised coins appear to be shifting towards digital delivery, while bridal and bespoke pieces remain a showroom purchase.
Reading the numbers with care
Trade bodies measured the season differently. The All India Gem and Jewellery Domestic Council put core Dhanteras gold business at ₹60,000 crore to ₹62,000 crore, with value up 15% to 20%. The All India Jewellers and Goldsmith Federation estimated combined gold and silver sales above ₹66,000 crore. The Confederation of All India Traders put total Dhanteras trade at over ₹1.25 lakh crore, with gold and silver about 53%. However, the council said retail volume growth looked flat or only marginally higher in some places, against the IBJA’s 30%. The IBJA figure also captures wholesale clearances, coins and jewellers’ stock-building. All bodies, however, report double-digit growth in value.
What to watch
The wedding season is the next test. Dev Uthani Ekadashi on 20 November opens a calendar that runs to March 2027. First, jewellers must restock after clearing inventory, which supports karigars, wholesalers and hallmarking centres. Second, price stability near ₹1.42 lakh will influence bridal bookings. Likewise, retail data will show whether volume growth matches the IBJA estimate. Furthermore, the share of coins sold through quick commerce will show whether that channel keeps growing.
Indian households have shown that they time their purchases rather than abandon the metal. Encouragingly, the festive window reached across income groups, from silver diyas to diamond sets and coins delivered in minutes. If prices hold steady, the wedding calendar could extend that recovery. Ultimately, the season suggests that affordability, more than appetite, sets the pace of Indian gold demand.
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