Editor’s Note
This article highlights a record-breaking festive season for India’s jewellery sector, driven by Diwali and Dhanteras. The surge in sales underscores strong consumer demand and the cultural significance of precious metals during celebrations.
This year’s Diwali and Dhanteras have infused new sparkle into the jewellery market. According to a GJC report, sales of gold, silver, and diamond jewellery reached ₹85,000 crore over two days. Demand for silver doubled, and a massive increase in customer footfall was recorded. The confluence of festivals has led to a record surge in the jewellery business, with total sales expected to reach up to ₹1.35 lakh crore.
According to a report by the All India Gem & Jewellery Domestic Council (GJC), unprecedented vibrancy was witnessed in the jewellery market across India on the occasion of Dhanteras this year. GJC reported that due to strong demand, jewellery sales worth ₹85,000 crore were recorded in just two days.
According to Rajesh Rokade, sales volume remained similar to last year, but a robust 35-40% increase was seen in sales value. This time, not only gold but also silver and diamond jewellery witnessed a massive surge in demand.
A major highlight of this festive season has been the rising popularity of silver. Due to the continuous increase in gold prices, consumers sought more affordable alternatives, leading to silver sales nearly doubling. According to GJC, customers purchased large quantities of silver coins, ornaments, and household items this time. This trend indicates that India’s middle class is now prioritizing silver for both investment and style.
This time, the Dhanteras festival coincided with the weekend, boosting both customer numbers and sales. Heavy crowds thronged jewellery showrooms in markets across the country. Additionally, festivals like Diwali and Bhai Dooj further fueled the shopping enthusiasm. According to GJC, this trend signals that India’s festive shopping culture is continuously strengthening, and consumers are now more willing to spend on luxury products during festivals.
GJC expects that total jewellery sales during this year’s five-day festive period could reach 100 to 120 tonnes. According to the council, the total market value of these sales is estimated to be between ₹1 lakh crore and ₹1.35 lakh crore.
Meanwhile, the Confederation of All India Traders (CAIT) has also projected a massive surge in trade across the country during the festive season. CAIT said that this time, the total festive season trade could surpass the record level of ₹5 lakh crore, with robust growth seen in offline markets.
Dhanteras shopping has proven that India’s gem and jewellery sector is moving towards economic strength. While customers shopped heartily despite high gold prices, silver also carved a new identity in the market. The festive spirit and rising purchasing power have not only brought smiles back to traders’ faces this time but have also reinstated India among the world’s fastest-growing jewellery markets.
