India’s gold and jewellery industry recorded strong festive demand during Dhanteras 2026, with gold sales estimated to reach approximately ₹60,000 crore, representing a 15–20% increase in value compared with the previous year. The recent correction in precious metal prices encouraged consumers to return to jewellery stores, while advance bookings, wedding-related purchases and traditional festive buying supported business across the country.
However, higher sales value did not necessarily translate into a similar increase in the quantity of gold purchased. The All India Gem and Jewellery Domestic Council (GJC) said preliminary estimates indicated that gold sales volumes were likely to remain broadly flat year-on-year. Retailers also reported growing demand for lightweight jewellery, smaller gold coins and lower-carat products as consumers adjusted their purchases to accommodate elevated gold prices.
Dhanteras Gold Sales Estimated at ₹60,000 Crore
According to the GJC’s preliminary assessment, India’s gold business during Dhanteras 2026 reached approximately ₹60,000 crore in value.
The council estimated that sales increased by 15–20% compared with the previous year’s festival. The figure represents the estimated value of gold business rather than a confirmed increase in the physical quantity of gold sold.
Rajesh Rokde, chairman of the GJC, attributed the strong response to the cultural significance of Dhanteras and improved buying sentiment following the correction in gold prices over recent months.
Jewellery stores across several markets reported strong customer footfall, with some retailers opening their showrooms early to accommodate festive shoppers.
The timing of Dhanteras, followed closely by Diwali and the upcoming wedding season, also supported purchasing decisions.
| Dhanteras 2026 indicator | Industry estimate |
|---|---|
| Estimated gold sales value | ₹60,000 crore |
| Growth in sales value | 15–20% |
| Gold sales volume | Broadly flat, according to GJC |
| Expected silver sales value growth | 30% |
| Expected silver sales volume growth | 10% |
These figures are preliminary industry estimates and should not be interpreted as final audited sales data.
Gold Price Correction Encourages Consumers to Buy
The correction in gold prices was an important factor behind the improvement in festive sentiment.
In New Delhi, the price of 24-carat gold declined to approximately ₹1,46,300 per 10 grams on November 6, including taxes, from a record ₹1,83,000 on January 29, according to figures cited by industry representatives.
Despite this correction, gold remained more expensive than during Dhanteras 2025, when the price in the national capital was approximately ₹1,32,400 per 10 grams.
This means consumers were still purchasing gold at relatively elevated prices, even after the recent decline.
The price movement created an opportunity for buyers who had postponed purchases during the period of sharp increases.
Jewellers said the correction helped improve customer confidence, particularly among households planning jewellery purchases for weddings and other family occasions.
However, the difference between gold prices in different cities and the inclusion or exclusion of taxes can affect reported rates. The quoted Delhi price should therefore be treated as a market reference rather than a uniform national price.
Lightweight Jewellery and Smaller Gold Coins Gain Popularity
Higher gold prices have changed how Indian consumers approach festive purchases.
Instead of postponing buying altogether, many households are choosing smaller products that fit their budgets.
Lightweight necklaces, pendants, bangles, chains and smaller gold coins attracted interest during Dhanteras.
Consumers are also increasingly considering 18-carat and 14-carat jewellery instead of purchasing heavier 22-carat pieces.
These products allow buyers to purchase jewellery with lower gold content or weight while maintaining a focus on design and everyday usability.
The trend is particularly relevant for younger consumers and first-time jewellery buyers, who may prefer affordable products over traditional heavy sets.
Retailers also reported demand for silver coins, silver articles and diamond jewellery.
This shift suggests that Indian consumers are adapting their purchasing preferences rather than abandoning the tradition of buying precious metals during the festive season.
Silver Sales Expected to Grow 30%
Silver also attracted significant interest during Dhanteras 2026.
The GJC expected silver sales value to increase approximately 30% compared with the previous year, while sales volumes were projected to grow 10%.
Silver benefited from its relatively lower purchase cost compared with gold, making it an alternative for consumers seeking festive gifts and precious-metal purchases within smaller budgets.
In New Delhi, silver prices declined to approximately ₹1,92,500 per kilogram from a record ₹4,04,500 on January 29.
However, the metal remained above its previous Dhanteras level of approximately ₹1,70,000 per kilogram.
Consumers showed interest in silver coins, utensils, decorative articles and jewellery.
The growing popularity of smaller silver products also reflects the broader trend of buyers distributing their festive spending across different precious metals.
Jewellers Report Strong Footfall Across Major Markets
Several jewellery companies reported encouraging business during the festival.
Senco Gold said its sales value increased by more than 25% compared with the previous Dhanteras, supported by higher showroom footfall, diamond jewellery demand and wedding-related purchases.
PNG Jewellers reported that early industry indications suggested growth of approximately 25–30% in value, helped by advance bookings and the correction in precious metal prices.
PC Jewellers reported a stronger increase, with sales value rising by 45–50% and sales volume increasing by 30–35%, according to its managing director.
These are individual company or retailer estimates and should not be treated as representative of the entire jewellery industry.
Kalyan Jewellers also reported strong customer interest across its markets. The company highlighted demand for lightweight jewellery and smaller gold and silver coins.
Smaller cities, including Jaipur, Dehradun, Surat, Belgaum, Ara and Raipur, were among the markets reporting encouraging activity.
The participation of first-time buyers and customers exchanging old jewellery also supported demand.
Old Gold Exchange Supports Jewellery Purchases
Another important trend during Dhanteras was the continued use of old-gold exchange programmes.
Instead of paying the entire cost of new jewellery in cash, consumers can exchange existing gold ornaments and pay the difference for upgraded designs.
This approach can help households manage the financial impact of higher gold prices.
Jewellers said old-gold exchanges were particularly relevant in smaller cities, where customers were looking to upgrade traditional jewellery or make wedding-related purchases.
The exchange model also benefits retailers by bringing existing gold back into the organised jewellery supply chain.
Wedding demand provided another source of support. Some consumers made token purchases during Dhanteras and planned larger transactions closer to their wedding dates.
Higher Gold Imports Could Affect India’s Trade Balance
India is the world’s second-largest gold consumer after China and depends heavily on imports to meet domestic demand.
A strong festive and wedding season can increase demand for imported gold, potentially affecting the country’s merchandise trade deficit and foreign exchange requirements.
Reuters reported that the India Bullion and Jewellers Association expected Dhanteras sales to increase by around 10% from the previous year. It also highlighted that rural demand remained relatively subdued because weaker agricultural conditions and reduced purchasing power affected some households.
This provides an important qualification to the stronger growth estimates reported by the GJC and individual retailers.
Higher gold prices can increase the value of imports even when the physical quantity purchased does not rise significantly.
Consequently, the impact of festive demand on India’s trade balance will depend on both international gold prices and the actual volume of imports.
The Bigger Picture
Dhanteras 2026 demonstrated the continued importance of gold in Indian household spending and festive traditions. Even after a substantial increase in prices over the past year, consumers continued purchasing jewellery, coins and other precious-metal products. The recent correction helped revive buying interest, while advance bookings and wedding demand supported retailers.
However, the difference between sales value and sales volume is important. The estimated 15–20% increase in gold sales value does not mean Indians purchased 15–20% more gold by weight. The GJC expected volumes to remain broadly flat, illustrating how higher prices can increase industry revenue without a comparable rise in physical demand.
Looking Ahead
The jewellery industry will now look towards the Diwali celebrations and the upcoming wedding season to sustain festive momentum. Demand for lightweight jewellery, lower-carat products, silver articles and old-gold exchanges could remain important as consumers balance traditional purchasing preferences with household budgets. Retailers with strong distribution networks and affordable product offerings may be better positioned to capture this demand.
For India’s broader economy, the direction of gold prices and domestic buying volumes will remain important. Strong demand for physical gold can support jewellery retailers and bullion businesses, but higher imports may also place pressure on the trade balance. The coming months will show whether the improvement in festive buying develops into sustained demand or remains concentrated around the traditional festival and wedding calendar.
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