The auspicious occasion of Dhanteras on October 18 was marked by high footfall at the jewellers’, where people bought the yellow and silver precious metals despite record high prices.
The occasion, which marks the beginning of the five-day Diwali festival, is considered auspicious in the Hindu calendar and marked by buying items in gold and silver, ranging from jewellery to utensils. This year, it is being celebrated over two days until 1.45 pm on Saturday.
Jewellers are expecting customers both online and in-store, with sales already estimated at ₹1 lakh crore this year, a leading traders’ body said on Saturday.
The Confederation of All India Traders (CAIT) said gold and silver sales alone accounted for ₹60,000 crore of the total, marking a 25 per cent increase from last year, as shoppers flocked to bullion markets despite gold prices surging 65 per cent to ₹1,34,800 per 10 grams of 24 karat, inclusive of all taxes, in the national capital, compared with ₹81,400 on Dhanteras last year, which was celebrated on October 29, 2024.
Silver prices are currently at ₹1,77,000 per kilogram.
“The past two days have seen an unprecedented rush in jewellery markets,” noted Pankaj Arora, national president of CAIT’s jewellery chapter, the All India Jewellers and Goldsmith Federation.
Delhi’s bullion markets alone have recorded sales exceeding ₹10,000 crore, he said in a statement.
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Silver prices also climbed roughly 55 per cent to ₹1,80,000 per kilogram from ₹98,000 last year, but demand remained strong as consumers view precious metals as secure investments, CAIT said.
Beyond bullion, the festival generated ₹15,000 crore in utensils and kitchen appliance sales, ₹10,000 crore in electronics and electrical goods, and ₹3,000 crore in decorative items and religious materials, according to the traders’ group.
CAIT Secretary General, Praveen Khandelwal, who is also a member of the Parliament, attributed the surge partly to reductions in the goods and services tax (GST) rates and Prime Minister Narendra Modi’s campaign promoting locally-made products.
“Consumers are showing a clear preference for Indian products, benefiting small traders, artisans and manufacturers,” Khandelwal said.
In fact, traditional markets, jewellery bazaars and local retail shops are said to have witnessed record customer turnout alongside modern shopping malls.
Since the festival falls on a weekend, traders are expecting greater turnout of shoppers over the next few days.
“We are expecting the momentum to pick up after the muhurat time. Since the festival falls on a weekend, we have geared up for a robust Dhanteras,” said Rajesh Rokde, Chairman, All India Gem And Jewellery Domestic Council (GJC).
GJC expects gold sales to increase by 40-45 per cent in value terms on a year-on-year basis, he added.
However, despite the rush, sky-high prices of gold are expected to impact sale volumes by at least 12-15 per cent.
Suvankar Sen, Managing Director and chief executive of Senco Gold and Diamonds, agreed that high gold prices will affect sale volumes by 12-15 per cent, but added that in value terms, there will be growth of 20-25 per cent on the occasion.
To escape gold’s lifetime high prices, consumers are preferring to buy silver, it has been noted, especially bullion.
Saiyam Mehra, former chairman of GJC, said volume-wise, gold jewellery sales are expected to witness a decline of 10 per cent on Dhanteras.
Although silver prices also surged due to its scarcity after a ban on the import of jewellery last month, the white metal’s rates have now started seeing a correction.
Sachin Jain, regional CEO for India at the World Gold Council, said Dhanteras and Diwali are the top gold-buying occasions in India.
“Despite gold prices reaching multiple historic highs through 2025, witnessing an approximate 51.2 per cent year-to-date increase in rupee prices by end-September, consumer sentiment and demand for the yellow metal have been positive,” he said.
With consumer buying expected to be strong across various gold purchases, from higher-caratage gold jewellery to investment products like digital gold, coins and ETFs, retailers, who had so far been cautious about their inventories, are now well-stocked and optimistic, with seasonal and wedding-related demand further fuelling purchases.
“This positive outlook is strongly supported by India registering positive gold ETF flows of USD 902 million in September, along with overall gold imports reaching a nine-month high in August 2025,” Jain said, adding that gold demand is expected to continue through the Diwali period and until the end of the year due to the wedding season.
However, there is a clear shift towards lightweight jewellery, which is lighter on the pocket too.
“The festive season is expected to see a significant surge in demand for jewellery in the 9 to 18 carat segment. ... we foresee a festive surge of 18-20 per cent in overall sales,” said Colin Shah, Managing Director, Kama Jewelry.
India is the world’s second-largest gold consumer and one of the largest importers globally, after China.
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