JB Insights
Dhanteras 2025: Strong Demand and Value-Driven Trends
The Dhanteras festive season witnessed an exceptionally strong and buoyant buying sentiment, with industry leaders like the World Gold Council forecasting record business and major players such as PNG Jewellers predicting a growth of 15–20% in value terms over the previous year.
Demand was robust across the entire gold spectrum, including jewellery, coins, bars, ETFs, and digital gold, reinforcing the traditional belief in gold as a symbol of prosperity. Key consumer trends highlighted a strategic shift: while some purchase volumes were slightly lower due to high prices, customers prioritized lighter-weight, design-rich ornaments, customized pieces, and classic temple jewellery, especially among first-time buyers, who accounted for up to 40% of certain retailers’ sales. Investment categories, particularly gold and silver coins and bars, saw exceptional demand and validated gold’s role as a symbol of savings. Furthermore, there was a strong surge in silver sales and renewed interest in diamond sets.
Retailers responded to market dynamics by offering healthy discounts and embracing digital innovation, making products more accessible via online marketplaces and encouraging in-store assurance alongside digital browsing. Overall, the industry anticipates this strong buying interest to continue throughout the remaining festive season and into the upcoming wedding period.
Leading players from the GJ industry provided their views and reported from ground zero on consumer sentiments and trends

Sachin Jain,MD, World Gold Council
On this Dhanteras, industry is seeing very strong sentiment for gold across categories – jewellery, coins, bars, ETFs and digital gold. Customers are doing token purchases and heavy pieces are also being bought. Reinforcing the belief that gold brings good fortune, wealth, and prosperity, and this year has been no different. Due to record number of price increases industry has also passed on some benefits to their consumers by offering healthy discounts. Record business is excepted by most of industry players. Overall, we expect gold buying interest to remain strong through current festive season and upcoming wedding period.
Dr. Saurabh Gadgil,CMD, PNG Jewellers
Dhanteras, one of the 3.5 shubh mahurats of the Hindu calendar, has begun on a very strong note for us. We are witnessing a steady stream of buyers through the day, with robust demand across bullion, gold, diamond and silver jewellery, as well as silver articles. Bullion, including gold and silver coins and bars, is performing exceptionally well, while pre-bookings for wedding jewellery have also been very encouraging. Festive consumption has returned in full swing, aided by the slight dip in gold prices last night. Silver demand remains particularly strong, and advance bullion bookings over the past two days have ensured smooth fulfilment today. Overall, we expect a buoyant Dhanteras, with growth of around 15–20% in value terms over last year.
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PAUL ALUKKAS,MD, Jos Alukkas GroupÂ
As the country celebrates Dhanteras today, there has been an observable trend within purchase volumes. Though purchase volumes across were somewhat lower, consumer preference inclined towards investment and style purchases specifically within diamond jewellery and light weight gold items. Gold coins also witnessed an increased sale volume, validating it as a symbol of savings and investments.
Rajesh Kalyanaraman,Executive Director, Kalyan Jewellers
Our festive pre-book offer has seen encouraging participation – notably, about 40% of the buyers this season are first-time customers – indicating robust demand and renewed enthusiasm among shoppers.
In terms of trends, gold and silver coins continue to see exceptional demand, often exceeding supply in some locations. To make coins more accessible, Kalyan Jewellers’ gold and silver coins are available on leading online marketplaces and on quick commerce platforms like Instamart.

Diamond sets are seeing renewed interest, reflecting a broadening aspiration among consumers. Bangles and chains, especially those with interesting designs in the plain gold category, continue to be in demand. Diamond sets are seeing renewed interest, reflecting a broadening aspiration among consumers. Bangles and chains, especially those with interesting designs in the plain gold category, continue to be in demand.

Ba. Ramesh,Joint MD -Thangamayil Jewellery
This Dhanteras, we are seeing a strong and confident buying sentiment among customers. Lightweight daily-wear gold, classic temple jewellery and customised pieces are driving interest, especially among young buyers making their first investment in gold. There is also a growing shift towards transparency and convenience, with digital browsing and in-store assurance going hand in hand. This festive day continues to reflect how trust, aspiration and long-term value guide purchase decisions.
 Jayantilal Challani,Chairman, Challani Group of Companies
This year, Dhanteras is celebrated for two days, i.e, on 18th & 19th Oct 2025. The Gold Sale on the first day was 5 -10 percent lower in volumes, however its lustrous cousin, Silver saw a big jump of 15 to 25 percent in sales. With a day left, the Industry rest in hopes that it will catch up with last year’s sales volumes. With price of Gold skyrocketing,, we find the customers gathering in large numbers but being conscious about the grammage. Consumers have developed a liking to buy design-rich ornaments and lightweight buying with smaller items like gold coins.


Amit Bandi,CEO, Kumari Fine Jewellery
This Dhanteras marks a truly momentous occasion for Kumari Fine Jewellery, our first Diwali with new store launches. We’ve seen an overwhelming response, particularly from our recently opened Indore store, where customers eagerly pre-booked their jewellery. Deliveries have been ongoing since morning, honouring past gold prices.
While gold prices have soared, our dainty and stylish designs have captivated customers, proving that design premium currently triumphs over price sensitivity. Indore, with its strong tradition of celebrating Pushya Nakshatra and Dhanteras, has been exceptional, and our Mumbai stores are also performing promisingly with a focus on Dhanteras deliveries. We’re observing a sentiment where customers are planning multiple purchases for Diwali celebrations, seeking diverse jewellery to complement their attire for various events over 5-7 days. This makes Diwali the perfect occasion for Kumari’s patrons.
JB Insights
Tanishq- Natural Diamonds- How to Choose Your Natural Diamonds. A thoughtful Guide to Meaningful Luxury
Looking beyond trends to choose diamonds of lasting meaning
Natural diamonds are extraordinary gifts of nature, which is formed over billions of years deep within the earth under intense heat and pressure. Each natural diamond is completely unique, shaped by time itself. This rarity and natural origin make diamonds powerful symbols of authenticity, emotion, and enduring beauty. If you are planning to buy a natural diamond, understanding what truly matters will help you make a confident and meaningful choice.
The Origin of Natural Diamonds
Natural diamonds are not created in laboratories or factories; they are formed deep within the earth over billions of years. This remarkable journey makes each diamond rare and irreplaceable. When you choose a natural diamond, you are choosing a piece of the earth’s history, which is why these stones often become cherished markers of life’s most important moments and milestones.
Understand the 4Cs—Holistically

The 4Cs—Cut, Colour, Clarity, and Carat—are the universal benchmarks for evaluating diamonds. While each C matters, their true value lies in how well they work together, along with a diamond’s light performance. Light performance refers to how effectively a diamond interacts with light—how it enters, reflects, refracts, and returns brilliance to the eye. In natural diamonds, this interaction is influenced by unique growth patterns formed over billions of years, creating depth, fire, and scintillation that are difficult for synthetic diamonds to replicate consistently. As a result, a slightly smaller natural diamond with excellent cut and superior light performance can often appear more vibrant than a larger stone with weaker proportions or synthetic characteristics. Trusted jewellers prioritise this balance to deliver enduring beauty and long-term value.
Cut: The Foundation of Brilliance
Cut plays the biggest role in how a diamond looks to the eye. It determines how light enters, reflects within, and exits the diamond. A well-cut natural diamond appears lively, bright, and full of sparkle.
A superior cut reveals:

- Brightness, or the return of white light
- Fire, the colourful flashes you see when light disperses
- Scintillation, the sparkle created when the diamond moves
Even diamonds with high carat weight can look dull if the cut is poor, which is why cut is often considered the most important of the 4Cs.
Clarity: Nature’s Unique Signature
Clarity refers to natural inclusions formed during the diamond’s creation process. These tiny characteristics are like a diamond’s fingerprint—no two are ever the same. Diamonds are graded from Flawless (F) to Included (I) based on the visibility of these inclusions.
Most jewellery-quality diamonds fall within this scale, and many buyers prefer diamonds whose inclusions are not visible to the naked eye, allowing them to enjoy both beauty and value. These natural features also serve as proof of a diamond’s authenticity.
Colour: Subtle Differences That Matter
Diamond colour is graded on a scale from colourless to light yellow. The less colour present, the rarer the diamond appears. However, many near-colourless diamonds look equally beautiful to the naked eye and offer excellent value.

- Colourless (D–F) diamonds appear crisp and bright
- Near Colourless (G–J) diamonds offer a balance of beauty and affordability
- Faint Yellow (K–M) diamonds have a warmer tone
Choosing the right colour also depends on the jewellery setting, as metal tones can enhance or soften the diamond’s appearance.
Carat: Understanding Weight, Not Just Size

Carat measures a diamond’s weight, with one carat equal to 0.20 grams. While larger diamonds require greater investment, carat alone does not define beauty or brilliance. A well-cut smaller diamond can often appear larger than a heavier diamond with poor proportions. Understanding carat in relation to the other Cs helps buyers make smarter, more satisfying choices.
Insist on Certification and Transparency

Certification provides assurance that a diamond has been professionally evaluated for quality and authenticity. Transparent grading and responsible sourcing help buyers understand exactly what they are investing in. Tanishq’s commitment to certification and transparency ensures peace of mind with every natural diamond purchase.
Choose Ethical and Responsible Luxury

Today’s luxury consumers value integrity as much as beauty. Supported by the Natural Diamond Council, natural diamonds contribute to responsible mining practices, community development, and sustainable livelihoods. Choosing ethically sourced natural diamonds adds deeper meaning and purpose to your jewellery.
Seek Expert Guidance

Buying a natural diamond is a personal journey, and expert guidance can make all the difference. Consulting trusted jewellers like Tanishq helps buyers understand fine details, compare options, and choose a diamond that balances beauty, authenticity, and long-term value. Choosing a natural diamond is about more than sparkle—it is about knowledge, trust, and emotion. Guided by the Natural Diamond Council’s commitment to education and Tanishq’s legacy of craftsmanship and transparency, every natural diamond becomes a meaningful expression of timeless luxury.
Get Your Diamonds Checked at the Diamond Expertise Centre

For added reassurance, customers can get their diamonds checked at the Diamond Expertise Centre, created in collaboration between Tanishq and De Beers. Combining advanced detection technology with the expertise of trained gemologists, the centre enables customers to accurately identify natural diamonds and understand the science behind their selection. Through transparent, hands-on evaluation, customers gain deeper insight into their diamond’s authenticity, quality, and light performance—empowering them with knowledge, confidence, and complete peace of mind throughout the buying journey.
Let Diamond Science Guide Your Decision

One of the most reliable ways to choose a natural diamond is through transparent, science-backed evaluation rather than visual appeal alone. At the Tanishq’s Diamond Expertise Centre, created by Tanishq in collaboration with De Beers, customers gain a clear understanding of what they are buying through expert guidance—prioritising proof over promise. Through guided walkthroughs and hands-on evaluations, customers experience how advanced diagnostic tools—Lightscope, SynthDetect, Hearts & Arrows Viewer, Girdle Marking Viewer, and Inclusion Viewer—work together to assess light performance, verify natural origin, study symmetry, and examine inclusions and laser markings. By making diamond science transparent and interactive, the centre empowers customers to make informed choices with clarity and confidence, reinforcing trust at every step of the natural diamond journey.
True Rarity Can’t Be Replicated


Natural diamonds are precious not just for their beauty, but for their rarity and the extraordinary journey that brings them to life. Formed deep within the earth over billions of years, no two natural diamonds are ever the same—each carries its own unique character, inclusions, and story shaped by time and nature. This inherent rarity gives natural diamonds an enduring emotional and intrinsic value that goes beyond trends or technology. Choosing a natural diamond is a choice rooted in authenticity, permanence, and legacy—a symbol meant to be cherished today and passed on for generations to come.
Think Beyond Trends
While jewellery trends evolve over time, natural diamonds remain timeless. Classic solitaires, elegant earrings, and versatile diamond necklaces continue to be relevant year after year. These pieces are not just fashion statements—they are heirlooms that carry stories across generations.
Choosing a natural diamond is ultimately a decision rooted in thoughtfulness, trust, and enduring value. It is about recognising the rare journey of a stone formed by nature, understanding its science-backed authenticity, and selecting a piece that resonates with personal meaning rather than passing trends. Guided by transparency, expert insight, and a commitment to responsible luxury, a natural diamond becomes more than jewellery, it becomes a lasting symbol of life’s most meaningful moments, cherished today and preserved for generations to come.
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