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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.

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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.

 

PAUL ALUKKAS,MD, Jos Alukkas Group 

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.

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JB Insights

The Woman Wearing The Diamond Was Never The One The Ad Was Talking To

Disha Shah, Founder & Designer, DiAi Designs Says That The Brands That Shift From “She Deserves It” to “She Chose It” Won’t Just Win Cultural Relevance – They’ll Own The Future Of Jewellery Marketing.

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Indian jewellery advertising has always centred the woman. She has been the face of every campaign, draped in gold, luminous at the occasion, receiving the gift with practised grace. What she rarely was, until recently, was the intended audience.

The creative language of the category was built around a genuine economic reality. For decades, the buyer in Indian fine jewellery was the patriarch, the husband, the father, the family elder making a financial decision on behalf of a woman whose purchasing autonomy was limited. Advertising followed the money. The gift reveal, the bridal close-up, the family approval shot: these were not arbitrary creative choices. They reflected who held the purse strings, and they became so embedded in the category’s visual grammar that they outlasted the conditions that created them by an entire generation.

That structural reality has now reversed. Jewellery purchases now extend beyond weddings and festivals to daily wear, driven by financially independent working women. The self-purchasing woman is no longer an emerging segment; she is the category’s fastest-growing buyer, approaching the decision differently from the buyer the industry originally designed itself around. She is not waiting for an occasion. She is not waiting for someone to present a box. She researched the piece, chose it, and bought it because she wanted it.

The advertising, for the most part, has not caught up.

Some brands are beginning to recognise this. CaratLane’s #WearYourWins movement and Tanishq’s sustained push toward the “woman as decision-maker” are meaningful steps. But what makes these campaigns commercially smart is not just cultural alignment. Research from Harvard Business School finds that women systematically provide less favourable assessments of their own performance and potential than equally performing men. This documented self-promotion gap persists even when women know they have outperformed others. Campaigns that actively celebrate female self-recognition are not just filling a creative gap. They are responding to a behavioural reality that has gone largely unaddressed in the category. The brands doing this well are not being progressive for their own sake. They are being accurate about who their buyer is and what she needs to hear.

Look at the Women’s Day 2026 campaigns across the industry. The conversation is clearly starting to pivot. Brands are finally stepping away from the usual gifting tropes and reframing jewellery as a tool for personal milestones and self-expression. But these remain exceptions. The dominant campaign language of Indian jewellery- the gesture, the reveal, the woman being seen rather than deciding- has not structurally changed.

The media mix tells the same story. Titan leaned heavily on television in FY25, with ad volume surging to 77% of its mix, a broadcast medium built for household reach rather than the individual, financially independent woman who now represents the category’s fastest-growing buyer.

Meanwhile, digitally native BlueStone achieved 50% of online jewellery ad volumes on a budget nearly ten times smaller than Titan’s. The channel that reaches the self-purchasing woman directly is delivering outsized results on a fraction of the spend. The implication for where the industry should be directing its creative attention is fairly clear.

Consider what a brief genuinely written for this buyer would look like. No occasion in the shot. No second person in the frame presents anything. The opening line is not “for the woman who deserves to be celebrated.” It is “she saw it, she wanted it, she bought it.” The product earns its place not through sentiment but through desire. The copy does not explain why she is worth it. It assumes she already knows. That is not a tonal adjustment. It is a fundamentally different creative architecture, and very few briefs in this category have been written that way.

The LGD category has a specific opportunity here that established houses do not. Without decades of legacy campaign language to protect, an independent designer in this space can build advertising from a blank page, one written entirely around the woman who is actually making the purchase. The brief does not have to accommodate inherited assumptions about who the buyer is or what she is waiting for. That is not a small advantage. In a category where the dominant creative language was built around a buyer who is no longer the one making the decision, starting without that inheritance may be the most powerful creative position available.

The woman wearing the diamond has always been visible. What is changing now is who gets to decide. The brands that build their creative around that reality will not just be more culturally relevant. They will be better positioned for every year that follows. The advertising has not caught up yet. But the buyer already has.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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