Dhanteras sales boom or price illusion? Why Indians spent more on gold and appliances without buying much more

India's Dhanteras shopping numbers tell two different stories. Jewellers estimated gold sales of around Rs 60,000 crore, up 15-20% from last year, even as the quantity sold remained largely unchanged. Appliance manufacturers also reported higher sales, but in several cases, revenue grew considerably faster than volumes. Preliminary estimates from the All India Gem and Jewellery Domestic Council (GJC), along with sales figures shared by appliance makers with PTI, indicate that higher prices and a shift in purchasing preferences shaped consumer spending during the festive season. Gold sales rise, but volumes tell another story GJC chairman Rajesh Rokde told PTI that gold sales on November 6 were expected to reach approximately Rs 60,000 crore.

However, volumes were likely to remain flat year-on-year, with buyers preferring lighter jewellery, 18-carat designs and smaller purchases. Gold prices had fallen from their January highs, encouraging festive purchases. In Delhi, 24-carat gold cost Rs 1,46,300 per 10 grams on Dhanteras, nearly 20% below the January 29 peak of Rs 1,83,000. But the metal was still considerably more expensive than on Dhanteras in 2025, when it traded at Rs 1,32,400 per 10 grams. Kalyan Jewellers executive director Ramesh Kalyanaraman told PTI that consumers were buying pendants, bangles, chains and smaller gold and silver coins, with demand extending to several smaller cities.

The trend predates Dhanteras. According to the World Gold Council's November 3 report, India's gold jewellery consumption fell 20% year-on-year to 99.9 tonnes in the September quarter, even as its value rose 16%. The council attributed the divergence to higher gold prices and consumers shifting towards lighter and lower-carat jewellery. Those quarterly figures precede Dhanteras and are not directly comparable with the festival's sales estimates. Appliances sell more, but premium products drive revenue A similar gap between sales value and volume emerged in consumer durables. Haier Appliances India president NS Satish told PTI that festive sales grew 10-12% in volume but 25-30% in value.

Demand was stronger for side-by-side refrigerators, front-load washing machines and large-screen televisions. Entry-level 32-inch and 43-inch televisions saw relatively weaker traction, he said. Godrej Enterprises reported sales value growth exceeding 50% between the start of Navratri and November 5. Appliances business head Kamal Nandi said both premium and mass-market categories performed strongly, with air conditioners leading demand. Blue Star managing director B Thiagarajan reported revenue growth exceeding 40% during Dhanteras week but flagged margin pressures and price increases to offset rising costs.

What do the numbers actually show? Government data offer broader context. India's consumer durables production rose 6% year-on-year in September, according to the Ministry of Statistics and Programme Implementation. However, these production figures do not measure November retail purchases. The reported festive growth figures also cover different periods. Jewellery estimates concern Dhanteras, while appliance companies reported sales across the wider Navratri-Diwali season. The figures therefore establish strong growth in sales value across several categories, but do not provide a directly comparable measure of how much more Indian consumers purchased overall.