Jewellers expect a boost in Dhanteras sales after gold prices fell from their January peak. Sachin Jain, CEO, India, World Gold Council, said, “The significant correction in gold prices has helped stimulate jewellery demand.” Many families are now making advance bookings for coins, bars, and jewellery for the wedding season.
After a long lull, leading jewellers are gearing up for a busy Diwali and Dhanteras sale after the recent sharp fall in gold prices.
The volatility in the yellow metal prices had restricted consumers to buy gold only for special occasions and weddings in the family.
Gold started the year on a historic high, surging to a record peak of over ₹1.75 lakh to ₹1.80 lakh per 10 gm in January. However, prices have since corrected downward by roughly 20-25 per cent from the peak following the global trend. But over the past couple of days, they have increased by ₹6,000/10 gm.
In dollar terms, gold hit a record high of $5,608 an ounce on January 29, but dipped below $3,900 before recovering to $4,123 an ounce on Thursday. Last Diwali, 24 carat gold was about ₹1.21 lakh per 10 gm against ₹1.44 lakh p — an increase of nearly 19 per cent.
Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council, said Dhanteras continues to be the most auspicious day for precious metal purchases but families are making advance bookings to avoid the rush on the auspicious day.
Coins and bars are expected to lead sales, driven by investment sentiment and gifting traditions, while lightweight hallmarked jewellery will also see strong traction with the wedding season overlapping, he said.
“We are expecting sales of about 75 tonnes during Dhanteras this year. Last year, it was 100 tonnes spread over two days of Dhanteras,” he said.
Sachin Jain, CEO, India, World Gold Council Regional said the significant correction in gold prices has helped stimulate jewellery demand.
Wedding season underway
Besides Dhanteras, consumers planning weddings over the next 3-6 months may choose to advance their purchases, given the current attractive price levels, he said.
“I expect demand to be strong across categories, from high-value, premium jewellery pieces. Overall, we will see healthy traction across the jewellery segment,” he added.
Saiyam Mehra, CEO, Unique Chains & Jewells said jewellery demand to remain strong in value, even if purchase volumes are relatively lower due to elevated gold prices.
With the bridal and wedding season underway, 9K and 14K gold jewellery is likely to gain traction as consumers look for pocket-friendly options compared to last year, he said.
Smaller denominations
Suvankar Sen, MD & CEO, Senco Gold said consumers footfall to enquiry about gold prices and purchases have increased 40-50 per cent after the recent fall in gold prices.
“We have launched Flexi Advance plan which allows consumers to book their orders at current prices now and take delivery during Dhanteras at a price whichever is lower,” he said.
Samit Guha, Managing Director and CEO, MMTC-PAMP, said elevated gold prices are likely to encourage buyers to opt for smaller-denomination bars and coins, making accessible investment options increasingly relevant.
Given the prevailing consumer buying patterns, he said the demand for products and services such as digital gold, which offer convenience, is expected to further strengthen.
Encouraging momentum
Supriya Kataria, Founder, Kumari Fine Jewellery, said Dhanteras jewellery buying remains rooted in tradition, but consumer preferences are evolving with changing price points and purchasing priorities.
With gold prices elevated, buyers are increasingly weighing design, versatility and long-term wearability alongside gold’s traditional appeal, she said.
Darshan Desai, CEO, Aspect Bullion & Refinery said there has been an encouraging sales momentum, reflecting the continued trust consumers place in gold and silver as meaningful purchases for the festive season.
While buying preferences may evolve, the emotional significance of owning precious metals on Dhanteras remains unchanged, he said.
ETFs an attraction
Shruti Jain, Chief Strategy Officer, Arihant Capital Markets, said online gold investing has gained traction, particularly among younger consumers. Instead of making a large one-time purchase during Dhanteras, many are steadily accumulating gold through regular digital investments.
She noted that investors can start gold ETF investments with as little as ₹15, widening access to the asset class.
Paresh Bhagat, Chairman, Mangal Keshav Financial Services, said gold ETFs were attracting investors looking to benefit from gold’s price appreciation without owning physical metal. Net inflows into gold ETFs stood at about ₹4,450 crore in September 2026.
Niharika Tripathi, Head of Products & Research, Wealthy.in, said the distinction was critical for investors evaluating electronic gold options. Gold ETFs attracted net inflows of around ₹69,000 crore in FY26, more than double the cumulative inflows of the previous five years. Folios stood at about 1.27 crore at the end of September.
Cautious outlook
“Investors comparing options should know which side of that line they’re on,” she said, referring to the difference in regulatory oversight between ETFs and app-based digital gold.
Ashish Goyal, Director, Blue Aster Capital, said online gold purchases were gaining popularity among younger consumers because of convenience and transparent pricing. He expects festive demand to be concentrated in lightweight jewellery, coins and smaller-ticket purchases. Prasenjit Paul, Head of Research at Paul Asset, seconded this saying, “Digital gold purchases in India reached around ₹2,590 crore in September 2026, up 83% from a year ago, which clearly shows the growing acceptance of app-based buying.”
Rahul Khetawat, Senior Vice-President and Fund Manager at 360 ONE Asset, said the medium-term outlook for gold and silver remained cautiously positive, supported by central bank buying and investment demand. His firm’s allocation remains tilted towards gold amid prevailing macroeconomic and geopolitical uncertainties.