Jewellers see strong demand for precious metals on Dhanteras

Gold prices saw a minor correction despite rush for festive buying.

Bengaluru: Despite gold and silver prices touching a record high this festive season, the demand for precious metals has not come down. The jewellers across the country have witnessed robust demand during this festive season and Dhanteras. The customer footfall has been exceptionally strong across metros, Tier-2, Tier-3, Tier-4 cities and towns on the occasion of Dhanteras on Saturday.

“We saw robust demand during this festive season & dhanteras and have already been witnessing strong footfalls across our showrooms. We also had an exceptionally strong festive season and have overall witnessed around 20% increase in demand this time compared to last year's festivities, despite rising gold prices,” Eshwar Surana, Managing Director, Raj Diamonds, said.

With gold prices at record highs, demand for natural diamond-studded jewellery, crafted with minimal gold, has surged this season. In terms of design, the diamond jewellery featuring prized colored gemstones is becoming a big trend during this season. The bridal market, once dominated by gold, is seeing a strong shift toward natural diamonds that lab-grown or other gemstones can’t replicate, he said.

Gold prices were ruling at Rs 1,32,400 per 10 grams in Delhi on Saturday, witnessing a drop of Rs 2,400 compared to Friday, even as jewellery enthusiasts rushed to shops across the country to buy the precious metal on the auspicious day of Dhanteras, which marks the beginning of the Diwali festival.

The prices of 99.9 purity gold had hit an all-time high of Rs 1,34,800 per 10 grams on Friday.

“This festive season has been uniformly strong across markets, with consistently encouraging responses from metros as well as Tier-2 and Tier-3 towns. We’re seeing a healthy mix of purchases — from investment-driven buys above ₹2 lakhs to high demand for lightweight jewellery and gold coins around Dhanteras. Our latest festive collection, Mriganka, with its contemporary design language, has resonated well with consumers,” said Arun Narayan, Senior Vice President, Tanishq.

Tanishq also witnessed an outstanding response to its gold recycling and exchange initiative. “Customers are not only exchanging idle gold to acquire new jewellery at the best value but are also appreciating the larger thought behind it — contributing to strengthening the nation. All indicators suggest that demand will continue through the post-festive wedding season as well,” Narayan said.

With the prices of 24-karat gold going beyond the reach of the common man, consumers are also embracing 18-karat closed settings and 14-karat contemporary jewellery, reflecting modern tastes. “We have also witnessed that diamond jewellery is gaining popularity among men, with collar cuffs, brooches, and zipper necklaces leading the trend. We foresee natural diamonds becoming a mainstream choice not just for bridal but for everyday wear too, with growing demand for lightweight, lifestyle-oriented designs. We expect this positive momentum to continue through the wedding season,” Surana added.

“Despite record-high gold prices, we’re witnessing renewed enthusiasm this festive season. Consumers are viewing price volatility as a strategic opportunity to reinvest — whether through gold coins or by upgrading their existing jewellery. Our Zero Deduction Gold Exchange Program has seen a sharp rise in traction, with its contribution increasing from the usual 35–36% to 38–40% since Navratri. Overall growth is being driven by higher ticket values, while buyer growth remains in early single digits. With initiatives like our exchange program, consumers are converting idle gold into meaningful pieces that blend emotion, heritage, and value,” said Ajoy Chawla, CEO, Jewellery Division, Titan Company.