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Dhanteras Gold and Silver Sales: Jewellers Expect 30% Value Growth, Volumes May Stay Flat

Posted on 6th Nov 2026 11:34 am by rohit kumar

The correction in gold and silver prices ahead of Dhanteras and Diwali has revived consumer interest in India's bullion and jewellery market. Jewellers are expecting a strong festive season, with sales value projected to increase by 20-30%, even as gold purchase volumes are likely to remain broadly unchanged from last year.

 

Dhanteras, considered an auspicious occasion for buying precious metals, falls on November 6, 2026. Its early-month timing is also expected to support purchases, as salaried consumers will have received their monthly earnings.

 

According to All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde, the industry expects sales volumes to remain largely flat year-on-year, while business value could increase by 20-30%.

 

Gold Prices Correct Ahead of Dhanteras 2026

 

Gold prices have eased significantly from their earlier highs, improving sentiment among consumers who had postponed jewellery purchases because of elevated rates.

 

According to industry data cited ahead of the festival, gold prices declined from ₹1,62,900 per 10 grams on May 29 to approximately ₹1,42,000 on October 31, marking a correction of around 12.8%.

 

The market subsequently witnessed a recovery. In Delhi, gold of 99.9% purity was quoted at ₹1,48,800 per 10 grams on November 5, inclusive of taxes, after rising for a second consecutive session.

 

Despite the correction from its peak, gold remains considerably more expensive than during Dhanteras last year, when prices in Delhi were around ₹1,32,400 per 10 grams.

 

The difference between current prices and last year's levels continues to influence jewellery purchasing decisions, with consumers increasingly opting for smaller quantities and lighter designs.

 

Why Gold Sales Value Could Rise 20-30%

 

Jewellers expect the festive season to generate higher revenue even without a substantial increase in the quantity of gold sold.

 

Rajesh Rokde said the industry expects a 20-30% rise in gold and silver sales value, while gold volumes may remain at last year's levels.

 

The higher price base means that the same quantity of gold sold can generate more revenue than a year ago. Wedding purchases, investment buying and the recent correction in bullion prices are also expected to support demand.

 

GJC Vice Chairman Avinash Gupta expects gold sales value to increase by approximately 15-20%, with volumes remaining broadly comparable to last year.

 

The difference between the forecasts highlights that individual industry estimates vary, although jewellers generally expect stronger value growth than volume growth.

 

Lightweight Jewellery and 18-Karat Gold Gain Traction

 

High gold prices have changed consumer preferences, particularly among wedding shoppers.

 

Avinash Gupta said customers are increasingly selecting lightweight jewellery and 18-karat gold to manage purchase budgets without compromising on design.

 

Consumers are also becoming more selective about jewellery weight and making charges, while smaller-ticket purchases and gold coins continue to attract interest.

 

The trend reflects a shift towards affordability and value-conscious shopping rather than a complete withdrawal from gold buying.

 

Silver Jewellery Attracts Younger Consumers

 

Silver is gaining popularity among younger consumers because of its affordability and wider range of designs.

 

Many wedding shoppers are purchasing gold jewellery for major ceremonies while selecting silver articles and jewellery for other rituals.

 

GJC Chairman Rajesh Rokde expects silver sales value to rise around 30%, although he anticipates volumes to remain broadly flat.

 

GJC Vice Chairman Avinash Gupta, meanwhile, expects silver volumes to increase by approximately 10% year-on-year following the substantial correction in prices.

 

The differing estimates indicate that silver demand could perform better than gold volumes, although industry forecasts remain varied.

 

Diamonds and Lightweight Studded Jewellery See Demand

 

Kama Jewellery Managing Director Colin Shah said demand has shifted towards lightweight, stone-studded jewellery in the 9-karat to 19-karat range.

 

The company has also seen interest in natural and lab-grown diamonds in the ₹1.5 lakh to ₹3 lakh price range.

 

Meanwhile, Senco Gold Managing Director and CEO Suvankar Sen expects festive-season jewellery sales value to grow around 20-25%, with the diamond segment projected to increase by 25-30%.

 

The figures suggest that consumers are exploring a wider mix of products as high gold prices influence traditional purchasing patterns.

 

Inflation and Geopolitical Tensions Remain Risks

 

Industry representatives have identified inflation, geopolitical tensions and drought-like conditions in Maharashtra as potential factors affecting consumer sentiment.

 

However, Rokde said bullion purchases are generally funded through personal savings, limiting the direct impact of inflation on festive buying.

 

Jewellers have also introduced discounts, promotional schemes and other offers to attract customers during the festive period.

 

Dhanteras 2026: What the Jewellery Market Could See

 

The combination of a price correction, wedding demand and the timing of Dhanteras is expected to support India's jewellery market.

 

While gold volumes may remain stable, higher prices could translate into stronger sales value. Lightweight jewellery, 18-karat gold, silver articles and diamond-studded designs are emerging as important choices for consumers seeking affordable festive purchases.

 

The industry's outlook remains cautiously optimistic, with the final performance depending on customer footfall, bullion-price movements and actual purchases during the festive period.

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