India's gold market expects Dhanteras sales to climb by up to 12%, outpacing earlier forecasts even as domestic 24-karat prices reached approximately ₹14,617 per gram on November 5. Crisil Ratings projects that higher price realisations will boost organized jewellery revenue by 20% to 21%, effectively offsetting an anticipated volume contraction. Retailers like Senco Gold & Diamonds and Kalyan Jewellers are experiencing renewed foot traffic after several sluggish months. To maintain traditional purchases amid steep valuations, buyers are actively prioritizing lightweight jewellery designs and smaller denominations.
Key points
Total jewellery sector revenue is projected to expand by 20% to 21% primarily through hig…: Total jewellery sector revenue is projected to expand by 20% to 21% primarily through higher market valuations rather than volume.
Consumers are adapting to elevated gold rates by selecting smaller denominations alongsid…: Consumers are adapting to elevated gold rates by selecting smaller denominations alongside lightweight and studded ornament designs.
Retailers anticipate sustained shopping momentum as November festivities immediately prec…: Retailers anticipate sustained shopping momentum as November festivities immediately precede the winter wedding season starting on November 20.
Sources checked by our analysis pipeline: 1
Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA), said gold sales are expected to grow by 12% this Dhanteras, over the association’s earlier year-on-year growth projection of 7-10%. He attributed the improved outlook to higher gold prices, which could draw more buyers “and reinforce the metal's appeal as a trusted store of value”.
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Mehta said the US midterm election results could constrain President Donald Trump's actions on the war front, potentially bringing down oil prices and easing pressure on the global economy.
Jewellers also reported stronger demand ahead of the festival. “We expect sales to grow by 10% this year compared with last year's Dhanteras and Diwali season,” said Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation (AIJGF).
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However, he said, a clearer picture will emerge only later in the day.
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