Indian consumers deployed festive liquidity to acquire substantial volumes of precious metals during Dhanteras and Diwali. According to the India Bullion and Jewellers Association, gold demand expanded by 30 percent in volume terms while silver purchases grew by 10 percent year-on-year. Beyond traditional metals, natural diamonds also achieved notable traction, with retailer C Krishniah Chetty Jewellers reaching an eight-year high in festive demand despite Russian supply sanctions and lab-grown substitutes.
Key points
Lower entry prices and wedding season preparations successfully revitalized consumer dema…: Lower entry prices and wedding season preparations successfully revitalized consumer demand following months of stagnant retail gold sales.
Festive timing alongside monthly salary distributions and bonuses provided the necessary…: Festive timing alongside monthly salary distributions and bonuses provided the necessary cash flow to support high-value jewelry transactions.
Natural diamonds sustained robust consumer interest and multi-year sales peaks despite tr…: Natural diamonds sustained robust consumer interest and multi-year sales peaks despite trade sanctions on Russian imports and lab-grown alternatives.
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Gold prices falling from their record highs has led to Indian consumers increasing their purchases of precious metals during the Dhanteras-Diwali period. Gold demand rose 30% in volume terms and silver buying grew 10% compared with the corresponding period last year, according to the India Bullion and Jewellers Association (IBJA). Jewellers said the trend pointed to a recovery in demand ahead of the important wedding season.
The industry body estimated that consumers purchased 52 tonnes of gold worth Rs 72,000 crore and 300 tonnes of silver valued at Rs 5,400 crore during this year’s Dhanteras and Diwali celebrations.
Gold price correction from Rs 1.8 lakh peak
The increase followed a correction in gold prices from a peak of around Rs 1.8 lakh to Rs 1.42 lakh per 10 grams, drawing buyers back into the market. Purchases made in advance of the wedding season, which starts in mid-November and runs until March, also helped boost demand.
“Jewellers have made good business in this year’s Dhanteras and Diwali,” IBJA national secretary Surendra Mehta told ET.
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