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A Dazzling Start to the Festive Season
New Delhi: The festive lights of Diwali have been ignited early this year, not just by diyas, but by the brilliant glitter of gold and diamonds. In a spectacular display of consumer confidence, India’s jewellery market witnessed unprecedented sales worth a staggering ₹85,000 crore on the auspicious occasion of Dhanteras, which spanned two days this year. Industry experts are now projecting this golden run will continue, with total festive season sales expected to cross the landmark figure of ₹1 lakh crore by the end of Diwali.
This phenomenal surge marks a triumphant return for the gem and jewellery sector, signalling robust economic sentiment and a deep-rooted cultural connection to precious metals. Dhanteras is traditionally considered the most auspicious time to purchase gold and silver, believed to bring wealth and prosperity. This year, consumers across the country embraced the tradition with renewed vigour.
According to the All India Gem and Jewellery Domestic Council (GJC), footfall in showrooms from Mumbai’s Zaveri Bazaar to Chennai’s T. Nagar was exceptionally high. Mr. Saiyam Mehra, Chairman of the GJC, commented, “This is one of the best festive seasons we have seen in recent years. The combination of pent-up demand, the onset of the peak wedding season, and relatively stable gold prices created a perfect storm for record-breaking sales.”
What’s Fuelling the Record-Breaking Festive Sales?
Several key factors have contributed to this remarkable performance in the Indian jewellery market.
The Great Indian Wedding Season
Dhanteras and Diwali kickstart India’s peak wedding season, which runs until February. A significant portion of the sales comprised pre-booked bridal jewellery, with families investing heavily in both traditional and contemporary designs for a trousseau.
Gold’s Enduring Appeal as a Safe Haven
Despite gold prices hovering around ₹61,000 per 10 grams, the yellow metal continues to be a preferred investment for millions. In an era of global economic uncertainty, gold is viewed as a reliable hedge against inflation and a secure asset to pass down through generations.
Evolving Consumer Tastes and Designs
While traditional heavy gold jewellery remains a staple, jewellers reported strong demand for lightweight daily wear, modern diamond-studded pieces, and even platinum. Younger consumers are driving a trend towards minimalist yet elegant designs that offer both aesthetic appeal and investment value.
“We saw a clear shift this year,” noted Anjali Verma, a leading jewellery designer in Bengaluru. “Customers were not just buying gold coins and bars. There was immense interest in designer collections, rose gold, and polki sets. The market is maturing.”
A Barometer of Economic Health
The sentiment on the ground reflected this widespread optimism. Showrooms were bustling, with many retailers offering discounts on making charges and special festive schemes to attract buyers. The expansion of organised retail into Tier-2 and Tier-3 cities has also played a crucial role in tapping into this demand.
This record-breaking festive sale is more than just a business milestone; it’s a powerful indicator of the nation’s economic health. The massive spending suggests healthy liquidity in the market and a positive consumer outlook for the future. As India celebrates the festival of lights, the brilliant shine from its jewellery stores suggests the economy is glittering just as bright.
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