Indians spent an estimated ₹62,000 crore ($6.6 billion) on gold jewellery during Dhanteras and Lakshmi Puja, the two most auspicious days for buying gold, according to the All India Gem and Jewellery Domestic Council (GJC) — a jump of 15 to 20 per cent in value over last year.

Dhanteras fell on Friday, November 6, and Lakshmi Puja on Sunday, November 8, which was also Diwali. Jewellers reported crowded showrooms, strong advance bookings and brisk sales through the weekend, helped by a recent correction in bullion prices that made gold look relatively cheaper after a sharp run-up earlier in the year.

In Delhi, 24-carat gold was priced at about ₹1.46 lakh per 10 grams, including taxes, on Dhanteras — down from a peak of about ₹1.83 lakh per 10 grams in late January. The council said gold prices, which had ranged between ₹80,000 and ₹1.15 lakh per 10 grams over the last three years, were around ₹1.42 lakh to ₹1.43 lakh per 10 grams during the festival.

More money, not more gold

The headline figure needs a caveat: the quantity of gold sold was broadly unchanged from last year, according to the council's preliminary estimates. The 15–20 per cent rise is a rise in value, driven by higher prices rather than heavier buying.

That distinction matters because gold has also been a strong investment this year. The council said the metal has delivered returns of about 9 to 14 per cent between last year's Lakshmi Puja and this one. GJC chairman Rajesh Rokde said younger buyers, including Gen Z customers, were notably keen to buy during Lakshmi Puja, seeing current prices as relatively attractive after the recent surge and correction.

Silver shines too

Silver also had a strong festival. The council expects silver sales to rise about 30 per cent in value and 10 per cent in volume over last year, as buyers turned to the cheaper metal for both jewellery and investment.

Trade bodies put the wider festive trade even higher. The Confederation of All India Traders said gold and silver together crossed ₹66,000 crore in the days around Dhanteras, with Delhi's bullion markets alone accounting for more than ₹10,000 crore. The confederation expects total Diwali-season trade — counted from Navratri to Diwali — to cross ₹7 lakh crore.

Why it matters

Gold buying at Diwali is both ritual and economics. For households, Dhanteras and Lakshmi Puja are the year's most auspicious occasions to buy the metal; for the economy, the festival is the single biggest test of consumer confidence. This year's numbers suggest demand held firm even at record prices — but the flat volumes are a reminder that much of the record value is inflation in the price of gold itself, not a surge in how much Indians are buying.

With the wedding season now under way, jewellers say the outlook for the rest of the year is encouraging. Whether buyers keep spending at these prices will be the next test.