Festivals remain the strongest driver of jewellery demand in India. From Navratri and Dhanteras to Diwali and the wedding season that follows, the final quarter of the year accounts for nearly one-third of annual gold demand, according to the World Gold Council.
Purchases are anchored not just in timing but in tradition. For generations, gold buying has been linked to prosperity and protection, with coins, bangles and necklaces viewed as essentials. This cultural backbone ensures demand even during volatile price cycles.
What is changing, however, is how customers make their festive purchases. Urban buyers are increasingly drawn to lightweight daily wear alongside traditional sets, reflecting both lifestyle shifts and price awareness. Retailers report that gifting is another category gaining traction, with smaller coins and bars becoming popular among families and corporates alike. Personalised packaging and limited-edition festive collections have further helped brands stand out in a crowded market.
Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, Maharashtra, notes that Dussehra continues to be one of the most important days in the gold-buying calendar, and this year sentiment was especially strong. “The current strength in gold and silver prices has sparked fresh interest in investment demand, especially for coins and bars, where we are already witnessing healthy offtake. Diamonds too have shown steady traction in the run-up to the festival,” he says.
Digital acceleration
E-commerce has shifted from being a discovery channel to a sales driver, particularly for younger buyers who shortlist designs online before stepping into stores. Virtual try-ons, social media campaigns, and influencer collaborations now anchor festive marketing strategies. Yet, the physical showroom experience remains irreplaceable, as jewellers note the importance of trying on a necklace or watching a bangle slip onto the wrist.
Navigating price volatility
High gold prices, once a deterrent, are increasingly seen as a reason to advance purchases. Customers are securing jewellery in anticipation of further price rises, and retailers are sustaining demand through booking schemes and gold savings plans.
In the past, high gold prices during Diwali might have deterred buyers. Today, customers view jewellery as both adornment and investment, often advancing purchases if they expect further price rises.
At a regional level, jewellers are noticing subtle but important shifts. Anantha Padmanabhan of NAC Jewellers, Chennai, observes that while overall demand remains steady, customers are showing a renewed preference for investment-led products. “We’re seeing a clear uptick in gold coin sales,” he says. “Whenever prices rise sharply, people usually pause their jewellery buying and wait for a correction. But this time, prices have been going up continuously, and customers are still coming in.” To appeal to value-conscious buyers, his brand has positioned its festive campaign around trust and savings. “Our message this year is simple: buy wisely, but don’t hold back on the joy of the season.”
Regional dynamics
Design language during the festive season also continues to evolve. Polki sets are being paired with contemporary silhouettes, layering is in focus, and uncut diamonds are finding their way into more versatile designs. Lightweight diamond jewellery is now being promoted as the “second set” for festive evenings, complementing the heavier gold pieces central to family rituals.
Vastupal Ranka of Ranka Jewellers, Pune, observes, “We’ve seen strong interest in lightweight temple and jadau jewellery, as well as diamond-thread pieces that balance luxury with comfort. While HNIs continue to invest in diamonds, mid-range buyers are leaning towards gold and lighter collections.” To attract both groups, Ranka Jewellers introduced an incentive pairing gold with silver: “We’re offering customers twice the weight of silver when they buy gold jewellery, and it’s been instrumental in driving footfalls. People see it as two investments in one, and it helps us move both categories together.”
Dussehra buying in northern markets reflected similar energy. Pankaj Seth of Durga Das Seth Jewellers, Amritsar, shares that demand this year was both confident and diverse. “Customer sentiment has been very strong, largely because of the rise in gold prices,” he says. “We’re seeing three types of buyers right now: investors opting for pure gold bars and coins, bridal and occasion shoppers choosing heavier sets, and younger customers preferring lightweight, everyday wear in yellow or white gold. Diamond jewellery has been a little slow, but polki is doing exceptionally well.” Despite some caution in higher-value purchases, Seth remains optimistic. “Overall, the market is healthy, and I’m confident this festive season will outperform last year.”
Beyond product, retailers see this season as a vital opportunity to strengthen long-term customer relationships. Loyalty programmes, personalised services and early-access previews are designed to make shoppers feel part of a larger brand journey. The festive buzz provides the perfect moment to turn first-time visitors into lifelong patrons.
The pulse of the trade
India’s festive jewellery market continues to evolve, shaped by shifting consumer priorities and price dynamics. Younger buyers are allocating more towards lighter, wearable designs and experimenting with mix-and-match styling, while high-net-worth clients continue to treat diamonds and polki as long-term value purchases. Corporate gifting in the form of gold coins and bars is also strengthening, adding another layer to seasonal demand.
Digital platforms have become critical to festive strategies, not just for discovery but for conversion, with retailers reporting that a significant portion of younger consumers now begin their buying journey online. At the same time, in-store sales remain the backbone of the trade, as most high-value purchases still require physical validation.
For jewellers, the quarter is not just about higher footfalls but about hedging against volatility and maintaining liquidity. Booking schemes, gold savings plans, and targeted festive offers are increasingly being used to balance consumer sentiment with price fluctuations. While inventory and workshop management remain challenges, retailers agree that no other quarter contributes as heavily to annual revenues or long-term customer acquisition.