Silver jewellery and bullion were standout performers, while natural diamond jewellery sales jumped 15-30% and even higher in smaller cities
Mumbai: The Navratri-to-Dhanteras stretch of 2025 has emerged as the jewellery industry’s blockbuster period, with footfalls surging over 100% across markets and festive sentiment running high. While gold remained the emotional favourite, retailers say consumers have “accepted current prices” and returned to stores in full strength. Silver jewellery and bullion were standout performers, while natural diamond jewellery sales jumped 15-30% and —even higher in smaller cities—signalling renewed appetite for design-led, precious ornaments. Platinum and coloured gemstones also shone, with growth between 10–25%.
Post Dhanteras and Diwali, many industry experts reviewed the Diwali market and performance ofjewellery retail.Here is what they had to say:
Sachin Jain, MD, World Gold Council: “On Dhanteras, the industry saw very strong sentiment for gold across categories – jewellery, coins, bars, ETFs and digital gold. Customers went for token purchases and heavy pieces were also bought, reinforcing the belief that gold brings good fortune, wealth and prosperity. Due to record number of price increases, the industry has passed on some benefits to consumers by offering healthy discounts. Overall, we expect gold buying interest to remain strong through the current festive season and upcoming wedding period.”
Suvankar Sen, MD & CEO, Senco Gold & Diamonds: “Dhanteras this year felt like two stories at once — families still wanting to mark the festival with something precious, and newer, more budget-savvy choices rising quickly. We saw customers move to 18K, 14K and even 9K options to keep the joy of gifting alive without stretching household budgets, and many were using our digital and EMI options to plan purchases thoughtfully. While a value growth of around 20-25% in jewellery sales is expected compared to last year, there has been a 12-15% dip in volume terms, showing how buyers are prioritizing design and emotional value over quantity.”
Sen added, “On the demand side, we saw an interesting shift: studded and diamond jewellery is steadily gaining ground as buyers balance sentiment with value. There is also strong traction for diamond and platinum jewellery in the everyday wear range, while gold continues to dominate wedding and handcrafted jewellery purchases. At the same time, our old gold exchange scheme and savings-led initiatives are bringing younger family members into the conversation, teenagers and first-time buyers are encouraging parents to think of gold as both love and a long-term asset, and old gold exchangehas gone up by 25-30% this year. We’ve even noticed more men investing in themselves, purchasing chains and bracelets both for adornment and as a form of investment. We have also seen a rising demand for the wedding season.”
Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers: “On Dhanteras, we witnessed a steady stream of buyers through the day, with robust demand across bullion, gold, diamond and silver jewellery, as well as silver articles. Bullion, including gold and silver coins and bars, is performing exceptionally well, while pre-bookings for wedding jewellery have also been very encouraging. Festive consumption has returned in full swing, aided by the slight dip in gold prices. Silver demand remains particularly strong.Overall, we see growth of around 15-20% in value terms over last year.”
Joita Sen, Director, Head of Design & Marketing, Senco Gold & Diamonds: “This Dhanteras felt intimate, we met customers who came in with heirloom pieces and stories, wanting something that nods to the past but fits modern life. That’s exactly why we designed the Shagun pieces: jewellery that carries emotions but is wearable every day. We’ve also seen strong interest in diamond and platinum pieces in the daily-wear segment, showing how people are reimagining precious jewellery for modern lifestyles.We’ve also seen practical choices: more exchanges of old gold,and strong interest in accessible price-points so people can celebrate without compromising.”
Amit Bandi, CEO, Kumari Fine Jewellery: “This Dhanteras marked a truly momentous occasion for Kumari Fine Jewellery, our first Diwali with new store launches. We’ve seen an overwhelming response, particularly from our recently opened Indore store, where customers eagerly pre-booked their jewellery. While gold prices have soared, our dainty and stylish designs have captivated customers, proving that design premium currently triumphs over price sensitivity. Indore, with its strong tradition of celebrating Pushya Nakshatra and Dhanteras, has been exceptional, and our Mumbai stores also performed promisingly.”
Ramit Kapur, Managing Director, Gemological Science International (GSI), India: “The festive season has ushered in renewed optimism across India’s jewellery market, reflecting both emotional and aspirational buying patterns. Across regions, the momentum remains strong. South India continues to lead in gold, yet a notable 15% rise in diamond jewellery sales indicates growing consumer awareness and appreciation for craftsmanship and enduring value. In the East, demand for both diamonds and polki is rising. West India remains a mature market, recording consistent double-digit growth in diamond and online jewellery sales, particularly within accessible, smaller-ticket designs. Central and North India continue to thrive as the hub for high-value purchases, with an average 20% growth across categories including polki, gemstones, gold, and diamond jewellery. The statistics indicate a welcoming consumer mindset towards innovative design and converging customer confidence regarding studded jewellery.”
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