Dhanteras, the first day of the Diwali festival, holds immense significance in Indian culture, especially when it comes to buying gold and silver. It is considered an auspicious day to invest in precious metals, symbolising prosperity and good luck. As the festivities begin today, expectations soar high, and families across the country embark on a glittering journey of Dhanteras jewellery shopping.
According to the Indian Bullion and Jewellers Association (IBJA), on Dhanteras in 2022, India shopped for nearly 39 tonnes of Gold, amounting to around Rs 19,500 crore. This was seen even after the gold prices increased by 5.2 per cent per ten gram. The increase did not dampen India’s enthusiasm and the volume of sales had increased by 30 per cent compared to 2021.
A conversation with jewellers from across India lets us delve into the expectations that surround this age-old tradition of buying gold and silver on Dhanteras.
The Significance of Dhanteras Jewellery Shopping
Dhanteras is celebrated with great fervour and enthusiasm, and one of the key rituals is the purchase of gold and silver jewellery. The tradition is deeply rooted in the belief that acquiring precious metals on this day brings prosperity and good fortune to the household. Families eagerly look forward to adorning themselves with new jewellery, and the anticipation builds as the day approaches.
In India, gold (and silver) holds a unique position, representing more than just wealth. Says Vikas Singh, Managing Director & CEO of MMTC-PAMP, “From the gifting of gold jewellery during weddings to purchasing gold and silver bars and coins on almost every auspicious occasion and festival, it is intertwined with Indian traditions and culture. Purchasing gold and silver during festivals such as Makar Sankranti, Akshaya Tritiya, Dhanteras and Diwali is believed to bring good luck, prosperity, abundance and auspiciousness. Since Diwali is dedicated to the worship of Goddess Lakshmi while Dhanteras marks the beginning of the five-day Diwali celebrations, buying gold and silver on Dhanteras holds specific significance. In the run-up to the festive season, people prefer to spend more.”
Talking about the sales expectations, Singh adds, “According to Deloitte’s Consumer Signals report in September, consumer spending is expected to be higher this festive season. Given the sentimental value of gold coupled with last year’s trend during this period, consumers have shown a preference for investing in assets such as gold to ensure financial stability. At MMTC-PAMP, we take pride in offering the purest 999.9+ Gold (24K) and Silver products, seamlessly blending the Finest Swiss Craftsmanship with Indian traditions. These uphold the age-old tradition of choosing the purest gold.”
Expectations from Dhanteras Jewellery Shopping
Be it regional jewellery retailers or big brand names, everyone is expecting high sales this year. According to experts, the Indian middle class now has increased disposable income and jewellery is still considered to be a safe investment option.
Raghav Rastogi, Director at Jugal Kishore Jewellers by Rajan Rastogi at Lucknow says, “This year, we are hopeful for a good sale. The gold prices have shown a slight decline in the last two to three days and are similar to the prices that were around Akshay Tritiya. Just after Diwali, people start their preparations for the wedding season and make their purchases on Dhanteras as well. We are seeing an increased interest in natural diamonds of EF-VVS quality. Even with a smaller budget, people can buy small diamond necklaces, rings, and pendants. We expect an increase of 20 to 25 per cent in sales this year.”
Quality Assurance Is The Key
As Dhanteras is a significant investment for many families, there is a heightened expectation for quality assurance. Buyers seek reputable jewellers who provide certifications for the purity of the metals and stones used in the jewellery. Trust and reliability play a crucial role in shaping the expectations of customers during this festive season.
Rajiv Chandrashekhar Menon, National Head (Sales and Retail Operation), Mia by Tanishq says that for brands like Mia that offer contemporary designs with quality, Dhanteras holds special significance. “We’re anticipating a positive response from our customers this year. The awareness, consideration of the brand and the demand for our latest festive collection, Starburst has been consistently strong. We expect this trend to carry through as a healthy growth to Diwali and beyond. We have stocked up on gold & silver coins, latest and best selling collections in all our 150+ exclusive Mia stores and online channels, ensuring every customer finds something meaningful to celebrate this auspicious occasion.”
Symbol of Prosperity
Dhanteras is not just a day to buy jewellery; it is a celebration of prosperity and wealth. Families expect that the jewellery they purchase on this auspicious day will not only enhance their personal beauty but also bring financial well-being to their lives. Gold, in particular, is considered a symbol of prosperity and is often bought in various forms such as coins, bars, and intricately designed ornaments.
Shreyansh Kapoor, VP and Partner at Kashi Jewellers Kanpur, says, “Dhanteras is considered to be the most auspicious time of the year when people indulge themselves in buying jewellery, as it is considered to be a blessing from Goddess Lakshmi. This year, we are hopeful for a good sale. Kashi Jewellers is also a part of the ongoing Indian Jewellery Shopping Festival, wherein we are giving a coupon and a silver coin to customers on every purchase of Rs 25000. The coupons entitle them to win the grand prize of 1 KG of gold, which will be decided through a lucky draw. Since gold prices are high currently, we are seeing an increased interest in natural diamonds as their prices are stable for now. Even with a smaller budget, people can buy small diamond necklaces, rings, pendants, etc. Platinum is also in demand, and we are running a campaign’ Men of Platinum’ during the ongoing cricket World Cup. Kashi Jewellers has collaborated with cricketers Surya Kumar Yadav and KL Rahul for the campaign. Since platinum chains, rings, and bracelets are quite popular among men, we are seeing great enthusiasm from our customers. Compared to last year, we expect an increase of 20 to 25 per cent on Dhanteras.”
Traditional vs. Contemporary Designs
Dhanteras witnesses a fascinating interplay between traditional and contemporary jewellery designs. While some families prefer the timeless charm of traditional pieces that reflect the cultural heritage, others look forward to embracing modern, trendy designs. The market caters to a diverse range of tastes, ensuring that every buyer finds something that aligns with their preferences.
Rohan Narang, Director, Hazoorilal Legacy says, “Diwali in India, a celebration of light, prosperity and timeless traditions, places a natural emphasis on gold, jewellery and gemstones, not merely as beautiful adornments but as investments of deep significance. Amidst the grandeur of Diwali, the enchantment of gemstones beckons – The magnificence of blue sapphires, the allure of rubies, and the vivid ethereality of emeralds, alongside the timeless brilliance of top-quality natural diamonds, represent treasures in a world that is constantly evolving. Beyond their inherent worth, they enchant collectors by seamlessly harmonising opulence and craftsmanship.”
Talking about sales expectations, Narang says, “This Dhanteras we expect the demand to be up for gold and silver as buying these precious metals are considered to be auspicious for the occasion. However, at Hazoorilal Legacy, we are witnessing our consumers to be investing in precious gem-stone jewellery as well.”
Customisation and Personalisation Trend
With the rising trend of personalised jewellery, expectations have shifted towards unique and customised pieces. Buyers anticipate the opportunity to add a personal touch to their purchases, be it through engraving names or selecting unique designs that resonate with their individual style. This trend has given rise to a more intimate and sentimental approach to Dhanteras jewellery shopping.
Atul Saraf, Chairman, Aisshpra Gems and Jewels, said, “Dhanteras is the time when Indians actually invest their saved money in buying jewellery. We are really hopeful for the sales this time, as we have a large range of jewellery designs in gold, silver, and diamond. Along with aesthetically designed Lakshmi Ganesh idols for Pooja, we also have gold and diamond watches, which customers buy for themselves and also to give as gifts. In silver jewellery, people are looking forward to a variety of designs of bangles, necklaces, anklets, etc.”
Dhanteras jewellery shopping in India is not just a transaction; it is a cultural and emotional journey deeply embedded in the fabric of society. The expectations surrounding this festive tradition reflect the collective aspirations for prosperity, style, and quality. As families come together to celebrate Dhanteras, the sparkle of new jewellery becomes a radiant symbol of hope and blessings for the year ahead.