India has just had its biggest gold-buying festival in years. Over Dhanteras on Friday, November 6, and Lakshmi Pooja on Diwali, Sunday, November 8, Indians bought gold worth an estimated Rs 62,000 crore, according to the All India Gem and Jewellery Domestic Council. That is 15 to 20 per cent more, in value terms, than the same two days last year. The rush matters because it is the clearest signal yet of how Indian households are spending after a year of record prices, and what they expect from the months ahead.
What happened over the two big days
The headline estimate comes from the All India Gem and Jewellery Domestic Council, known as the GJC. It put total gold business at about Rs 60,000 crore on Dhanteras alone, rising to roughly Rs 62,000 crore, or $6.6 billion, across Dhanteras and Lakshmi Pooja. The council’s chairman, Rajesh Rokde, said sales by value were up 15 to 20 per cent on last year, while the quantity of gold sold stayed broadly flat. In plain terms, Indians bought roughly the same weight of gold as last year but paid substantially more for it.
Silver had an even stronger festival. The GJC expects silver sales to rise about 30 per cent in value and 10 per cent in volume. Gold and silver together crossed Rs 66,000 crore over the days around Dhanteras, according to the All India Jewellers and Goldsmith Federation, with Delhi’s bullion markets alone accounting for more than Rs 10,000 crore.
Why buyers came back: the price correction
The single biggest reason for the rush was a correction in gold prices. In Delhi, 24-carat gold was priced at Rs 1,46,300 per 10 grams, including taxes, on Dhanteras, about 20 per cent below the record Rs 1,83,000 per 10 grams touched on January 29 this year. Prices had eased to around Rs 1.41 lakh per 10 grams in the last two months after touching Rs 1.81 lakh to Rs 1.85 lakh in January.
For buyers who had watched prices climb all year and held back, the dip felt like an opening. It was not a return to last year’s prices: gold on Dhanteras last year cost about Rs 1,32,400 per 10 grams. But the drop from the January peak was large enough to change behaviour, and jewellers say it brought back customers who had been waiting for months.
What people actually bought
The most visible shift this year was what went into the shopping bag. With prices still high, buyers leaned towards lighter pieces. Jewellers said lightweight and 18-carat jewellery accounted for around half of sales, with studded and everyday-wear designs doing particularly well. Coins and small bars also sold strongly, and interest in digital gold picked up over the festival weekend.
Individual chains reported growth well above the industry average. Senco Gold said its sales value had risen more than 25 per cent from a year earlier, helped by higher footfall and wedding shoppers. PNG Jewellers pointed to early indications of 25 to 30 per cent growth in value. Kalyan Jewellers said the price correction had given festive purchases an added boost.
Why it matters beyond the jewellery trade
Festive gold sales are one of the most reliable early reads on Indian consumer confidence, because gold is a purchase families can postpone when money is tight. A 15 to 20 per cent rise in value, with volumes holding steady rather than falling, suggests households felt comfortable spending even at elevated prices.
There is also a supply-side angle. India’s gold imports fell 81 per cent in September 2026, to $1.8 billion from $9.6 billion a year earlier, the lowest since March 2024, according to commerce ministry data cited in the World Gold Council’s October update. Jewellers met festival demand largely from stock built up earlier. If demand stays strong into the wedding season, imports are likely to pick up again, which matters for the trade balance.
What happens next
The immediate test is the wedding season, which follows Diwali and is traditionally the second big gold-buying period of the year. Sachin Jain, regional CEO for India at the World Gold Council, said the response seen over the festival offers an encouraging outlook for the year end. Jewellers will be watching whether the buyers who returned for Dhanteras keep coming back, or whether they have simply brought forward purchases they would have made anyway.
Prices will decide much of that. If gold holds near current levels, or eases further, the trade expects steady demand for lightweight and 18-carat designs. If prices climb back towards the January highs, volumes could soften again, because the flat volumes this festival show that buyers are price-sensitive even when they are willing to spend. The gold rush of Diwali 2026 was not a story of Indians buying more gold. It was a story of Indians deciding, after a year of waiting, that the price was finally right.
FAQs
How much gold did India buy this Diwali?
Gold sales over Dhanteras and Lakshmi Pooja are estimated at about Rs 62,000 crore, up 15 to 20 per cent in value on last year, according to the All India Gem and Jewellery Domestic Council. Gold and silver together crossed Rs 66,000 crore.
Did Indians buy more gold than last year?
In value terms, yes. In weight terms, roughly the same. The council said volumes stayed broadly flat year on year, because prices were still higher than last year even after the correction from the January peak.
What was the gold price on Dhanteras?
In Delhi, 24-carat gold cost Rs 1,46,300 per 10 grams, including taxes, on Dhanteras, about 20 per cent below the record Rs 1,83,000 touched on January 29, 2026. Last Dhanteras it was about Rs 1,32,400 per 10 grams.
Why did sales rise if prices were still high?
The correction from the January peak brought back buyers who had been waiting, and Dhanteras is the most auspicious day of the year to buy gold. Lightweight and 18-carat jewellery also made purchases more affordable.
What should buyers watch next?
The wedding season, the next big buying period, and the direction of gold prices. If prices stay near current levels, jewellers expect steady demand. A sharp rise back towards January’s highs could cool volumes again.
The Diwali gold rush shows Indian households still trust gold when the price feels fair. Whether that confidence lasts into the wedding season will be the next number to watch.
