Dhanteras is witnessing a paradox in festive purchases this year. The upswing in gold and silver prices to record heights reduced the buying volumes for precious metals. Meanwhile, the automobile and consumer electronics sectors enjoyed high sales and even broke their previous records.
Gold prices crossed Rs. 1.3 lakh per 10 grams, causing many buyers to limit their purchases despite high festive sentiment. According to jewellers, while total spending increased in value terms, the overall volume of gold purchases fell by about 20%.
“Value-wise demand is higher on gold, but in terms of quantity, it’s down 20%. Silver is seeing higher sales both in value and volume due to substitution for gold. People are still buying as they expect prices to continue their uptrend,” said Rahul Gupta, CMD of PP Jewellers & Diamonds.
Industry data shows that while fewer customers purchased large quantities of gold, gold coins and lightweight jewellery dominated the market. Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), noted that “Dhanteras 2025 has seen a 10–15% dip in volume compared to last year, but the overall value is sharply up. We expect festive sales to cross Rs. 50,000 crore despite high gold and silver prices.”
Jewellery brands also reported steady demand from across regions. Arun Narayan, SVP at Tanishq, said the season has been “uniformly strong,” with robust sales in metros as well as Tier-2 and Tier-3 cities. “We’re seeing a healthy mix of investment-driven purchases above Rs. 2 lakh, and strong demand for lightweight jewellery and gold coins. The response to our gold recycling and exchange initiatives has been excellent.”
On the automotive front, car deliveries reached new highs even though Dhanteras fell on a Saturday, a day when some consumers prefer to avoid taking delivery of metals.
According to Maruti Suzuki, India’s largest carmaker, total Dhanteras sales are projected to reach 51,000 units, up from 42,000 last year. “We retailed 41,000 units today and expect another 10,000 tomorrow. This will be the highest-ever number for Dhanteras,” said Partho Banerjee, Senior Executive Officer (Marketing & Sales).
At Hyundai India, the festive spirit translated into a 20% year-on-year jump. “Deliveries are expected to touch 14,000 units, driven by strong consumer demand and the positive impact of GST 2.0 reforms,” said Tarun Garg, Director & COO.
Luxury carmaker Mercedes-Benz also saw encouraging momentum. “Deliveries were slightly higher than last year, and we expect strong order bookings for Diwali. Going by current trends, this could be our best-ever October,” said Santosh Iyer, MD & CEO of Mercedes India.
The consumer electronics market also witnessed a festive boom, supported by GST cuts on large-screen televisions. Sales across TVs, air conditioners, and smartphones surged 20–25% compared to last year.
“Major retail chains have reported unprecedented demand across categories. Notably, 85-inch televisions were completely sold out, and families upgraded appliances to newer models — reflecting rising consumer confidence,” said Ashwini Vaishnaw, Minister for Electronics and IT.
Dhanteras 2025 witnessed a blend of trends. The decline in the volumes of precious metal purchases was not as surprising as the record-breaking sales figures of consumer electronics and cars.
Even though gold investments were under pressure, the total festive expenditure was still relatively high. This is an indicator of strong economic sentiment and continued consumer optimism across the different sectors.