Jewellers and Retailers in Bengal Report Strong Sales on Dhanteras Amid High Gold Prices

Jewellery stores in Kolkata and West Bengal have experienced strong sales during Dhanteras despite high gold prices. Improved consumer sentiment, GST benefits, and gold's status as a reliable asset have driven this trend. Retailers across the state noted a surge in consumer buying, with key markets like Gariahat and Burrabazar witnessing long queues outside jewellery shops.

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Calcutta Gem & Jewellers Welfare Association president Ashok Bengani remarked on India's exceptional market movement this year. He attributed the demand to reduced GST rates, emotional ties to the festival, and gold's reputation as a safe investment. Celebrity endorsements have also enhanced trust and authenticity in the market.

Gold's Popularity Among Young Buyers

Senco Gold & Diamonds MD and CEO Suvankar Sen observed diverse buying patterns this Dhanteras. Families continued purchasing gold for its auspicious value, while younger buyers preferred smaller pieces and flexible payment options. "Dhanteras this year tells two stories," Sen said. "Families still want to mark the festival with something precious, while newer and more budget-savvy choices have risen quickly."

Sen highlighted that studded and diamond jewellery is gaining popularity, although gold remains the top choice for weddings. Men are increasingly buying chains and bracelets not just for adornment but also as investments. Retailers noted a trend among young women and students choosing lightweight, fashionable jewellery.

Market Trends and Consumer Preferences

Anjali Jewellers Director Annargha Uuttiya Chowdhury reported a 7-8% increase in sales compared to last year. Customers are purchasing both heavy and medium-weight jewellery ahead of the wedding season to avoid potential price hikes. Chowdhury added that working women and students prefer lighter pieces, while men's jewellery is seeing increased demand.

Despite initial caution due to gold prices exceeding Rs 1,32,400 per 10 grams in major metros, market performance surpassed expectations. Silver prices also dropped by Rs 7,000 per kilogram from their peaks, settling around Rs 1,72,000 per kilogram—a 65% increase from last Dhanteras.

Gold ETFs and Investment Trends

The demand for gold through Exchange-Traded Funds (ETFs) has risen significantly. Reports indicate that investments in Gold ETFs reached Rs 8,363.13 crore in September 2025, nearly six times higher than the previous year. The total assets under management of Gold ETFs increased by 126.34% year-on-year to Rs 90,135.98 crore.

Smaller bullion and coin purchases, especially in the 1-gram to 50-gram range, have also gained popularity among traders. The post-Durga Puja festive momentum has kept retail hubs bustling with activity.

Amit Kumar, Executive Director of South City Mall, noted that the festive spirit from Durga Puja has continued into Dhanteras and Diwali. Acropolis Mall officials also reported high footfall and sales during this Diwali season.

A woman shopper expressed her sentiment: "Even if we buy less, gold on Dhanteras is a must. It is for fashion and fortune." This reflects the cultural significance of purchasing gold during this auspicious time.

With inputs from PTI