Gold sales across India during Dhanteras and Lakshmi Puja are estimated to surpass ₹62,000 crore this festive season, driven by robust consumer demand even as prices remain elevated, according to the All India Gem and Jewellery Domestic Council (GJC). The projection, shared on 8 November 2026, underscores the enduring appeal of gold as both a cultural symbol and an investment asset.

What Is Driving the Demand

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), attributed the strong sales momentum to gold's historical returns, its deep cultural significance, and growing investor confidence in the precious metal. Rokde also flagged a notable shift in buyer demographics, pointing to increased participation from younger consumers.

"During this year's Lakshmi Puja, I have also noticed that even Gen Z and the younger generation have been keen on buying gold," he said. He added, "Gold holds exceptional significance in our religious and cultural traditions, and buying jewellery during Lakshmi Puja and Dhanteras is considered auspicious."

Gold Prices This Festive Season

Gold is currently trading at approximately ₹1.42 lakh–₹1.43 lakh per 10 grams during the festive period — a significant climb from the range of ₹80,000–₹1.15 lakh per 10 grams that broadly prevailed over the previous three years. Rokde noted that prices had touched even higher levels of ₹1.81 lakh–₹1.85 lakh earlier in 2026, making current rates appear relatively attractive to buyers.

According to Rokde, gold has delivered returns of approximately 9–14 per cent from Lakshmi Puja in October 2025 to Lakshmi Puja in November 2026, reinforcing buyer confidence across both jewellery and investment segments.

Gold's Long-Term Track Record

The GJC chairman cited gold's resilience across multiple economic cycles as a key factor underpinning consumer trust. "If you look at gold's history in the last 26 years, it has given a 3,200 per cent return. No other asset class has given this kind of consistent return. In fact, it has survived every recession, war and market crash and still comes out stronger," Rokde stated.

This long-term outperformance, he argued, has further entrenched gold's status as a preferred store of value among Indian households, particularly during auspicious festive occasions that carry both emotional and financial weight.

Broader Market Context

This comes amid a broader global trend of elevated gold prices, supported by geopolitical uncertainty, central bank accumulation, and inflationary pressures in key economies. India remains one of the world's largest consumers of gold, and festive-season purchases — anchored by occasions such as Dhanteras and Diwali — consistently account for a disproportionate share of annual demand. The ₹62,000 crore estimate, if confirmed, would mark a significant milestone for the domestic gems and jewellery sector.

Industry stakeholders will be watching whether post-festive demand sustains or whether buyers, having front-loaded purchases at current price levels, pull back heading into the new year.