Free gold on Dhanteras! Indian jewellers hatch lucrative plans to trump your price pain (Representative image)
As gold soars to an unprecedented Rs 1.3 lakh per 10 grams in almost all parts of the country, Indian jewellers are facing one of their most challenging festive seasons in years. Yet, the buzz inside glittering showrooms tells a different story.
Gold prices in India have surged due to global and domestic factors. US President Donald Trump’s new tariff rates have escalated trade tensions, driving investors toward gold as a safe haven. As India imports 70–80% of its gold, global price hikes and import costs directly raise domestic rates. High import duties and logistics expenses add further pressure.
Despite the steep price tag, the spirit of Dhanteras, a day which has long been synonymous with prosperity and new beginnings, is very much alive. Jewellers across the country say footfalls are rising, early bookings are strong, and consumers are adapting rather than abstaining. The challenge this year isn’t about selling gold, but it is more about reimagining how people buy it.
From lightweight designs and new karat innovations to digital-first shopping and sentimental storytelling, India’s top jewellery brands are deploying fresh strategies to keep the festive sparkle alive, proving that even when prices hit record highs, the love for gold doesn’t fade, it evolves.
Also Read: Gold connection: India’s timeless love for gold shines in modern Diwali
When gold gets pricier, brands get smarter
In a year when gold has climbed to historic levels, jewellers know they must make the precious metal feel lighter, both emotionally and financially. The emphasis this festive season is shifting from weight to meaning.
“At these price levels, people aren’t postponing purchases — they’re planning smarter,” said Saumen Bhaumik, Managing Director, CaratLane. “Our focus this season is on celebrating emotion, not just consumption. While gold prices remain elevated, consumer sentiment is positive, and we’re ensuring accessibility through thoughtful design and festive value.”
CaratLane’s offer of a free 0.5g gold coin for every Rs 35,000 spent, Bhaumik said, “has struck the right chord — turning every purchase into both adornment and shagun.” The company is also banking on convenience to drive sales, with its 350+ stores, faster deliveries, and Try-at-Home services ensuring a seamless omni-channel experience.
The high bullion price has accelerated the shift toward lightweight and alternative purity jewellery. “The recent BIS certification for 9KT gold has strengthened consumer confidence,” Bhaumik said. CaratLane’s 9KT line now spans over 200 BIS-certified designs starting at Rs 7,500, catering to first-time buyers and gifting customers.
Also Read: Gold prices rally to new high past Rs 1.3 lakh ahead of Dhanteras, silver follows suit. Will the festive season take bullion higher?
At Kalyan Jewellers, traditional and modern values coexist in equal measure. “Gold continues to be valued both as a long-term investment and as an integral part of our traditions,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers. “We are witnessing robust footfalls across major markets, supported by healthy pre-bookings, fresh festive collections, and impactful campaigns.”
Their design strategy is built on “heavier look, lower grammage” pieces — visually grand but crafted to use less metal. “We are also seeing a growing affinity among younger, style-conscious buyers for lightweight, versatile 18K designs,” Kalyanaraman adds. “These pieces offer a modern aesthetic while still carrying the beloved essence of gold.”
He notes that silver is quietly finding a bigger place this season too. “Silver pooja thalis, figurines, and coins are witnessing significant demand,” he said, reflecting the appetite for auspicious yet affordable purchases.
“The 2025 festive season has begun on a positive note for us with a 5% year-on-year increase in volumes and a 27% rise in value,” said M.P. Ahammed, Chairman, Malabar Gold & Diamonds. “While the intent to buy gold remains steady, consumers are adjusting their preferences. There has been a visible rise in demand for lightweight and lifestyle-oriented jewellery, especially among youngsters.”
To sustain the momentum, Malabar has rolled out a bouquet of offers including up to 30% off on making charges for gold, uncut, and gemstone jewellery, and up to 30% off on diamond value. Customers who pre-book their Dhanteras purchases by paying 10% upfront receive a free silver coin, along with protection from gold price fluctuations. “They can buy at either the booked rate or the prevailing market rate, whichever is lower,” Ahammed said.
Accessibility and affordability are also central to P.N. Gadgil & Sons’ festive playbook. “Gold jewellery will always be in style,” said Aditya Modak, CFO and COO of the company. “Our main goal is to make gold ownership more accessible by offering lightweight and affordable 9-carat, 14-carat, and 18-carat options. Instead of asking customers to compromise, we’re letting them buy gold in ways that fit their budgets and lifestyles.”
The new buyer: Young, expressive, and price-savvy
If gold has long symbolised security for Indian families, for younger buyers it now doubles as self-expression. Jewellers say the emotional connection remains strong, but it is being expressed differently.
“Younger consumers see jewellery as self-expression, not just tradition,” said CaratLane’s Bhaumik. “They value aesthetics, authenticity, and purpose. Our campaigns reflect this shift — highlighting individuality, love, and gifting rather than pure investment,” he added.
Kalyan Jewellers, too, has tuned its messaging to the new generation. Its Huescape collection reinterprets traditional motifs through contemporary silhouettes and pastel gemstones, appealing to the design sensibilities of younger buyers. “We’re tailoring campaigns with regionally relevant messaging,” Kalyanaraman adds. “The connection to jewellery is still emotional, but the expression is evolving.”
That evolution is being felt across the industry.
Thoughtful purchases
P.N. Gadgil’s sub-brands are each designed with specific audiences in mind- Gargi for contemporary designs, Utsav for festive and bridal wear, and Reva for premium, fashion-forward customers. “People are actively buying, but they’re strategic about weight,” Modak said. “In terms of value, sales are more or less the same or higher than last year, but in terms of quantity, they’re slightly lower.”
Meanwhile, Parag Shah, CEO, KISNA Diamond & Gold Jewellery stated that over the past 15 days, the brand has observed a steady rise in buying interest. “Earlier in the season, price fluctuations led to some caution, but now shoppers are returning with greater clarity and confidence,” he added.
KISNA planned early for this shift, introducing its 9KT diamond jewellery range- a segment that combines affordability with design. “This collection allows us to offer fine jewellery at accessible price points, starting below Rs 15,000,” Shah said. “It caters to young professionals, first-time buyers, and those looking for elegant gifting options.”
The company’s focus on lightweight and versatile designs has helped it tap into evolving consumer preferences. “We’re seeing strong traction in the Rs 15,000 to Rs 50,000 range,” Shah said. “Consumers are not postponing purchases; they’re making thoughtful choices, opting for lighter pieces and alternative karat options that deliver more value.”
To add festive excitement, KISNA has launched a nationwide lucky draw, giving customers a chance to win cars and bikes during Dhanteras. “We’re optimistic about strong sales,” Shah said. “The enthusiasm across our showrooms and digital platforms reaffirms that jewellery continues to be a symbol of prosperity and celebration.”
At PP Jewellers by Pawan Gupta, the belief is that emotion will continue to outweigh economics. “Dhanteras has always been an auspicious occasion for buying gold,” said Piyush Gupta, Director of the company. “Despite higher prices this year, we believe the sentiment of tradition will drive demand. Gold is not just a purchase — it’s an emotion tied to wealth security and family celebrations.”
The brand expects volume sales to be about 20% lower compared to last year, but in value terms, growth of 15–20%. “While prices are firm, buyers view gold as a long-term investment, especially around Diwali and the wedding season,” Gupta said.
To sweeten the deal, PP Jewellers has introduced 5.9% making charges across all categories, along with free gifts on every purchase. “Customers are prioritising purity, transparent pricing, and value,” Gupta adds. “Coins, light daily-wear, and bridal jewellery continue to see strong demand.”
If there’s one takeaway from this year’s festive season, it’s that India’s relationship with gold is maybe evolving, but not weakening.
Consumers may be buying lighter, but they’re buying smarter. They’re choosing jewellery that is wearable, versatile, and reflective of their lifestyle rather than a symbol locked away in a safe. Jewellers, in turn, are adapting, mixing karats, innovating design, and blending digital convenience with personal touch.
The sentiment, across brands, is cautiously upbeat. The gold may be dearer, but the emotion around it is undiminished. As Kalyanaraman of Kalyan Jewellers puts it, “Gold may be expensive, but celebrations are timeless. That sentiment hasn’t changed — and it never will.”
Gold prices in India have surged due to global and domestic factors. US President Donald Trump’s new tariff rates have escalated trade tensions, driving investors toward gold as a safe haven. As India imports 70–80% of its gold, global price hikes and import costs directly raise domestic rates. High import duties and logistics expenses add further pressure.
Despite the steep price tag, the spirit of Dhanteras, a day which has long been synonymous with prosperity and new beginnings, is very much alive. Jewellers across the country say footfalls are rising, early bookings are strong, and consumers are adapting rather than abstaining. The challenge this year isn’t about selling gold, but it is more about reimagining how people buy it.
From lightweight designs and new karat innovations to digital-first shopping and sentimental storytelling, India’s top jewellery brands are deploying fresh strategies to keep the festive sparkle alive, proving that even when prices hit record highs, the love for gold doesn’t fade, it evolves.
Also Read: Gold connection: India’s timeless love for gold shines in modern Diwali
When gold gets pricier, brands get smarter
In a year when gold has climbed to historic levels, jewellers know they must make the precious metal feel lighter, both emotionally and financially. The emphasis this festive season is shifting from weight to meaning.
“At these price levels, people aren’t postponing purchases — they’re planning smarter,” said Saumen Bhaumik, Managing Director, CaratLane. “Our focus this season is on celebrating emotion, not just consumption. While gold prices remain elevated, consumer sentiment is positive, and we’re ensuring accessibility through thoughtful design and festive value.”
CaratLane’s offer of a free 0.5g gold coin for every Rs 35,000 spent, Bhaumik said, “has struck the right chord — turning every purchase into both adornment and shagun.” The company is also banking on convenience to drive sales, with its 350+ stores, faster deliveries, and Try-at-Home services ensuring a seamless omni-channel experience.
The high bullion price has accelerated the shift toward lightweight and alternative purity jewellery. “The recent BIS certification for 9KT gold has strengthened consumer confidence,” Bhaumik said. CaratLane’s 9KT line now spans over 200 BIS-certified designs starting at Rs 7,500, catering to first-time buyers and gifting customers.
Also Read: Gold prices rally to new high past Rs 1.3 lakh ahead of Dhanteras, silver follows suit. Will the festive season take bullion higher?
At Kalyan Jewellers, traditional and modern values coexist in equal measure. “Gold continues to be valued both as a long-term investment and as an integral part of our traditions,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers. “We are witnessing robust footfalls across major markets, supported by healthy pre-bookings, fresh festive collections, and impactful campaigns.”
Their design strategy is built on “heavier look, lower grammage” pieces — visually grand but crafted to use less metal. “We are also seeing a growing affinity among younger, style-conscious buyers for lightweight, versatile 18K designs,” Kalyanaraman adds. “These pieces offer a modern aesthetic while still carrying the beloved essence of gold.”
He notes that silver is quietly finding a bigger place this season too. “Silver pooja thalis, figurines, and coins are witnessing significant demand,” he said, reflecting the appetite for auspicious yet affordable purchases.
“The 2025 festive season has begun on a positive note for us with a 5% year-on-year increase in volumes and a 27% rise in value,” said M.P. Ahammed, Chairman, Malabar Gold & Diamonds. “While the intent to buy gold remains steady, consumers are adjusting their preferences. There has been a visible rise in demand for lightweight and lifestyle-oriented jewellery, especially among youngsters.”
To sustain the momentum, Malabar has rolled out a bouquet of offers including up to 30% off on making charges for gold, uncut, and gemstone jewellery, and up to 30% off on diamond value. Customers who pre-book their Dhanteras purchases by paying 10% upfront receive a free silver coin, along with protection from gold price fluctuations. “They can buy at either the booked rate or the prevailing market rate, whichever is lower,” Ahammed said.
Accessibility and affordability are also central to P.N. Gadgil & Sons’ festive playbook. “Gold jewellery will always be in style,” said Aditya Modak, CFO and COO of the company. “Our main goal is to make gold ownership more accessible by offering lightweight and affordable 9-carat, 14-carat, and 18-carat options. Instead of asking customers to compromise, we’re letting them buy gold in ways that fit their budgets and lifestyles.”
The new buyer: Young, expressive, and price-savvy
If gold has long symbolised security for Indian families, for younger buyers it now doubles as self-expression. Jewellers say the emotional connection remains strong, but it is being expressed differently.
“Younger consumers see jewellery as self-expression, not just tradition,” said CaratLane’s Bhaumik. “They value aesthetics, authenticity, and purpose. Our campaigns reflect this shift — highlighting individuality, love, and gifting rather than pure investment,” he added.
Kalyan Jewellers, too, has tuned its messaging to the new generation. Its Huescape collection reinterprets traditional motifs through contemporary silhouettes and pastel gemstones, appealing to the design sensibilities of younger buyers. “We’re tailoring campaigns with regionally relevant messaging,” Kalyanaraman adds. “The connection to jewellery is still emotional, but the expression is evolving.”
That evolution is being felt across the industry.
Thoughtful purchases
P.N. Gadgil’s sub-brands are each designed with specific audiences in mind- Gargi for contemporary designs, Utsav for festive and bridal wear, and Reva for premium, fashion-forward customers. “People are actively buying, but they’re strategic about weight,” Modak said. “In terms of value, sales are more or less the same or higher than last year, but in terms of quantity, they’re slightly lower.”
Meanwhile, Parag Shah, CEO, KISNA Diamond & Gold Jewellery stated that over the past 15 days, the brand has observed a steady rise in buying interest. “Earlier in the season, price fluctuations led to some caution, but now shoppers are returning with greater clarity and confidence,” he added.
KISNA planned early for this shift, introducing its 9KT diamond jewellery range- a segment that combines affordability with design. “This collection allows us to offer fine jewellery at accessible price points, starting below Rs 15,000,” Shah said. “It caters to young professionals, first-time buyers, and those looking for elegant gifting options.”
The company’s focus on lightweight and versatile designs has helped it tap into evolving consumer preferences. “We’re seeing strong traction in the Rs 15,000 to Rs 50,000 range,” Shah said. “Consumers are not postponing purchases; they’re making thoughtful choices, opting for lighter pieces and alternative karat options that deliver more value.”
To add festive excitement, KISNA has launched a nationwide lucky draw, giving customers a chance to win cars and bikes during Dhanteras. “We’re optimistic about strong sales,” Shah said. “The enthusiasm across our showrooms and digital platforms reaffirms that jewellery continues to be a symbol of prosperity and celebration.”
At PP Jewellers by Pawan Gupta, the belief is that emotion will continue to outweigh economics. “Dhanteras has always been an auspicious occasion for buying gold,” said Piyush Gupta, Director of the company. “Despite higher prices this year, we believe the sentiment of tradition will drive demand. Gold is not just a purchase — it’s an emotion tied to wealth security and family celebrations.”
The brand expects volume sales to be about 20% lower compared to last year, but in value terms, growth of 15–20%. “While prices are firm, buyers view gold as a long-term investment, especially around Diwali and the wedding season,” Gupta said.
To sweeten the deal, PP Jewellers has introduced 5.9% making charges across all categories, along with free gifts on every purchase. “Customers are prioritising purity, transparent pricing, and value,” Gupta adds. “Coins, light daily-wear, and bridal jewellery continue to see strong demand.”
If there’s one takeaway from this year’s festive season, it’s that India’s relationship with gold is maybe evolving, but not weakening.
Consumers may be buying lighter, but they’re buying smarter. They’re choosing jewellery that is wearable, versatile, and reflective of their lifestyle rather than a symbol locked away in a safe. Jewellers, in turn, are adapting, mixing karats, innovating design, and blending digital convenience with personal touch.
The sentiment, across brands, is cautiously upbeat. The gold may be dearer, but the emotion around it is undiminished. As Kalyanaraman of Kalyan Jewellers puts it, “Gold may be expensive, but celebrations are timeless. That sentiment hasn’t changed — and it never will.”
