Why jewellers and retailers in Bengal reported brisk sales on Dhanteras

Kolkata: High prices of gold have not deterred jewellery stores in Kolkata and other parts of West Bengal from witnessing brisk business on Dhanteras this year, with traders posting steady sales, boosted by improved consumer sentiment, GST benefits, and reaffirmation of the precious metal as a robust asset class.

Retailers of various goods also gained as a buying spree among consumers was noticed across markets in the state.

Key markets in Kolkata, including Gariahat and Burrabazar, saw an overwhelming response on the Dhanteras and Diwali festivals, with long queues seen outside jewellery shops.

"A combination of reduced GST slabs, strong emotional sentiment around the festival, and gold's reputation as a safe investment has spurred record demand. India's traditional market movement is phenomenal this year," Calcutta Gem & Jewellers Welfare Association president Ashok Bengani said on Sunday.

He added that celebrity endorsements have further boosted trust and authenticity in the market.

Jewellers observed a mix of sentiment and strategy among buyers this year.

Families continued to buy gold for auspicious reasons, while younger and budget-conscious shoppers opted for smaller, lighter pieces and flexible payment plans.

Senco Gold & Diamonds MD and CEO Suvankar Sen said, "Dhanteras this year tells two stories. Families still want to mark the festival with something precious, while newer and more budget-savvy choices have risen quickly. We're expecting a 20-25 per cent rise in value terms compared to last year, though volumes are down by around 12-15 per cent, showing that buyers are prioritising design and emotional value over quantity."

Sen noted that studded and diamond jewellery continues to gain traction, while gold remains the preferred choice for weddings.

"There's also a noticeable increase in men purchasing chains and bracelets, not just as adornment but as investment," he added.

Retailers highlighted a growing trend among young women and students choosing lightweight, fashion-friendly jewellery, while men's jewellery is witnessing unprecedented demand.

"The younger generation is now using gold as an investment class in a big way. Many see better long-term returns in gold than in equity," Bengani said.

Anjali Jewellers Director Annargha Uuttiya Chowdhury said sales are 7-8 per cent higher than last year.

"Customers are buying both heavy and medium-weight jewellery ahead of the wedding season to beat potential price hikes. Working women and students prefer lighter pieces, and the men's segment - brooches, chains and bracelets - is on an uptrend," he added.

While stores were initially cautious as gold prices crossed Rs 1,32,400 per 10 grams in major metros, the market turnaround exceeded expectations. Silver prices also retreated by as much as Rs 7,000 per kilogram from their peaks, settling around Rs 1,72,000 per kilogram, which is still over a 65 per cent jump compared to last Dhanteras.

Industry estimates suggest nearly 30 tonnes of gold may be sold nationwide during this period. Silver tooglittersr this Dhanteras in a big way.

Markets across Kolkata, including those in Bow Bazaar and Gariahat, remained packed through the weekend, with long queues outside jewellery showrooms.

"Even if we buy less, gold on Dhanteras is a must. It is for fashion and fortune," said a woman shopper.

The post-Durga Puja festive momentum has also kept retail hubs buzzing. "Durga Puja was exceptional, but the festive spirit has continued into Dhanteras and Diwali," said Amit Kumar, Executive Director, South City Mall.

Acropolis Mall officials also reported brisk footfall and sales this Diwali season.

Beyond retail counters, demand for gold through ETFs has also surged.

Gold Exchange-Traded Funds (ETFs) saw strong inflows ahead of Dhanteras, with investments reaching Rs 8,363.13 crore in September 2025, up nearly six-fold from a year earlier, according to reports.

The total asset under management of Gold ETFs jumped 126.34 per cent year-on-year to Rs 90,135.98 crore, reflecting renewed investor confidence in the yellow metal, the reports said.

Smaller bullion and coin purchases, particularly in the 1-gram to 50-gram range, have also gained traction, traders said.