Dhanteras: How jewellery brands are reworking festive pitch amid high gold prices

Dhanteras has traditionally been one of the biggest occasions for buying gold, with jewellery brands building their festive campaigns around prosperity, family traditions and auspicious beginnings. But with gold prices at elevated levels, the economics of the purchase are changing, prompting brands to rethink not just what they are selling, but also how they are communicating value to consumers.

The shift is not towards one particular category or a wholesale move away from gold. Instead, brands are responding through different product and marketing strategies — from natural diamonds and lighter interpretations of existing designs to bespoke jewellery, more accessible collections and personalised customer engagement.

The market backdrop underlines the challenge. According to the World Gold Council’s Q2 2026 India report, gold jewellery demand fell 15% year-on-year to 75.1 tonnes, even as the value of demand rose 34% to ₹1.13 lakh crore. For the first half of 2026, jewellery demand declined 17% in volume terms, while its value increased 40% to ₹2.13 lakh crore. The divergence reflects how higher prices are supporting market value even as consumers become more cautious about the quantity of gold they buy.

The Confederation of All India Traders (CAIT), in its estimate for Dhanteras 2025, put gold and silver trade at more than ₹60,000 crore, within total festival-related business estimated at over ₹1 lakh crore. The trade body also pointed to a preference for lightweight jewellery among regular buyers.

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“The price of 24-carat gold at present is around 9% higher than its Dhanteras level last year. It stood at approximately ₹1.33 lakh per 10 grams then, compared with ₹1.42 lakh on October 30, 2026. Dhanteras falls on November 6, with brands entering the festive period against a backdrop of even higher prices and more considered purchase decisions,” industry leaders point out. 

From natural diamonds to lighter designs

For Reva by P. N. Gadgil & Sons (PNGS), the festive opportunity lies in strengthening the appeal of natural diamond jewellery through occasions, personal milestones and emotional storytelling.

Amit Modak, CEO of Reva by P. N. Gadgil & Sons, says the brand steps up its marketing investment during the festive season, with a sharper focus on visibility and showcasing its collections. “The festive season lets us link these themes to the cultural meaning of gifting, family celebrations and new beginnings,” he says.

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The brand’s communication is built around making natural diamonds relevant to everyday elegance as well as special occasions. Modak says Diwali is an important period for jewellery purchases, with consumers looking for pieces that carry emotional value and reflect their personal style. The focus, therefore, is on building brand awareness, presenting the range of collections and deepening relationships with consumers.

The media strategy combines conventional advertising with digital storytelling. While traditional media helps build reach and recognition, digital platforms are used to communicate the stories behind natural diamonds, design and craftsmanship. Reva has also brought actor Sharvari on board as its first brand ambassador, using collaborations and brand-led content to connect with contemporary audiences. Retail experience remains another part of the strategy, allowing consumers to explore the collections first-hand.

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At DAIMANTÉ, the response to higher gold prices is reflected in product design and the idea of accessible luxury. The brand is using its Lite Luxury collection to offer lighter interpretations of its symbolic pendants, while retaining the craftsmanship, precious materials and symbolism associated with its designs.

“Rising gold prices are encouraging consumers to be more considerate about their jewelry purchases, making value, design and emotional relevance increasingly important,” a DAIMANTÉ spokesperson says.

The brand believes festive jewellery buying is not driven by price alone. Personal meaning and the ability to cherish a piece beyond the occasion remain important considerations. Its approach is to offer products that balance design, intrinsic value and emotional significance, while giving consumers greater flexibility in their choices.

Craftsmanship, aspiration and personalised engagement

For JGP Jewellers, Diwali remains one of the most important periods in its annual marketing calendar, both for consumer footfalls and business. A significant part of its advertising and promotional activity is concentrated around the festive season, with investments aimed at strengthening brand consideration and encouraging purchases.

Asavari Pednekar, Managing Director of JGP Jewellers, says the period is also an opportunity to showcase the brand’s premium and bespoke jewellery, where personalisation and craftsmanship play a key role. The strategy involves presenting distinctive offerings in new and engaging ways to attract customers.

The brand is also conscious of the influence of popular culture on jewellery preferences across consumer segments. “Consumers across price ranges draw inspiration from Bollywood, television and cultural icons, with aspirations that evolve across generations,” Pednekar says.

While conventional advertising helps communicate the brand story, digital platforms and personal experiences allow JGP to engage more meaningfully with consumers. The emphasis remains on translating changing aspirations into jewellery across price points without losing sight of its heritage and craftsmanship.

Birdhichand Ghanshyamdas, meanwhile, is placing greater emphasis on accessibility within its existing product portfolio, rather than relying heavily on promotional offers.

Yash Agarwal, Creative Director, Birdhichand Ghanshyamdas, says the brand is focusing on its PRET collection this Dhanteras. The collection offers more accessible, easy-to-wear pieces while retaining the craftsmanship and design associated with the house, with the potential for some pieces to become heirlooms over time.

Its marketing approach is also moving towards more targeted engagement. “Rather than relying heavily on promotional messaging, our Dhanteras communication is centred on personalised client engagement,” Agarwal says. The brand is reaching out to clients individually with curated jewellery recommendations and festive gifts.

This is reflected in its media strategy as well. Instead of increasing mass-media spends, Birdhichand Ghanshyamdas is focusing more on personalized messages, curated outreach and one-to-one client engagement. For a luxury jewellery house, the approach is intended to deepen relationships with existing clientele and create a more intimate festive experience.

A different proposition for the festive buyer

Mortantra’s positioning is distinct from the other brands in the mix. The handcrafted, gold-plated jewellery brand is seeing consumers separate their gold purchases for investment from the jewellery they want to wear during the festive and wedding seasons.

Shaili Naimish, Co-Founder and Creative Director, Mortantra, says the significance of Dhanteras remains unchanged, even as buying preferences evolve. “Many are keeping their gold buying for investment and coming to us for the jewellery they actually want to wear through the festive season and the weddings that follow,” she says.

For Mortantra, the proposition is built around regional Indian craft, design and the work of artisans. Naimish says the brand’s pieces are priced for their design and the karigar’s work, rather than fluctuations in gold rates, allowing it to maintain consistent pricing through the year.

Its festive communication consequently focuses on the origins of its designs, the skills involved in making them and their versatility across Dhanteras, Diwali and the wedding season. New festive designs and styling assistance at stores are intended to give customers additional reasons to visit.

Mortantra is increasing its festive marketing spend over last year, with most of its budget going towards digital platforms, particularly Instagram and Meta performance marketing. The brand is also investing in its retail experience across Ahmedabad, Mumbai and Chandigarh.

“With handcrafted jewellery, the experience of touching and trying a piece and the grandeur of our stores build a lasting relationship with our patrons,” Naimish says.