Indian gold jewelry consumption fell 20% from a year earlier in the July-September quarter, sharpening the focus on this week's Dhanteras buying season as high prices limit how much households purchase.
World Gold Council figures put consumption at 99.9 metric tons, against 125 metric tons in the same quarter of 2025. Consumption rose 33% from the preceding quarter, even as the annual comparison weakened. The council said India's average domestic gold price during July-September was about 45% higher than a year earlier.
Shoppers responded by choosing lighter and lower-carat pieces, the council said. It described July-September as the weakest third quarter for Indian jewelry consumption since 2020 and flagged below-average monsoon rainfall as a concern for rural incomes.
The India Bullion and Jewellers Association (IBJA) quoted 99.9%-pure gold at ₹138,118 per 10 grams on the morning of Nov. 3 in India Standard Time (IST; UTC+5:30). That was below its Oct. 30 morning quote of ₹140,891 but above the Nov. 2 morning quote of ₹137,772; all three quotes are in IST. These spot prices exclude the 3% goods and services tax and jewelry-making charges.
In an Oct. 20 update, the council said lower prices were supporting seasonal buying. It cited manufacturers' orders from retailers restocking their shops and reports of more customers visiting stores. The council also attributed some of the third-quarter weakness to this year's later festivals, which moved purchases into October-December.
Retailers have promoted studded jewelry to maintain margins while selling less gold by weight, the council said. EconoTimes previously reported on seasonal demand ahead of Dhanteras.
The Economic Times reported that IBJA national secretary Surendra Mehta forecast Dhanteras sales volume would rise 10% to 12% from the 2025 occasion. Dhanteras falls Friday, Nov. 6, ahead of Diwali on Sunday, Nov. 8.
