India’s peak wedding season is lifting the jewellery industry into one of its strongest demand cycles in recent years, with retailers across the value chain reporting buoyant sentiment despite elevated gold prices and a volatile global commodities backdrop.
Industry leaders say the core driver is simple: weddings remain non-negotiable consumption events in India, and consumers have largely accepted the surge in gold prices that peaked in October. According to CAIT, nearly 46 lakh weddings are expected in the next 45 days alone, fuelling a jewellery market that continues to expand in both value and preference.
Kaushlendra Sinha, CEO of IAGES, said the market has adjusted quickly to the new pricing reality. “Whatever escalations we have seen recently have stabilised, and the market has accepted the new price levels. The market has been responding very positively,” he said, adding that consumers are buying not just for weddings but also for investment. “The market continues to remain buoyant, and the consumer is showing a lot of confidence.”
Retailers confirm that demand is broad-based across categories. While gold remains the anchor, diamonds, silver, polkis, kundans and studded pieces are all witnessing strong traction this season, driven by evolving tastes and higher disposable incomes.
Shreyansh Kapoor, Vice President of Kashi Jewellers, said the wedding cycle is now stretching beyond the traditional November–January period. “This is a high season for us because no wedding in India can happen without jewellery,” he said, noting that diamonds and silver have emerged as strong complementary categories alongside gold.
The industry estimates India’s wedding economy at around ₹6.5 lakh crore, of which jewellery contributes a significant share. Pankajkumar Jagawat, CMD of Shanti Gold, said the acceptance of higher prices has translated into record sales. “Gold has very high demand. We recorded the highest sales in terms of volume as well as value,” he said, estimating gold jewellery alone could account for nearly ₹2 lakh crore this season.
While festive-season buying in September and October accounted for a large chunk of demand, jewellers expect another wave of purchases in early December and again in January, driven by auspicious dates. Saiyam Mehra, Director of Unique Chains, said most families advanced purchases due to rising rates but added that the slowdown after Diwali was temporary. “We are expecting demand to slowly increase… and again in January it will start increasing,” he said.
Despite high gold imports putting pressure on India’s trade deficit, the jewellery industry is optimistic that softer global prices through November–December could ease the pressure while supporting steady retail buying.
For now, with millions of weddings queued up and sentiment holding firm, India’s jewellery market is entering one of its most promising quarters — powered by tradition, premiumisation and consumers’ willingness to spend even in a high-price environment.
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