Four well-known jewellers are chasing your Dhanteras and Diwali gold budget, as reported by Livemint. The report compares festive offers from Malabar, Joyalukkas, Tanishq and Kalyan.
We only have the headline, so we can't list each offer here. What matters for you is the final bill. Compare the total you pay, not the size of the discount banner.
Key takeaways
- Festive offers usually cut extra charges, not the gold rate itself.
- Making charges and GST can add a lot to a jewellery bill.
- Compare the total price for the same weight and purity.
- Check today's gold price on our daily gold rate page before you shop.
- Jewellery you may pledge later is valued only on its pure gold.
How festive gold offers work
Jewellers don't set their own gold price. It follows the market rate for that day. So offers usually touch other parts of the bill.
Common festive deals include lower making charges, free gold or silver coins, and cashback on cards. Making charges are the fee a jeweller adds for crafting the piece. They're often a percentage of the gold value.
GST (goods and services tax) is also added. It's 3% on the gold value and 5% on the making charges.
What it means for your wallet
Let's use an example with made-up round numbers. Say gold costs ₹10,000 per gram, and you buy 10 grams. That's ₹1,00,000 of gold. Say the making charge is 10%, or ₹10,000. This isn't today's rate, so check the real one before you buy.
Here's what a making charge discount saves you.
| Making charge discount | Making charge you pay | GST on making charge | Total saved |
|---|---|---|---|
| No discount | ₹10,000 | ₹500 | ₹0 |
| 25% off | ₹7,500 | ₹375 | ₹2,625 |
| 50% off | ₹5,000 | ₹250 | ₹5,250 |
| Full waiver | ₹0 | ₹0 | ₹10,500 |
A full waiver sounds huge. But the 3% GST on the gold, which is ₹3,000 here, stays the same. Compare the base charge too. A shop with a low base charge can beat a big discount on a high one.
Who is affected
Families buying jewellery for weddings and gifts feel this most. A small change in making charges adds up on heavy pieces.
People buying coins and bars are affected less. Those items carry low making charges, so there's less to discount.
If you may use gold for a loan later, note one thing. Lenders count only the weight and purity of the gold. They don't count making charges or stones. You can see typical per-gram values on our gold loan rate page. Our gold loan hub explains how pledging works.
What to do before you buy
A little homework can save you thousands. Try this checklist.
- Check the day's gold rate on the daily gold price page.
- Ask each shop for the making charge as a percentage, not just the discount.
- Ask for a full written estimate with GST for the same weight and purity.
- Check the hallmark. Ask for the purity, such as 22 carat, on the bill.
- Ask about buyback and exchange terms before you pay.
Don't buy only because a day is lucky. If the offer is good, it'll usually still be good a few days later. Set a budget first and stick to it.
Frequently asked questions
Do jewellers really change the gold rate during festivals?
Usually no. The gold rate follows the market for that day. Offers mostly cut making charges or add gifts and cashback.
Is it cheaper to buy gold on Dhanteras?
Not always. Demand is high, so prices can be firm. Compare rates over a few days and focus on the total bill.
Can I get a loan against festive jewellery?
Yes, lenders accept gold jewellery. They value only the pure gold, so making charges don't add to the loan amount. Read the terms on our gold loan hub first.
BankCreds analysis
This story matters less than the banners suggest. Jewellers compete hard before Diwali, but the gold rate itself is the same for everyone that day. Offers only change the extra parts of your bill.
Who gains and who doesn't
A family buying 10 grams of jewellery can save a few thousand rupees on making charges. That's real money, but it's small next to the gold cost. Someone buying gold only as an investment gains little from a making charge discount. Coins and bars carry low making charges anyway.
Don't over-read the headline. A bigger offer doesn't mean better gold. Don't rush because it's Dhanteras either. Prices on the day can be higher than a week later. If you can wait, compare rates over a few days first.
One more thing to remember. If you ever pledge the jewellery, the lender counts only the pure gold. The making charge you saved or paid isn't part of that value.
This section is BankCreds' own assessment of what the development means for Indian borrowers and savers. It is independent commentary, not part of the source reporting above.
Source & references
- Livemint — originating report https://www.livemint.com/money/personal-finance/malabar-vs-joyalukkas-vs-tanishq-vs-kalyan-which-jeweller-has-the-best-festive-gold-offers-for-dhanteras-diwali-2026-11793863736052.html
Source links are shown as plain text, not clickable links. Copy a URL into your browser to read the original report.
Editorial note & disclaimer
How this was reported. The development above is attributed to the source or sources listed. BankCreds does not independently verify a third party's reporting; where a figure or a regulatory position is stated as fact, it is either attributed or drawn from the regulator's own published material. Everything under "BankCreds analysis" is our own assessment.
Rates and figures. Interest rates, per-gram values and premium bands quoted here are indicative, move daily, and differ by borrower profile, city and lender policy. Confirm the final number with the institution before you act on it — the sanction letter or policy schedule governs, not a news report.
Not financial advice. This article is general information for an Indian audience. It is not investment, tax, credit or insurance advice, takes no account of your circumstances, and BankCreds is not a lender, broker, distributor or advisor. Consider speaking to a SEBI-registered investment adviser or a qualified professional before acting.
Editorial policy · Fact-checking policy · Corrections policy · Our authors · About BankCreds · Contact us
Spotted an error? Corrections are published, not quietly edited — write to us via the contact page and see our corrections policy.