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Why We Buy Gold on Dhanteras: The Story Behind It
Today, 6 November, jewellery shops across India will stay busy from morning till late at night. Families who rarely buy gold the rest of the year will make sure they bring home at least a coin, a chain or a small silver spoon. Ask why, and most people give the same answer: it is Dhanteras, you have to buy something.
But the reason is older and far more interesting than that.
What Dhanteras means
Dhan means wealth, and Teras comes from trayodashi, the thirteenth day of the dark fortnight of Kartik. Dhanteras opens the five days of Diwali, and it is the day Indian homes welcome wealth before Lakshmi puja.
Two stories behind the tradition
The first comes from the churning of the ocean, the samudra manthan. On this day, Lord Dhanvantari, the physician of the gods and the father of Ayurveda, is said to have risen from the ocean holding a pot of amrit. That is why Dhanteras is also National Ayurveda Day, and why a new vessel is a lucky purchase.
The second is a folk tale about the son of King Hima, whose horoscope predicted he would die on the fourth night of his marriage. His wife refused to let him sleep. She piled her gold and silver ornaments at the doorway, lit lamps all around and told him stories through the night. When Yama, the god of death, arrived in the form of a serpent, he was so dazzled by the glittering metal that he could not get past it, and left at dawn.
Many homes still light a lamp facing south on Dhanteras night, called Yama Deepdaan. And gold quietly became a symbol of protection as much as prosperity.
What people buy, and why
What | Why it is considered lucky |
Gold jewellery or coins | Lakshmi's metal, and a store of wealth for the family |
Silver coins and utensils | Associated with purity and calm |
Brass or steel vessels | Linked to Dhanvantari's pot of amrit |
A new broom | Believed to sweep poverty out of the home |
Diyas | To welcome light before Diwali |
Before you buy: five quick checks
1. Look for the hallmark. Gold jewellery sold in India must carry a BIS hallmark with a six-digit HUID code, which you can verify on the BIS Care app.
2. Ask for making charges separately. They can be a few percent on coins and over 20% on intricate jewellery, so two pieces of the same weight can cost very differently.
3. Know whether you are buying to wear or to keep. Coins and bars carry lower making charges. Jewellery is for wearing and passing on; the making charges are rarely recovered when you sell.
4. Remember the taxes. Gold attracts 3% GST, and making charges are taxed too.
5. Buy what is already yours. The Dhanteras purchase is meant to bring wealth into the home, not a loan.
The part of the tradition we forget
That last point is worth sitting with. For generations, the Dhanteras purchase was planned for months. Families put a little aside every week, joined the local jeweller's saving scheme, or kept a separate tin for festival money. The gold came home on Dhanteras, but the saving began long before.
At Multipl, that is the part of the tradition we find most meaningful. The idea that you save first and buy later is not new. It is how Indian households have bought gold for centuries.
Whatever you bring home tomorrow, may it bring light, health and prosperity. Shubh Dhanteras.
Multipl is a AMFI registered Mutual Fund Distributor (ARN No. 319633).
*Based on historical returns of Liquid Fund category.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.