Dhanteras 2024: 30 percent jump in sales of 35 tonnes of gold and silver on Dhanteras, SUVs and luxury vehicles also sold well.

New Delhi. Despite the high prices of gold and silver, there was tremendous enthusiasm in the bullion markets across the country on Tuesday, the day of Dhanteras. However, this time the demand for light and new designed jewelery was more.

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Indian Bullion and Jewelers Association (IBJ) General Secretary Surendra Mehta said, 35 tonnes of gold worth Rs 28,000 crore was sold on Dhanteras. However, compared to last Dhanteras, there was a decline of 15-16 percent in gold sales in terms of quantity. A total of 42 tonnes of gold was sold during that period.

Mehta said that this time the performance of silver was shocking and an increase of 30 percent was recorded in sales as compared to last Dhanteras. He said, apart from jewellery, there was also a huge demand for gold coins and bars. Coins and bars contributed 14 tonnes to the total gold sales.

Chairman of All India Gems and Jewelery Domestic Council, Sanyam Mehra said that due to it being a working day, less number of people came to the market on the morning of Dhanteras. After 2-2.30 in the afternoon, crowd started appearing in the bullion markets. Shopping trend was good. In terms of value, sales were up by 18-20 per cent, while in terms of quantity they were down by 10 per cent. Sachin Jain, Regional CEO (India) of the World Gold Council said, young buyers have seen the attraction of light weight jewelery like gold coins, chains, earrings and bracelets ranging from two to eight grams. Demand for recycled jewelery was also better.

Rise in SUVs and luxury vehicles too

Dhanteras was also very good for vehicle companies in terms of vehicle sales. Along with SUVs, demand for luxury cars also increased. Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, said, this Dhanteras the company has recorded its best sales ever. Kia India said that it has delivered around 6,000 cars on this special occasion. JSW MG Motor India delivered over 100 electric vehicles in a single day in Delhi-NCR.

Surendra Mehta said that on Dhanteras, the sale of silver increased by 33 percent, while the quantity of gold declined by 15 percent. He explained this shift as a search for returns amid higher gold prices, as silver is considered a more practical investment. According to Mehta, gold sales are expected to reach 35 tonnes this Dhanteras, which is less than last year's 42 tonnes. Gold prices have increased by 30 percent since last Diwali. On Tuesday, 10 gram standard gold was trading at Rs 78,430, 0.6 per cent higher than its previous close.