Jewellery retailers and automobile dealers in India are reporting strong early demand this Dhanteras, with consumers showing a preference for lightweight and 18K gold jewellery, as well as vehicles across various categories. Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), noted that customers have been arriving at stores primarily to collect pre-booked pieces, with retailers expecting brisk business to continue late into the night. Avinash Gupta, Vice Chairman of GJC, highlighted that advance bookings over the past three days have been encouraging, with demand focused on lightweight and 18K jewellery. Both representatives anticipate gold and silver sales volumes to match or slightly exceed last year's levels, supported by festive discounts and schemes.
Automobile dealers are also witnessing healthy demand across two-wheelers, passenger vehicles, and commercial vehicles. Sai Giridhar, President of the Federation of Automobile Dealers Associations (FADA), reported strong demand but cautioned about supply constraints in the electric vehicle segments. FADA's survey indicated that over 51% of respondents expected sales growth in November, while the pre-owned car market is seeing significant festive demand. Shivanshu Makkar, Cars24's CFO for India, noted a 58% year-on-year growth in deliveries on the first day of Navratri, with expectations of three to four times normal daily volumes during Dhanteras.
The luxury car segment is also experiencing festive demand, with financing options playing a crucial role in purchase decisions. Hardeep Singh Brar, President and CEO of BMW Group India, mentioned that the company's luxury car sales remain strong, with younger customers opting for financing plans like flexible EMIs and assured buyback schemes. Meanwhile, gold and silver prices have corrected from their January 29 peaks but remain higher than last year's Dhanteras levels. Gold in Delhi fell 19% to ₹1.48 lakh per 10 grams, while silver prices declined 52% to ₹1.94 lakh per kg from their peak.
Sharwan Goyal, Executive Vice President at UTI AMC, suggested that gold can serve as a store of value and portfolio diversifier, while silver offers exposure to industrial demand themes. He recommended considering gold and silver ETFs as alternatives to physical purchases, emphasizing that precious metals should form only one part of a diversified portfolio.