Dhanteras Sale 2024: 35 tonnes of gold, 30% jump in silver sales, various SUVs and luxury vehicles were also bought
Dhanteras 2024: Despite the high prices of gold and silver, there was tremendous enthusiasm in the bullion markets across the country on Dhanteras on Tuesday. However, this time the demand for light and new design jewellery was high.
Surendra Mehta, General Secretary of the Indian Bullion and Jewellers Association, IBJA said, "35 tonnes of gold worth Rs 28,000 crore was sold on Dhanteras. However, the sales of gold were lower by 15-16 percent in quantity terms compared to the last Dhanteras. During that time a total of 42 tonnes of gold was sold.
Mehta said, "This time the performance of silver was surprising, and sales increased by 30 percent as compared to last Dhanteras." He further said, "Apart from jewelry, there was also tremendous demand for gold coins and bars." Coins and bars contributed 14 tonnes to the total gold sales.
Chairman of All India Gems and Jewellery Domestic Council, Sanyam Mehra said, "Being a working day less number of people came out in markets in the morning, the crowd started to pour-in in Bullion Markets after 2-2.30 pm onwards. The trend of shopping was good. Sales increased by around 18 to 20 percent in terms of value, while it was ten percent less in terms of quantity. According to Sachin Jain, Regional CEO of World Gold Council-India, young buyers were attracted to lightweight jewelry like gold coins, chains, earrings, and two to eight-gram bracelets. Demand for recycled jewellery, he added was also good.
In terms of vehicle sales, Dhanteras was also quite beneficial to automakers. Along with SUVs, the demand for luxury cars also increased. Mercedes-Benz India's CEO and Managing Director, Santosh Iyer, stated that the company's Dhanteras sales were its highest ever. Around 6,000 cars were delivered on the occasion, according to Kia India. In one day, JSW MG Motor India delivered more than 100 electric cars to Delhi-NCR.
According to Surendra Mehta, silver sales rose 33 percent on Dhanteras, while gold volumes fell 15 percent. He explained the shift as a search for returns amid high gold prices, as silver is considered a more practical investment. According to Mehta, gold sales are expected to reach 35 tonnes this Dhanteras, down from 42 tonnes last year. Gold prices have risen 30 percent since last Diwali; 10 grams of standard gold was trading at Rs 78,430 on Tuesday, up 0.6 percent from its previous close.
