Jewellery retailers and automobile dealers are reporting encouraging demand this Dhanteras, with early buying trends pointing to consumer interest in lightweight and 18K gold jewellery, alongside purchases across two-wheelers, passenger vehicles and commercial vehicles.
Jewellers said advance bookings over the past few days have been encouraging, with customer footfalls expected to gather pace through the day and continue until late at night.
Automobile dealers, meanwhile, reported healthy demand across vehicle categories, although supply constraints could affect deliveries in some electric vehicle segments.
What are consumers buying in jewellery?
Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said customers has started arriving at jewellery stores, primarily to collect pieces booked in advance. Retailers opened their outlets early and expect business to continue until late into the night.
Consumer preference this year is tilted towards lightweight and 18K jewellery, along with other pocket-friendly options, Rokde said.
Avinash Gupta, Vice Chairman, GJC, also said advance bookings over the preceding three days has been encouraging, with demand largely focused on lightweight and 18K pieces.
Both GJC representatives expect gold and silver sales volumes to remain at par with last year’s levels or marginally improve.
Jewellers are also offering festive discounts and schemes to attract buyers.
Parag Shah, CEO of KISNA Diamond & Gold Jewellery, said consumers could consider different gold purities based on their budgets and intended use, while convertible designs, old-gold exchange and advance-booking arrangements offer additional purchase options.
How is automobile demand shaping up?
Automobile dealers are also reporting positive demand across two-wheelers, passenger vehicles and commercial vehicles.
Sai Giridhar, President of the Federation of Automobile Dealers Associations (FADA), said demand is strong across vehicle categories, although some supply constraints were visible in electric two-wheelers and four-wheelers.
FADA’s online members’ survey indicated that more than 51% of respondents expected sales to grow in November, while 35% anticipated flat sales and 14% expected a decline.
The pre-owned car market is also seeing festive demand.
Shivanshu Makkar, Cars24’s CFO for India, said the company delivered 750 cars on the first day of Navratri, registering 58% year-on-year growth and nearly five times its usual Sunday volumes. He expects Dhanteras deliveries to be three to four times normal daily volumes in the pre-owned car market.
However, Giridhar cautioned against making a direct year-on-year comparison with last year’s Dhanteras, which fell on October 18 and coincided with pent-up demand following GST rate cuts.
The luxury car segment is also seeing festive demand, with financing becoming a more prominent consideration in purchase decisions.
Hardeep Singh Brar, President and CEO of BMW Group India, said the company’s luxury car sales remained strong during the festive season and it expected the momentum to continue. He said younger customers are opting for financing, with buyers comparing different plans before making a purchase.
Brar said BMW Financial Services offers options such as flexible EMIs, Smart Finance, Bullet and Balloon Payment Plans, and assured buyback schemes. The assured buyback option provides customers with greater certainty about a vehicle’s future value, he said.
What is happening to gold and silver prices?
Gold and silver prices have corrected from their January 29 peaks, although both metals remain more expensive than on Dhanteras last year.
Gold in Delhi fell 19% to ₹1.48 alkh per 10 grams (24-carat, inclusive of taxes) on Thursday from its January 29 record of ₹1.83 lakh per 10 grams. However, it remained above the ₹1.32 lakh per 10 grams recorded on Dhanteras 2025.
Silver prices declined 52% to ₹1.94 lakh per kg from their January 29 peak of ₹4.04 lakh per kg, but remained higher than the ₹1.70 lakh per kg level seen on Dhanteras last year.
Sharwan Goyal, Executive Vice President and Head – Passive, Arbitrage and Quant Strategies and Fund Manager (Equity) at UTI AMC, said gold can serve as a store of value and portfolio diversifier, while silver offers exposure to industrial demand themes such as solar energy and electric vehicles, though it comes with higher volatility.
He said gold and silver ETFs and fund of funds offer investors an alternative to physical precious metal purchases, without concerns around purity, storage and making charges. He also emphasised that precious metals should form only one part of a diversified portfolio, alongside equities and fixed income.
-With PTI inputs