Key Takeaways
- Car deliveries surged this Dhanteras with Maruti Suzuki reporting record 51,000 units
- Gold sales volumes dropped 12-15% as prices hit Rs 1.35 lakh per 10 grams
- Jewellery buyers shifted to silver, lightweight options and EMI plans
Automobile sales soared this Dhanteras as festive demand and GST rate cuts made vehicles more affordable across segments. Meanwhile, gold sales volumes declined significantly despite higher value sales, with buyers opting for silver and budget-friendly jewellery options.
Record-Breaking Car Sales
Automobile showrooms witnessed peak activity during Dhanteras weekend, driven by pent-up festive demand and benefits from recent GST reductions. Dealers reported bookings in high double-digit figures with thousands of deliveries scheduled.
Partho Banerjee, Senior Executive Officer at Maruti Suzuki, revealed they completed 41,000 deliveries on Saturday with another 10,000 scheduled for Sunday, totaling 51,000 units – surpassing last year’s 41,500 deliveries.
“This year many customers, because of GST 2.0 magic, are enthusiastically coming to buy vehicles. Every day 14,000 bookings are coming. Since the day we announced reduced prices, we have received 4.5 lakh bookings, of which 1 lakh is for small cars,” said Banerjee.
Maruti’s festive season retail reached 3.25 lakh units, breaking all records with over 50% growth compared to last year.
Hyundai Motor India also reported strong performance, with COO Tarun Garg stating:
“The positive momentum is driven by the festive spirit, a buoyant market environment and the encouraging impact of GST 2.0 reforms.”
Their Dhanteras deliveries are expected to reach 14,000 units, 20% higher than last year.
Gold Sales: Value Up, Volumes Down
Jewellery companies faced challenging conditions as gold prices surged 65% since last Dhanteras to approximately Rs 1.35 lakh per 10 grams. Experts attribute the price rise to geopolitical tensions, gold ETF inflows, and central bank purchases, expecting the trend to continue into next year.
Suvankar Sen of Senco Gold & Diamonds noted customers are shifting to 18K, 14K and even 9K options to manage budgets, while utilizing digital and EMI options for planned purchases.
“While we’re expecting a value growth of around 20–25% in jewellery sales compared to last year, there has been a 12–15% dip in volume terms, showing how buyers are prioritising design and emotional value over quantity,” added Sen.
He also observed growing demand for studded and diamond jewellery as buyers balance sentiment with value.
Silver and Bullion Shine
Saurabh Gadgil of PNG Jewellers reported exceptional performance in bullion, including gold and silver coins and bars, alongside strong pre-bookings for wedding jewellery.
“Festive consumption has returned in full swing, aided by the slight dip in gold prices last night. Silver demand remains particularly strong, and advance bullion bookings over the past two days have ensured smooth fulfilment today,” added Gadgil.
PNG Jewellers expects 15-20% value growth over last year despite volume challenges.
Eshwar Surana of Raj Diamonds confirmed robust festive demand, noting a 20% increase compared to last year’s festivities despite the gold price surge.
