Dhanatrayodashi is called Dhanteras and its twinkling lights set the mood of India's greatest and most popular festival -- Diwali, the festival of lights.
This year, Diwali started on Saturday, October 19 with Dhanteras and ends on October 23 with Bhai Dooj.
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'We expect this festival buying spirit to continue in October as well, with upcoming festivities including Dhanteras and Diwali, which traditionally witness spirited buying from customers.'
Gold sales on Dhanteras are estimated to drop 10 per cent in volume terms year-on-year on sharp 33 per cent annual rise in rates of the yellow metal, according to industry players. Since Dhanteras -- the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils -- is celebrated on two days till 1.11 pm on Wednesday, jewellers are expecting more footfalls in both online and offline stores.
Top carmakers led by Maruti Suzuki, Mahindra & Mahindra, Tata Motors Passenger Vehicles and Kia India on Saturday reported record sales in the domestic market riding on festive demand boosted by GST rate cut. Other manufacturers such as Skoda Auto India and Toyota Kirloskar Motor also posted impressive growth in sales in October.
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Passenger vehicle retail sales shot up 35 per cent year-on-year during the nine-day Navratri period this year, helping the overall registrations last month grow 6 per cent, as offtakes remained muted in the first 21 days of the month and only took off after the roll-out of new GST rates on September 22, dealer' body FADA said on Tuesday.
A strong appetite for gold on Friday's Dhanteras is expected this year due to auspicious reasons and geopolitical concerns, continuing the 2022 trend driven by pent-up COVID demand. Compared to last year's Dhanteras, gold prices have jumped 22 per cent and silver prices by 21 per cent, respectively. "Gold and silver are good for portfolio diversification, especially in times of geopolitical turbulence.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season. The industry expects the trends in 2021 will be able to reach pre-covid level sales of 2019 on the back of gold price hovering at Rs 46,000-47,000 per 22 carat 10 grams gold nearly 5 per cent lower than 2020, and jump in number of weddings, a senior official of an industry body said. "Since Navratri market is showing demand. It will continue on Dhanteras also.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai's Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers. In fact, more discounts were announced for diamond and studded jewellery.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Gold demand in India witnessed a 5 per cent on-year rise at 802.8 tonnes in 2024 supported by reduction in import duty, and purchases related to weddings and festivals, and going ahead consumption of the yellow metal in 2025 is likely to be between 700-800 tonnes, according to the the World Gold Council. The World Gold Council (WGC) in a report on Wednesday said gold demand in the country in 2024 stood at 802.8 tonnes, as against 761 tonnes in 2023.
People buy gold, property, vehicle etc on this day as is considered to be extremely auspicious. However, buying these items is not feasible every time. Instead, you can buy gold coins, god idols, figurines etc and celebrate the festival of lights with great fervour.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Amazon India has witnessed an 84 per cent year-on-year (Y-o-Y) increase in sales of hallmarked gold jewellery and posted a 5-fold spike in demand during the first two days of its ongoing Amazon Great Indian Festival (AGIF) sale event, which started on September 27. This demand is for brands such as Malabar Gold and Diamonds, PN Gadgil Jewellers, Joyalukkas, PC Chandra and KISNA, among others. According to current trends, customers buy fine jewellery starting at Rs 2,000 in the silver category and shell out up to Rs 40,000 for gold and diamond jewellery. In the last year, Amazon has seen more customers opt for 14 Karat purity.
The yellow metal witnessed some token buying but failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
Demonetisation and changes in buying patterns of consumers help in pushing online sales.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Major two-wheeler manufacturers in India witnessed a double-digit increase in domestic sales in October, driven by the festival fervour.
Anil Rego, founder and CEO of Right Horizons, an end-to-end investment advisory and wealth management firm with multi-metro presence, will answer all your queries in an online chat on October 27, between 2 pm and 3 pm.
Gold jewellery sales is likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied, experts said.
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
It can touch Rs 32,500 per 10 gram.
Jayanti Soni and her family return each year to Bhinmal, when they can, to celebrate Diwali in her family home.
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Jewellers see flat gold sales this Dhanteras
As the Diwali festivities kick off, Dhanteras emerges as a pivotal day for traders nationwide, with an estimated trade volume of Rs 50 thousand crore, predicts the national president of the Confederation of All India Traders (CAIT), BC Bhartia, and secretary general Praveen Khandelwal. In his post on X, Praveen Khandelwal called on the people to patronise various women entrepreneurs. "Full support of 9 crore businessmen @CAITIndia of the country in the call of Prime Minister Shri @narendramodi ji this Diwali #VocalForLocal and the appeal #NaariSeKharidaari of Union Minister Smt. @smritiirani ji. We are providing the country's market to all the women entrepreneurs, from small diyas to those running boutiques. You too should shop from women and visit their homes too" Khandelwal said.
The total traded value of gold ETF on the NSE stood at a record value of Rs 1,337 crore, while the BSE recorded a turnover of Rs 894.55 crore.
This is the first time Reliance MF has crossed Rs 1,000 crore mark in its ETF in a single day.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
The prices of gold last year on the Dhanteras day ruled at Rs 12,070 per 10 gram.
Elevated gold prices have led Indian investors to eye diamonds and platinum as a lucrative investment opportunity.
The festival of Dhanteras, a precursor to Diwali, was celebrated with a 'difference' in a rural pocket in Bihar where people purchased owls -- a symbol prosperity and wealth, instead of the common ritual of buying gold, silver and metal.
Deepa Mehrotra's Diwalis in her hometown of Sitapur were full of rang.
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