Dhanteras rings up strong sales across cars, gold

Gold and silver sales are estimated to have crossed Rs 66,000 crore, up 10% from around Rs 60,000 crore last year, while carmakers reported sustained customer demand, even as some were unlikely to match the exceptional delivery numbers recorded in 2025 following goods and services tax (GST) cuts.

Maruti Suzuki India, the country’s largest carmaker, expected around 30,000 deliveries on Dhanteras, against approximately 51,000 vehicles over the two-day festival last year. The comparison, however, is against an unusually high base, when GST rationalisation triggered a surge in vehicle purchases and Dhanteras extended over two days. The broader trend remains encouraging, with Maruti reporting retail sales of over 400,000 vehicles between Ganesh Chaturthi and November 6, compared with 346,000 in the corresponding period last year. “What is particularly encouraging is that the strong momentum is not limited to one day,” Partho Banerjee, senior executive officer, marketing and sales, Maruti Suzuki India, said.

A similar appetite for festive purchases was visible in jewellery markets, where gold sales alone crossed Rs 36,000 crore, against Rs 30,000 crore last year, according to the All India Jewellers and Goldsmith Federation (AIJGF). The recent correction in gold prices has encouraged buyers, although elevated prices are prompting a shift towards lightweight jewellery, smaller denominations and silver coins. The IBJA expects gold sales volumes to grow 10-12% this Dhanteras. “The correction in gold prices has improved sentiment and retail footfalls,” Surendra Mehta, national secretary, IBJA, said.

Automakers, too, reported healthy festive demand. Hyundai Motor India expected Dhanteras deliveries to rise nearly 14% to around 16,000 units, against 14,000 last year, while Tata Motors Passenger Vehicles expected single-day deliveries to cross 12,000. Tata said its retail sales since Ganesh Chaturthi had grown over 20% year-on-year. Mahindra & Mahindra reported strong demand across its SUV portfolio, with dealership inventory below eight to nine days, excluding vehicles in transit.

“We are witnessing strong customer demand this year as well,” said Tarun Garg, managing director and CEO, Hyundai Motor India.

The affordability factor is also shaping jewellery purchases. With 24-carat gold at around Rs 1.43 lakh per 10 gm and silver at Rs 1.92 lakh per kg, buyers are increasingly opting for lighter designs and smaller purchases. Kalyan Jewellers Executive Director Ramesh Kalyanaraman said the correction in 22-carat gold prices had provided an additional impetus to festive buying, with growing preference for lightweight jewellery and smaller gold and silver coins. Senco Gold reported over 25% growth in sales value year-on-year, with MD and CEO Suvankar Sen pointing to higher footfalls and demand for lighter, versatile designs among younger buyers.