Demand for precious metals up y-o-y by 44%, says Justdial Consumer Report

20 Oct 2022 , 06:25 AM

According to the most recent Justdial Consumer Report, demand for precious metals increased by 40% year over year (YoY) before Dhanteras, with gold accounting for 70% of all demand during this holiday season.

In comparison to Tier-I cities, the demand for precious metals in Tier-II cities increased by 44%. Precious metal searches in Tier-I cities increased by 34%. Gold, which remained the most in-demand precious metal despite lower prices, saw a 34% (YoY) increase in demand, followed by silver by 140% and platinum by 82%, while diamond demand on Justdial remained constant.

The demand for gold during Dhanteras last year was 3X that of silver, but it has increased to 4X this year. In advance of Diwali, the increase in demand is anticipated to promote happiness among retailers all throughout the nation.

The four cities of Mumbai, Hyderabad, Delhi, and Bengaluru accounted for the majority of Tier-I cities’ demand for gold jewellery. Delhi led the demand for gold coins, accounting for nearly 41% of searches, and Mumbai led the demand for gold bars, accounting for 34% of searches.

Coimbatore, Chandigarh, and Lucknow were the Tier-II cities with the highest demand for gold jewellery. Jaipur had the highest demand for gold bars, followed by Coimbatore and Lucknow. In Tier-II cities, Jaipur similarly had the highest demand for gold coins, followed by Coimbatore and Lucknow.

Jewelry continued to be the most popular silver item, accounting for 27% of the demand. Hyderabad had the highest demand for silver jewellery among Tier-I cities, followed by Bengaluru and Delhi.

Bengaluru led the hunt for silver decorative goods, followed by Mumbai and Delhi, while Delhi continued to be a favourite destination for silver coins as the National Capital contributed to 50% of the demand.

Silver jewellery demand increased by 38%, silver coin demand increased by 46%, and dinnerware demand increased by 41% among Tier-II cities. The three cities with the highest demand for silver jewelry–Vijayawada, Visakhapatnam, and Rajkot–saw a 59% (YoY) increase in sales. While silver coins were popular in Lucknow, Udaipur, and Jaipur, silver dinner sets were also in high demand in Vijayawada and Visakhapatnam.

The Tier-I cities of Mumbai, Delhi, and Hyderabad had the most demand for diamond jewellery, while Tier-II cities Jaipur, Coimbatore, and Indore had the highest demand. Mumbai, Hyderabad, and Bengaluru had the highest demand for platinum jewellery among Tier-I cities, followed by Surat, Coimbatore, and Jaipur among Tier-II cities.

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