Discovery of precious metals up 40%: Report

With prices softening, gold remained the most sought-after precious metal and saw a 34% year-on-year (YoY) jump in demand, silver by 140%, platinum 82%, while listings for diamonds remained stable on the company’s platform. Stayed. ,

During Dhanteras last year the demand for gold was three times as compared to silver and this year it has increased four times. It added that the growth in demand is good for retailers across the country ahead of Diwali. Prasoon Kumar, chief marketing officer of the company said, “The rise in demand for gold is due to the moderation in prices. The significant increase in gold demand in Tier-II cities is fueled by disposable income and rising aspiration. The demand for silver is also increasing steadily with a growth of 2.4X across the country. “Among Tier-I cities, the demand for gold jewelery was dominated by four cities namely Mumbai, Hyderabad, Delhi and Bengaluru. Delhi tops the demand for gold. Coins contributed to about 41% of searches and 34 per cent of demand. With Mumbai leading the demand for gold bars, Coimbatore led the demand in Tier-II cities for gold jewellery, followed by Chandigarh and Lucknow. For gold bars, Jaipur was followed by Coimbatore. and Lucknow.Jaipur also led the demand for gold coins in Tier-II cities, with Coimbatore and Lucknow ranked second and third respectively.For silver, jewelery was among the most sought-after items, contributing 27% of the demand. Among Tier-I cities, Hyderabad tops the demand for silver jewellery, followed by Bengaluru and Delhi. Silver coins remained popular in Delhi as the national capital contributed 50% of the demand and Bengaluru produced silver ornaments. Leading the search. It is followed by Mumbai and Delhi. In Tier-II cities, silver jewelery demand accounts for 38%, followed by silver. Coins increased by 46% and dinner items by 41%. Vijayawada, Visakhapatnam and Rajkot saw the maximum demand for silver jewellery, which saw a 59% (YOY) increase in popularity. Vijayawada and Visakhapatnam also led the demand for silver dinner sets, while silver coins were popular in Lucknow, Udaipur and Jaipur. Tier-I cities in Mumbai, Delhi and Hyderabad saw maximum demand for diamond jewellery, while Jaipur, Coimbatore and Indore led. Demand in Tier-II Cities For platinum jewellery, Mumbai, Hyderabad and Bengaluru led the demand in Tier-I cities and Surat, Coimbatore and Jaipur in Tier-II.