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Glitter & gear: Bullion rush, auto boom fuel Dhanteras market surge in Lucknow
Bullion turnover hits 21-year peak as shoppers snap up 47 kg gold and 1,050 kg silver; auto showrooms clock ₹480-crore sales on Day 1 of festivities
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LUCKNOW A ₹2,800-crore shopping frenzy swept through the state capital’s markets on Friday as Dhanteras kicked off the five-day Diwali festivities, pushing overall festive trade up by 15% to 20% over last year. From packed heritage sarrafa lanes in Chowk to bustling automobile showrooms across the city, shoppers turned out in large numbers to bring home bullion, SUVs, utensils, and festive essentials.
“Sales this year increased by 15 to 20% compared to last year’s Dhanteras. According to traders, two-wheelers worth about ₹80 crore and four-wheelers worth ₹400 crore were sold. Clothing, electronics, cell phones, laptops, electric lights, dry fruits, sweets and bakery, puja material, furniture and gift items also had a brisk business,” said UP Adarsh Vyapar Mandal state president Sanjay Gupta.
A dip in precious metal prices compared to last Dhanteras proved to be the biggest crowd-puller at jewellery showrooms, triggering a massive surge in the weight of gold and silver bought. With gold trading at ₹1,44,500 per 10 grams and silver at ₹1,92,000 per kg, buyers lapped up at least 40% more precious metal by volume than last year. Among the day’s showstoppers in the market was gold kundan students necklace bought for a whopping ₹16 lakh.
According to industry experts, shoppers snapped up about 47 kg of gold—the highest volume in 21 years. In terms of total value, gold generated ₹67.92 crore, which was ₹12 crores more than previous year’s ₹55.61 crore, due to softer gold prices.
On the other hand, silver broke its own records for the fourth consecutive year. About 1050 kg of silver worth ₹20.16 crore crore was sold, the maximum in 21 years in terms of quantity and business. It broke its previous highest record in terms of quantity (1000 kg sold in 2024) and in terms of business ( ₹14.54 crore recorded in 2025), shared senior vice president of Chowk Sarrafa Association Adesh Jain.
“The main reasons for the record-breaking sales in terms of quantity for both precious metals are the steady, low prices compared to last year. After a sudden decrease in quantity in 2018 after the implementation of goods and service taxes (GST) — from 95 kgs of gold sold on Dhanteras in 2017 to 29 kgs sold in 2018 — there has been a gradual upward trend in the quantity sold for the last couple of years. This year about 5 kg more gold was sold than last year. In terms of silver, an upward trend can be seen for the fourth consecutive year with 200 kg more silver sold when compared to last year’s 850 kg,” said Jain.
“This year, gold broke all records in terms of business in the last 21 years. Silver broke all records in terms of business and quantity in the last 21 years. This is due to the dip in prices after the sudden upward shifts earlier from January to July this year,” he added.
Chowk Sarafa Association general secretary Vinod Maheshwari noted that gold and silver coins topped customer wishlists, closely followed by lightweight jewellery and temple-style waistbands. “At least 40% more precious metal was sold this year compared to last year,” he added.
SUVs, EVs drive ₹480-cr auto boom
Showrooms witnessed daylong queues as deliveries of four-wheelers worth ₹400 crore and two-wheelers worth ₹80 crore rolled out onto city streets. Automobile Association president Rajeev Gupta said four-wheeler sales jumped by about 20% while two-wheeler sales rose by 15% compared to last Dhanteras. Electric vehicles (EVs) also clocked a 7–8% rise, led by strong demand in the two-wheeler segment.
“The automobile sector is expecting to retail around 6,000 two-wheelers and 3,000 cars, reflecting robust consumer sentiment and festive enthusiasm. Last year, about 2,625 four-wheelers and 5,000 two-wheelers were sold on Dhanteras,” said Sanjay Gupta.
He added that SUVs remained the undisputed favourite among car buyers over sedans and hatchbacks, thanks to better legroom and boot space for long-distance travel.
Brass idols outshine steel
The utensils market also recorded brisk business throughout the day.
Lucknow Metal Merchants Association president Harishchandra Agrawal said utensil trade grew by 20% compared to last year, rising from about ₹220 crore to ₹264 crore.
He said the buying trend changed this time. “Demand for steel utensils fell from 50% to 40% share, while copper, brass and aluminium together rose to 60%. Demand for brass cooking utensils increased sharply,” he said.
Senior vice president Naresh Kasera said laser-print steel utensils, tri-ply utensils with 10% growth, fine carving on copper and vintage brass models were in high demand.
Trader Sachin Kohli said brass idols saw record business. Idol sales grew by 30% this time, against 20% last year. Apart from Lakshmi-Ganesh idols, there was heavy demand for Kuber and Dhanvantari idols and brass tortoise for Vaastu and auspiciousness.
Electronics clock ₹350.9 cr
Naka Vyapar Mandal president Pawan Manocha and Lucknow Electronics Vyapar Mandal president Bunty Abrol said there was no special growth in the electronics market this time; it remained at last year’s level. “However, due to an increase in rates, a 10% rise has been recorded in figures. Last year, the electronics market did business of ₹319 crore, this year with an increase of ₹31.9 crore, a total business of ₹350.9 crore was recorded,” he said.
