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Demand Surge For Precious Metals In Tier-II Cities: Just Dial Consumer Insights

The demand surge for precious metals in Tier-II cities remained higher in vis-à-vis Tier-I.

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Just Dial, an Indian hyper-local search engine on Tuesday said that it has witnessed a significant quarter on quarter (QoQ) 20 per cent jump in demand for precious metals with demand for gold remaining high, almost at 3 times of silver during this festive season. 

Gold prices have fallen since reaching the peak in August 2020 and this festive season has remained the most searched precious metal on India’s No.1 local search engine, as per the latest Just Dial Consumer Insight report. 

While demand for gold was 3 times silver, the latter saw the highest QoQ growth in demand of 30 per cent while demand for both gold and diamond saw a growth of 18 per cent.  

“Correction in gold prices and strong demand triggered by the festive season across the country, have made the yellow metal the most sought after. On Just Dial, demand for gold in Tier-1 cities remained high but it was also interesting to witness faster growth in demand in Tier-II cities led by Lucknow, Jaipur, and Coimbatore. With volatility in the market, we will see more and more consumers investing in gold for security reasons. Besides, the rise in demand for other precious metals such as silver and diamond are also encouraging,” said Prasun Kumar, CMO, Just Dial.

For gold, silver, and diamond, the demand growth rate in Tier-II cities remained higher than in Tier-I cities. In terms of gold, the demand growth rate in Tier-II towns (24 per cent) remained marginally ahead of Tier-I cities (22 per cent). For silver, Tier-II cities (40 per cent) saw a 2 times growth rate vis-à-vis Tier- 1 (20 per cent) while demand for diamonds also remained higher in Tier-II cities (38 per cent) compared to Tier-1 cities (14 per cent). 

For silver, Delhi, Hyderabad, and Bangalore were the top-3 cities with maximum demand among Tier-I cities followed by Mumbai, Chennai, Kolkata, Ahmedabad, and Pune. Among tier-II cities, demand remained high in Jaipur, Vijayawada, and Coimbatore followed by Rajkot, Agra, Kolhapur, Chandigarh, Visakhapatnam, Salem, and Surat

Mumbai, Delhi, and Chennai saw higher demand for diamonds among Tier-I cities followed by Hyderabad, Ahmedabad, Kolkata, Bangalore, and Pune. Among Tier-II cities, the traditional diamond hub of Surat witnessed maximum demand followed by Lucknow and Bhopal

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