Record-Breaking Festive Shopping Pushes Dhanteras Turnover Past ₹1 Lakh Crore

According to Pankaj Arora, National President of the All India Jewellers and Goldsmiths Federation (AIJGF), the jewellery chapter of CAIT, jewellery markets have witnessed a heavy rush over the past two days. According to preliminary estimates, gold and silver trade alone exceeded ₹60,000 crore, with Delhi's bullion markets registering sales of over ₹10,000 crore, a 25 percent increase compared to last year.

Last year, gold prices were around ₹80,000 per 10 grams, while this year it has crossed ₹1,30,000 per 10 grams, an increase of approximately 60 percent. Similarly, silver prices have risen from ₹98,000 per kilogram to ₹1,80,000 in 2024, an increase of approximately 55 percent.

According to CAIT, despite the sharp increase, consumers have continued to buy gold and silver, considering them the safest form of investment. Regular customers have preferred lightweight jewelry this season.

CAIT also shared that this year, Dhanteras witnessed record-breaking sales across several sectors, including utensils and kitchenware worth Rs 15,000 crore and electrical goods worth Rs 10,000 crore, decorative items, lamps, and puja items worth Rs 3,000 crore, and dry fruits, sweets, fruits, textiles, vehicles, and miscellaneous items worth Rs 12,000 crore.

CAIT also pointed out that the sharp increase in festive trade this year is primarily due to the reduction in GST rates and the impact of Prime Minister Narendra Modi's Swadeshi Apnao Abhiyan. Consumers are showing a preference for locally manufactured Indian products. This is benefiting small traders, artisans, and manufacturers across the country.