25 Thousand Crores Of Huge Jewellery Business In Two Days Of Dhanteras Celebration

According to the Panchang date, the festival of Dhanteras was celebrated on two days — yesterday and today across the country, in which according to an estimate business of more than 45 thousand crore rupees was done while the jewelery business was around 25 thousand crores in just two days. The rest of the business of about 20 thousand crores accrued in automobiles, computer, and computer-related goods, furniture, items needed for home and office decoration, sweets and snacks, kitchen items, all kinds of utensils, electronics, and mobile items! Essential household items are bought on the day of Dhanteras and that’s why the traders and shopkeepers across the country buy the necessary resources for worship on Deepawali and conduct trade activities, on a large scale on the day of Dhanteras. 

Confederation of All India Traders (CAIT) National President Shri BC Bhartia and Secretary General Shri Praveen Khandelwal said that the excessive footfall in the markets across the country yesterday and today on the occasion of Dhanteras proves and shows the eagerness of the people to buy Indian goods and too from offline markets.  After the two years recession in the market due to Corona, the unending outbreak of customers in markets has brought cheers for the traders which strengthen CAIT’s estimates that this year’s Diwali festival sales figure will cross 1 lakh 50 thousand crores in the Country. The other bright face of the festivity relates to the priority of the consumers to purchase only Indian goods which has caused a business loss of Rs 75 thousand crores to China. 

Spelling out the sales of jejewelryn two days, Pankaj Arora, National President, All India Jewelers and Goldsmith Federation, an associate organization of CAIT, said that the Indian gold industry has fully recovered from the Covid crisis as the demand for gold in India has reached its highest level! India’s gold demand grew up to 80 per cent in the domestic market in the July-September quarter following a strong increase in economic activity and improved consumer demand. Arora said that gold imports in India decreased by about 11.72 per cent in 2022 compared to 2021. Last year, when India imported 346.38 tonnes of gold in the first half, it was now 308.78 tonnes, which was compensated by the reserve stock of the crisis arising out of the Corona period. At the same time, many people across the country have made new jewelry by giving their old jewellery, which is also called recycled gold recycled stock of the last two years liquidated this year in large quantities! He said that due to the two-day Dhanteras festival, there has been a huge sale of gold and silver coins, notes, sculptures and utensils in the country along with gold and silver coins worth about 25 thousand crore rupees.

Bhartia and Khandelwal said that according to an estimate, in addition to the jewelery business done today and yesterday, the automobile sector has also registered a business of 6 thousand crores, about 1500 crores in furniture, about 2500 crores in computer and computer-related items, and about 3 thousand crores in FMCG , about 1 thousand crores in electronics good, about 500 crores in stainless steel, aluminum and brass utensils, about 700 crores in kitchen appliances and other kitchen items, and about 1500 crores in textile, readymade garments, and fashion clothes has been registered, while Diwali puja items, Home and office decoration, electrical and electrical appliances,  builder hardware, wood and plywood, the etc sector has also marked a significant amount of business

Tomorrow, October 24, Diwali will be celebrated across the country, while on October 25, due to a solar eclipse, the Shri Govardhan Puja and Annakoot Mahotsav will be celebrated on the 26 October, while Bhaiya Dooj is falling on 27 October followed by Chhath Puja and Tulsi Vivah on the 5 November includes the Diwali celebrations and traders across the country have high hopes that there will be a huge increase in sales even in the remaining days of Diwali festivity.