Strong sales of gold, jewellery and coins were observed at Dhanteras (Representative image: Reuters)
Approximately 39 tonnes of gold, cumulatively worth Rs 19,500 crore, was sold during the two-day pre-Diwali period of Dhanteras, the India Bullion and Jewellers Association said on October 25.
The volume of gold bought at this Dhanteras was around 30 percent higher as compared to the last year, when 30 tonnes of gold were cumulatively sold on the occasion, the Mumbai-based jewellers' body said.
Dhanteras, considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, fall over the weekend on October 22-23.
Even slightly high gold prices did not deter consumers from making purchases this year. Gold was valued at Rs 50,139 per 10 grams, excluding taxes, on both days. This was higher as compared to Rs 47,644 per 10 grams at Dhanteras last year.
On the second day of Dhanteras on October 23, there was a brief lull in the jewellery markets owing to the India-Pakistan cricket match. But the footfall picked up after the match and shops were abuzz with buying activity, All India Gem And Jewellery Domestic Council chairman Ashish Pethe told news agency PTI.
Around 80 percent of purchases this year were jewellery and the rest bullion, indicating that people's confidence in the economy was back and the consumption was at an all-time high, Maharashtra-based PNG Jewellers managing director Saurabh Gadgil said while speaking to PTI.
An interesting trend seen this year was that most consumers were making digital payments, added Dinesh Jain, MD of PM Shah Jewellers.
After a two-year period marked by the COVID-19 pandemic, the Confederation of All India Traders (CAIT) had estimated that this year's Diwali festival business figure would cross the Rs 1.5 lakh crore mark in the country.
Apart from the strong jewellery sales, CAIT national president BC Bhartia on October 23 said the automobile sector is estimated to have registered a business of Rs 6,000 crore, furniture about Rs 1,500 crore, computer and computer-related items about Rs 2,500 crore, FMCG about Rs 3,000 crore, electronics good about Rs 1,000 crore, and stainless steel, aluminium and brass utensils about Rs 500 crore.
Checkout Budget Highlights 2023
