Jewelry industry rakes in huge Rs 25,000 cr as Dhanteras’ business tops Rs 45,000 cr

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The jewelry business saw a sale worth Rs 25,000 crore in just two days on the occasion of Dhanteras across the country.

A customer tries on a gold necklace in a jewelry showroom on the occasion of Dhanteras. (Photo: AFP)

By Ram Kinkar Singh: The jewelry business saw a sale worth Rs 25,000 crore in just two days on the occasion of Dhanteras, while the total business exceeded Rs 45,000 crore in the country. The Dhanteras festival was celebrated over two days, October 22-23, across the country.

The remaining business of around Rs 20,000 crores was for automobiles, computers and IT products, furniture, necessary items for home and office decoration, sweets and snacks, kitchen items, all kinds of utensils, electronics and movable items.

According to the National Chairman of the Confederation of All Traders of India (CAIT), “The two-day Dhanteras festival has resulted in a massive sale of gold and silver coins, banknotes, sculptures and utensils in the country, as well as gold and silver coins worth around Rs 25,000 crore.

CAIT General Secretary Praveen Khandelwal said the heavy traffic in markets across the country yesterday and today on the occasion of Dhanteras proves and demonstrates the eagerness of people to buy Indian goods especially on the offline markets. After a two-year market slump caused by Corona, the relentless influx of customers into the markets has brought cheers to traders, strengthening their position.

According to CAIT, this year’s Diwali festival sales will exceed Rs 1,50,000 crore in the country. Another positive aspect of the festival is the consumer preference for buying only Indian products, which has led to a loss of business following a two-year market collapse caused by Corona, the relentless influx of customers on the markets cheered traders, strengthening their position. The other silver lining of the festival is the consumer preference for buying only Indian products, which cost China Rs 75,000 crore.

Pankaj Arora, National Chairman of the All India Jewelers and Goldsmiths 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 peak”.

Following a strong recovery in economic activity and improved consumer demand, gold demand from India increased by up to 80% in the July-September quarter. According to Arora, “India’s gold imports decreased by around 11.72% in 2022 compared to 2021. While India imported 346.38 tonnes of gold in the first half of last year, it now imports 308.78 tons, which has been compensated by the reserve stock from the crisis of the Corona period.

According to the National Chairman of the Confederation of All Indian Traders (CAIT), BC Bhartia, “In addition to the jewelery business carried out today and yesterday, the automotive sector also recorded a business of 6,000 crore, about 1 500 crores of furniture, about 2,500 crores of computer and computer items, and about 3,000 crores of consumer products, about 1,000 crores of electronic goods, about 500 crores of stainless steel, aluminum and brass utensils, and around 700 crores in kitchen appliances.extile,ready-to-wear and fashion clothes have been registered, as have diwali puja items,home and office decoration,electrical and electrical appliances,construction materials , wood and plywood, etc.

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