Dhanteras and Diwali will boost the sale of gold and jewelry
Taking advantage of the exceptional sale of gold jewelry in Dhanteras, Diwali will have a business of more than one lakh crore, traders estimated.
The Confederation of All Indian Traders (CAIT) has also estimated that by the end of this year there will be an infusion of around three lakh crore in terms of consumer spending.
According to Praveen Khandelwal, secretary general of CAIT, all businesses during Diwali are expected to exceed Rs one lakh crore this year. By the end of December, it could exceed Rs three lakh crore after the economy recovered and people started spending after two years of COVID fatigue. “The bazaars are crowded and crowded, gasoline and diesel sales have exceeded pre-covid levels,” he added.
According to one estimate, the business of wrapping this Diwali was worth around 15,000 to 20,000 crore.
There has been a lot of demand for wrapping paper and many kinds of ribbons and other decorative items to make it attractive.
Other estimates showed that the potters must have made around 500 to 800 crore rupees from the sale of earthen lamps across the country this year. Overall, the commercial estimate for traditional products is around 30,000-40,000 crore. Small artisans from small towns to large cities have experienced robust growth.
According to the India Bullion and Jewelers Association (IBJA), the sale of gold to Dhanteras across the country this year was around 50 tonnes, valued at over Rs 20,000 crore. According to IBJA, at Dhanteras 2021, gold sales are expected to be around Rs 20,000 crore, compared to Rs 12,000 crore in 2019.
In other CAIT trade data, around 20-25 tons of gold jewelry was sold across the country on Dhanteras, which includes an estimated sale of Rs. 1000 crore in Delhi, around 1,500 crore in Maharashtra, around 600 crores in UP and in the South. India around 2000 crore alongside other states in the country. Gold was almost 6% cheaper than it was during Dhanteras last year, encouraging people to buy the precious metal.
In addition, traditional spending during Diwali, travel platforms, homestay brands, hotels and resorts have all seen a dramatic increase in demand this week, indicating a shift in consumer behavior with the pandemic leading to “strong” reality checks.