Diwali 2022: Gold, jewellery witness robust sale, higher demand after India-Pakistan match
After the two years recession in the market due to COVID-19, CAIT estimated that this year's Diwali festival business figure would cross Rs 1.5 lakh crores in the country. The Confederation of All India Traders (CAIT) stated the estimated business during two-day Dhanteras this year was at around Rs 45,000 crore with the jewellery business being around Rs 25,000 crore.
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FollowDue to considerable pent-up demand, the two-day Dhanteras holiday this year witnessed substantial sales of gold, jewellery, and coins. The jewellery sector anticipated a 35% increase in commerce over the previous year.
The India-Pakistan cricket match caused a brief halt in the jewellery market on Sunday, but following the game, sales rose up significantly all around the nation, according to jewellers.
Even highly raised gold prices did not prevent buyers during Dhanteras, which was observed throughout the course of Saturday and Sunday. The Hindu holiday of Dhanteras is regarded as the luckiest day to purchase goods including precious metals, utensils, and other stuff.
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In the national capital, gold prices remained high on Sunday at Rs 50,139 per 10 grammes, excl. taxes, which is more than Rs 47,644 per 10 grammes on Dhanteras day in 2021.
Due to the India-Pakistan cricket match, there was a slowdown in the jewellery markets on Sunday, the second day of Dhanteras. But after the game, foot traffic increased and there was a flurry of purchasing activity in the stores, report said.
This time, new purchases of gold jewellery and coins were made in addition to pre-wedding jewellery. The majority of consumers were using digital payments, which was an interesting development.
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According to the Confederation of All India Traders (CAIT), the expected commerce throughout the two-day Dhanteras period this year was at or about Rs 45,000 crore, with the jewellery sales at or about Rs 25,000 crore.
According to a statement from CAIT, the remaining business of nearly Rs 20,000 crores was generated by autos, computers and computer-related products, furniture, things for home and office decorating, sweets and snacks, kitchenware, all types of utensils, and electronics.
(With PTI inputs)
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