Mumbai: This Dhanteras, India witnessed record-breaking festive sales as consumers spent nearly Rs 1 lakh crore across sectors. Despite gold and silver prices hitting new highs, demand remained remarkably strong. According to the Confederation of All India Traders (CAIT), bullion sales alone contributed around Rs 60,000 crore — 25 percent higher than last year. Gold prices surged nearly 60% year-on-year to cross Rs 1.3 lakh per 10 grams, yet jewellery markets across the country were packed with eager buyers.
Jewellery Markets Witness Heavy Rush
Pankaj Arora, National President of the All India Jewellers and Goldsmith Federation (CAIT Jewellery Chapter), said that massive crowds were seen in jewellery markets over the past two days. He added that Delhi’s bullion markets alone recorded sales exceeding Rs 10,000 crore, reflecting the festival’s unmatched appeal despite steep price hikes.
Dhanteras Marks the Beginning of Diwali
Dhanteras marks the start of the five-day Diwali festival and is considered an auspicious occasion for buying gold, silver, utensils, and other symbols of prosperity. Even though silver prices jumped nearly 55 percent to Rs 1.8 lakh per kilogram, demand stayed robust. According to CAIT, consumers viewed precious metals as a secure investment amid global uncertainty.
Where Consumers Spent Their Money
Beyond bullion, buyers spent approximately Rs 15,000 crore on utensils and kitchenware, Rs 10,000 crore on electronics and electrical goods, and Rs 3,000 crore on decorative and religious items. CAIT Secretary General Praveen Khandelwal noted that the surge in spending was supported by lower GST rates and the government’s “vocal for local” campaign. “Consumers clearly preferred Indian-made products this time,” he said, “benefiting small traders, artisans, and local manufacturers.”
