New Delhi [India], November 6 (ANI): The Dhanteras festival is expected to generate business worth more than Rs 1 lakh crore across the country on Friday, with gold and silver sales alone estimated to contribute over Rs 60,000 crore, according to the Confederation of All India Traders (CAIT).
The trade body noted that festive buying enthusiasm remains strong, with consumers continuing to purchase jewellery, silver coins and traditional gifts during the festival.
According to the All India Jewellers and Goldsmith Federation (AIJGF), demand for lightweight jewellery, silver coins and traditional gift items has increased in the market, indicating that high prices have not dampened consumer interest in festive purchases.
The federation shared that the jewellers are witnessing demand for lightweight gold jewellery in 14-carat and 18-carat categories, as consumers look for options amid elevated gold prices.
Apart from gold jewellery, silver coins and decorative items are also attracting buyers. Traditional auspicious decorative articles and figurines of fish, tortoise and elephants are among the products witnessing increased demand in the market, the federation said.
Dhanteras is considered an important occasion for purchasing gold, silver and other goods, with many consumers making purchases as part of their festive traditions.
This year, however, high precious metal prices have influenced buying preferences, with demand shifting towards lightweight jewellery and other relatively smaller purchases.
Gold prices have moderated marginally during the past week, but as compared to last year, the prices have surged by around 20 per cent. Gold is trading at Rs 1,41,840/10 gram for 24 karat at the time of reporting.
The expected business of more than Rs 1 lakh crore includes trading activity across the country during the festival, while gold and silver are estimated to account for more than Rs 60,000 crore of the total business, CAIT said.
The All India Jewellers and Goldsmith Federation said it would issue a detailed press release by the evening after assessing sales trends and consumer response across markets nationwide.
The final assessment is expected to provide a clearer picture of actual sales during the day, including the performance of gold and silver jewellery, coins and other festive products. (ANI)
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